The Federal Deposit Insurance Corp. is warning its banks about another strand of phishing attacks purporting to come from the FDIC. The e-mails claim to offer critical information about business bank accounts.
Law enforcement officials say a New York crime ring defrauded TD Bank of more than $450,000 in a check fraud scheme. What loophole did the fraudsters find to run this scam, which went undetected for nearly two years?
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk.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?
Dan Waddell of Tantus Technologies says giving back to the community is every information security professional's responsibility. And with the insurgence of cybercrime affecting all walks of life, now is the ideal time to get started.
Bank of America, a pioneer in mobile banking, says mobile is hot, but it also opens financial institutions to unknown risks. What proactive steps should banks and credit unions take to ensure they're ready?
Phishing schemes, like the one claiming to be from the Better Business Bureau, target consumers who have concerns about troubled accounts or account breaches. And social engineering is used more often to acquire financial and personal information.
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?
Banking institutions are focused on preparing for 2012 and their first examinations on conformance with the FFIEC Authentication Guidance. But beyond the exams, what are the fraud trends they need to prepare to face?