Fraud is a global concern, and an area regulators and financial institutions the world-over are watching closely, says Bill Isaac. Whether a cyberthreat or mortgage fraud, investments in fraud prevention will continue, despite the state of the international economy.
Just over a month after Citigroup confirmed a breach of its online banking platform, a second breach affecting Citi customers has come to light, this time in Japan.
Ian Harper of Pentagon Federal Credit Union says financial institutions should continually review their risk management processes, a recommendation reinforced by the new FFIEC Authentication Guidance.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
The Obama Administration's cybersecurity proposal for breach notification will require collaboration among differing financial-services providers, within and across borders, says Leigh Williams of BITS.
Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
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"We took our understanding of the tools, tradecraft and techniques used by these malicious actors, and converted it into actionable information that ... would lower their risk to the type of attack we saw at RSA," DHS Secretary Janet Napolitano says.
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