Too many banks and credit unions are being narrow-minded in their approaches to FFIEC Authentication Guidance conformance, by focusing on commercial accounts and neglecting retail accounts, one ACH fraud attorney says.
Are banks and credit unions focusing too much attention on authentication and not enough on layered security? In their efforts to conform to the FFIEC's updated Authentication Guidance, they could be missing the fraud-prevention mark.
How will Diane Ness and BITS help banks reduce fraud? As the new head of fraud-reduction programs for the technology division of the Financial Services Roundtable, Ness says education and communication about emerging threats will be a priority.
Until these deficiencies are fully addressed, a GAO audit reveals, increased risk exists to unauthorized access to sensitive data and programs and disruption of critical operations on managing the federal debt.