Customers want to be involved with their banking security, but few institutions allow them to play active roles in fraud prevention. What has to change?
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
It's a corporate account takeover scheme - with a twist. The scam involves money mules and distributed denial of service attacks. "This is an entirely different scenario," says Mike Smith of Akamai Technologies.
In their efforts to conform with the FFIEC authentication guidance, many financial institutions are caught off-guard by the overall cost of enhanced detection and authentication for online banking. Why?
BITS president Paul Smocer says banks can expect an uptick in cybersecurity-focused legislation in 2012. What impact will changes from Capitol Hill have on requirements for data breach notification, information sharing and critical infrastructure?
ACH fraud victim Mark Patterson says small businesses like his welcome improved online security measures from banking institutions. But is the new FFIEC Authentication Guidance sufficient? Patterson says no.
Two years after his business was a victim of ACH fraud, PATCO's Mark Patterson doubts whether most small business owners are yet aware of the risks they face. And he doesn't think the FFIEC guidance will help.
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
Banks and credit unions need to evaluate risks and implement proper controls to mitigate threats in the online world. And that means investing in technology that meets enhanced authentication demands.
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
"Everyone knows it is happening, but no one is capable of stopping the proliferation of these cyberattacks," says Jim Payne of Choice Escrow and Land Title LLC, a victim of corporate account takeover.
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