After one commercial customer fell victim to corporate account takeover, this institution suffered significant losses and learned that legal disputes rarely favor the bank.
As the financial industry anxiously awaits the release of new online authentication guidance from the FFIEC, experts speculate about what steps banks and credit unions should be taking now to prepare.
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
ThreatMetrix's Taussig says device identification must be part of layered security measures. Banking regulators want financial institutions to deploy multiple layers of online security. But what does that expectation mean when it comes to investments in fraud detection?
Current solutions are good at authenticating users, but not the integrity of the transactions, says Rik Ferguson of Trend Micro. "We're not authenticating the right things."
Patrick discusses how to consolidate network traffic monitoring into a single appliance and management console, along with web application security and PCI compliance.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
Investments in mobile offers and channel integration will not be mutually exclusive in 2011, says Jim Pitts. Mobile will actually bring more channels together.
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