Nessa Feddis of the ABA says increased investments in technology at the bank and consumer levels have fueled confidence in online banking. "I think the reason you see an uptick in use here is because the channel is more secure."
The Treasury Department's Office of Terrorism and Financial Intelligence has worked to prevent anti-money laundering and illegal cash flow from reaching the hands of terrorist groups, but more needs to be done to further mitigate risks, says Treasury Assistant Secretary Daniel L. Glaser.
Gary Foster, a former vice president in Citigroup Inc.'s treasury finance department, pleaded guilty to bank fraud he waged on Citigroup and its customers between September 2003 and June 2011.
Philip Reitinger's appointment as Sony's first chief information security officer comes more than four months after a massive breach of Sony's PlayStation gaming system that exposed the personal identifiable information of some 77 million customers.
The FFIEC has issued a revised guidance to require banks to better protect customers and the movement of funds when banking online. However, this is a daunting task: interpreting the guidance, determining what risks are present, how to protect customers, and who can help you with that process, etc. To cut through...
Layered security is one of the core tenets of the new FFIEC Authentication Guidance - and it's perhaps the most effective strategy for detecting and preventing banking fraud schemes. But what are some of today's most mature approaches to layered security, and how are banking institutions employing them to detect and...
Are executives spending too much time and energy focused on external hacks, sacrificing attention they should be paying to internal threats? It's good that business leaders understand insiders pose risks, but are they taking those risks as seriously as they should?
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
As summer draws to a close, banking institutions and their customers face a new wave of targeted phishing attacks - and industry experts predict these incidents will only increase in the months ahead.
Page 5 of the June FFIEC Guidance Supplement states that financial institutions need layered security controls that "include processes designed to detect anomalies and effectively respond to suspicious or anomalous activity." This is commonly referred to as anomaly detection. But what is anomaly detection and how does...
The Finnish security provider F-Secure concludes the attack e-mail doesn't look too complicated. In fact, it's very simple. But the exploit inside Excel was a zero-day attack at the time and RSA couldn't have protected against it by patching its systems.
The bright spot is that 36 percent of the takeover incidents reported in 2010 were stopped before fraudulent funds transfers were approved. That's an improvement from 2009, when only 20 percent were thwarted.
Fraud is a global concern, and an area regulators and financial institutions the world-over are watching closely, says Bill Isaac. Whether a cyberthreat or mortgage fraud, investments in fraud prevention will continue, despite the state of the international economy.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing ffiec.bankinfosecurity.com, you agree to our use of cookies.
