"I'd like to make sure our recommendations fit with what the FFIEC is recommending, to continue to help us mitigate risk," says Michael J. Wyffels, SVP and CTO of QCR Holdings Inc. "But the hackers seem to continue to find new ways to exploit vulnerabilities."
Strong authentication, using both fact-based and behavioral-based fraud detection solutions, should be part of every financial institution's layered security approach, says Reed Taussig, CEO of ThreatMetrix.
David Navetta, an attorney who specializes in IT security and privacy, says the magistrate's recommendation, if accepted by the judge, could set an interesting legal precedent about the security banks are expected to provide for commercial customers.
As emerging technologies such as cloud computing and mobile banking become the norm, the FDIC's Donald Saxinger says vendor management programs must specifically address the outside risks posed by working with non-traditional financial services providers.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
BITS and the ABA are interested in managing future domains affiliated with bank brands and financial interests. If approved, their domain oversight would allow them to control certain domain names registrations.
In the wake of recent data breaches, industry experts fear that consumers and employees alike will start exhibiting signs of "breach fatigue" and treat such incidents apathetically. Here are tips for how to ward off apathy.
ID fraud prevention requires partnership, and according to Javelin, the future of fraud-detection should be built around integrating a bank's back-end solutions with the fraud-prevention and detection solutions in which consumers are already investing.