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.
Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
ID theft expert Joanna Crane wonders whether banks, government agencies and healthcare providers do enough to assist consumers with ID theft recovery, saying consumer expectations are often loftier than what's being done to meet the demand.
Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
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.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.