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.
Police say financial specialist Librado Wright spent months siphoning more than $500,000 from Wachovia Bank's customer accounts. But when he attempted to withdraw the funds, the bank had a surprise for him.
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
UBS's $2 billion loss to rogue trading provides lessons for all banks. What's missing in today's financial institution culture is a balance between profits, ethics and governance, says risk management expert Frances McLeod.
With the Swiss bank offering new details about the severity of its trading scandal, industry experts share insights on risk management and the failure of systems and staff to detect unauthorized trades.
From 2004 to 2010, Latesha Brown used her privileges to accept and submit forged birth certificates, pay stubs and other documents to obtain loans at several institutions. How did she go undetected for so long?
"You can't have someone arrested for violating your policies," says former Bear Stearns CISO Jennifer Bayuk. "The question is: What did he do, and was there a policy that would have prevented the activity?"
Are executives spending too much time and energy focused on external hacks, sacrificing attention they should be paying to internal threats? It's good that business leaders understand insiders pose risks, but are they taking those risks as seriously as they should?