One community bank shares its side of the corporate account takeover story, and a new survey finds that security compliance reduces long-term expenses.
From payment cards to checks, ACH transactions to phishing, there's no question that fraudsters have waged war on banks. And now the institutions are fighting back.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Federal Financial Institutions Examination Council is expected to issue new security guidance revisiting online banking and strong authentication, and a new report from Aite finds internal fraud at most institutions is underreported.
The Experi-Metal Inc. vs. Comerica Bank case is just one of several high-profile incidents of corporate account takeover -- but it's the first to finally head to court.
The FFIEC is expected to issue new security guidance that revisits online banking and strong authentication, and IronKey's Dave Jevans says the industry should fight online fraud, rather than focusing narrowly on ACH.
The Federal Financial Institutions Examination Council is expected to issue new security guidance that revisits online banking and strong authentication, according to industry experts who have been involved in recent meetings with the FFIEC.
When a database breach occurs, consumer notification continues to be a public problem, and it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
"I am hoping for some turn around, but overhang in troubled real estate, unemployment and debt levels are negatives," says Christie Sciacca, former FDIC official.
