Malware: Fight Back Using Layered Security
Tips for Preventing Fraud and Complying With FFIEC Guidance
The onslaught of ACH/wire fraud incidents confirms what the researchers have long said: We're in a new wave of malicious code. This new wave is run by organized crime, and it's focused on one objective: Stealing personally identifiable information and ultimately money through fraudulent ACH and Wire payments. So, how can organizations adopt a layered security approach to protecting themselves and their customers - and at the same time comply with FFIEC's new online authentication guidance?
Join a panel of industry experts for a frank discussion about:
- Beyond Zeus: the current malware landscape and the threats it poses;
- Tools and technologies to achieve layered security;
- How to educate consumers and corporate customers without scaring them away.
See Also: 2016 IAM Research: Where Financial Institutions' PAM Programs Are Falling Short
In the summer of 2009, criminals from the Ukraine stole $415,000 from the government payroll account of Bullitt County, Kentucky. The criminals used a version of the "Zeus" keystroke logging Trojan to steal the online credentials, log-in to the Bullitt County bank account and steal payroll funds.
This incident is considered to be the first of the recent epidemic of ACH/wire fraud incidents that have led to corporate account takeover. Since that time, countless small-to-midsized businesses, government agencies and even a Catholic Church diocese have been victimized by organized crime and ever-evolving strains of malicious software.
Financial institutions and regulators continue to fight back against fraudsters. Banking institutions of all sizes have stepped up their fraud detection and prevention efforts, as well as their customer awareness campaigns.
U.S. banking regulators, meanwhile, have issued alerts, education and even a new FFIEC online authentication guidance that calls, in part, for institutions to adopt new, layered security controls and to improve their customer awareness efforts.
In this session, two industry experts shares insights on:
Following short presentations on malware and layered security, the presenters will engage in a panel discussion tackling today's top questions on how to protect banks and their customers.
- The evolution of malware;
- What is in FFIEC's new guidance;
- The definition of layered security;
- Importance of cross-channel fraud protection;
- Other business benefits of improved detection.
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