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.
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?
The FFIEC Authentication Guidance has resulted in a cottage industry of anomaly detection solutions. But look carefully before you buy - separate myth from reality - says Terry Austin, CEO of Guardian Analytics.
Another myth is that it's easy to do the math and spot the anomalies. But, in fact, this process...
Two years after his business was a victim of ACH fraud, PATCO's Mark Patterson doubts whether most small business owners are yet aware of the risks they face. And he doesn't think the FFIEC guidance will help.
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.
Mobile banking is a 'must-have' today, but the foray into this new financial-services arena comes with risk. Consistent review and implementation of security layers and controls is the only strategic way to tackle emerging mobile offers.
Security concerns are the top barrier between consumers and mobile banking. Yet, only 17 percent of institutions have integrated consumer education into their mobile strategies. Javelin's Mary Monahan offers three tips to improve awareness.
An estimated 650,000 customers have recently switched from big banks to community banks and credit unions. But are these smaller institutions prepared for the new demand for security and fraud prevention?
On Tuesday, Bank of America caved in to competitive and public pressure, reversing its decision to impose a fee for consumer debit transactions. So, now where will institutions find new revenue to help fight fraud?
Researchers at security vendor Symantec say they've been in contact with a 20-something Chinese man who may be behind a series of attacks against U.S. businesses with the aim to steal intellectual property.