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.
While Microsoft's move to take down Zeus malware-related botnets is touted as a unique approach to fight financial fraud, some industry experts question its long-term viability. What are their concerns?
"Many financial institutions have watched for years as cybercrime has escalated, and now we are shutting it down," says Greg Garcia, describing Operation B71 and how it's helping combat ACH/wire and other forms of fraud.
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
Citigroup has confirmed its consumer banking sites were temporarily offline Friday because of what a bank spokesman referred to as temporary outages. Hackers with Anonymous have claimed to be behind the attacks.
Alisdair Faulkner of ThreatMetrix says financial institutions and businesses should focus on five key security areas. What make up the top five, and where do banks need to make the greatest fraud-prevention investments?