"If the rate is not increased, it won't be good for the industry. It will put a damper on the spending for anti-fraud technologies," says Steve Kenneally of the American Bankers Association.
The latest guidance issued by the Federal Financial Institutions Examination Council draws a line of clear distinction between the types of knowledge-based authentication available - from static challenge questions, such as those derived from customer enrollment information, to dynamic KBA sessions that serve as part...
When Mano Paul of (ISC)2 discusses today's top application security challenges, he draws an analogy with sharks. And what he views as the skills needed to tackle today's top threats might surprise you.
"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.
New guidance from the National Institute of Standards and Technology defines an information security continuous monitoring strategy and shows how organizations can create an information security continuous monitoring program.
BITS, the technology policy division of The Financial Services Roundtable, has just named Paul Smocer its new president. What are his strategies for tackling fraud, security and FFIEC compliance?
Consumers say convenience outweighs risk when it comes to banking online. And the ABA's Nessa Feddis says online banking is actually more secure than most industry pundits suggest.
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.
As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.
"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.
Account takeovers are up, but losses are down. Doug Johnson of the ABA says that's because banks and their customers are catching and blocking suspect ACH transactions before they drains corporate accounts.
"We have this problem on the Internet, which is: How do I talk to someone I've never met before and know that they are who they say they are?" says Michael Smith of Akamai Technologies.
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
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