As banks and credit unions work toward compliance with the FFIEC's updated online authentication guidance, they need to place their efforts and attentions on risk assessments, says Doug Johnson of the ABA.
A U.S. District Court in Maine has affirmed a magistrate's May recommendation to deny a motion for a jury trial filed in the ACH-related fraud case between PATCO Construction Inc. and Ocean Bank.
Just over a month after Citigroup confirmed a breach of its online banking platform, a second breach affecting Citi customers has come to light, this time in Japan.
"The need for fraud-prevention tools increases during times of recession," says Aite Group's Julie McNelley, who does not believe this week's economic shockwaves will hurt organizations' security priorities.
As attacks targeting online banking (e-banking) applications grow more sophisticated and more frequent, financial institutions need to strengthen their defenses. In response to these changing demands, the Federal Financial Institutions Examination Council (FFIEC) released revised security guidelines for secure banking...
In January 2012, FFIEC examiners will be formally assessing financial institutions' adherence to the new FFIEC "Supplement to Authentication in an Internet Banking Environment" guidelines. Is your organization ready? The following check list outlines some of the fundamental requirements of the new FFIEC Authentication...
The updated FFIEC Guidance on Authentication in an Internet Banking Environment, released in June, set a new standard for online banking security. The guidance calls for a layered security approach and stronger more effective authentication techniques, including replacing challenge questions based on shared secrets...
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.
Banking institutions have a lot to do in order to prepare for the Jan. 2012 deadline to conform with the new FFIEC authentication guidance, and former banking regulator William Henley has one, simple piece of advice: start now.
"We're continually testing our controls and the effectiveness of our controls. We do a lot of emerging-threats monitoring ... so we can react," says First Niagara's Joe Rogalski.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
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