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.
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.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
Bob Russo says the long-awaited PCI guidance on tokenization should provide merchants with a baseline for standardization and best practices, and serve as a roadmap for how tokenization can complement compliance with the PCI-DSS.
No two fraud incidents may be exactly alike, but a fraud investigator's approach can still be very consistent and precise, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."
Now that the FFIEC Authentication Guidance update has been issued, there is no more important task for banking institutions than to conduct their risk assessments, says Matthew Speare of M&T Bank Corp....
Doug Johnson of the American Bankers Association says banking institutions should spend the next five months focusing on their risk assessments, as they work to meet the FFIEC's new authentication guidance update.
Major U.S. card issuers continue to get poor marks when it comes to steps they take to prevent card fraud. In fact, according to research released by Javelin Strategy & Research, prevention measures for the last three consecutive years have continually declined, despite exponential increases in fraud.