Trends in Account Takeover: Social Engineering & Evolving Malware
Fraud Summit - San Francisco 2014 - It has been nearly three years since the FFIEC issued updated guidance aimed in part at curtailing incidents of corporate account takeover. Yet, banking/security leaders today say their current anti-fraud investments have done little to reduce fraud incidents or losses. Register for this session to learn:
See Also: 2016 Social Engineering Report
- The newest account takeover schemes;
- Which approaches work best to deter and detect account takeover?
- What the latest court rulings say about the distinct roles and responsibilities of the bank and the customer when it comes to fraud prevention.
In 2011, the Federal Financial Institutions Examination Council issued its latest guidance on the risks and risk management controls necessary to authenticate services in an Internet banking environment. This was in response to a spate of high-profile account takeover cases that began in 2009.
Since then, banking institutions have invested in recommended controls, and their plans have been inspected by regulatory examiners.
So, what is the current state of account takeover?
According to the latest ISMG Faces of Fraud survey results:
- 45 percent of respondents see no measurable change in the number of account takeover incidents, while 23 percent see an increase;
- 46 percent see no measurable change in losses, and 20 percent see an increase.
These statistics beg the question: When it comes to the fight to contain account takeover, which strategies work and which still need work?
In this panel discussion recorded at the 2014 San Francisco Fraud Summit, our presenters look at the latest trends, legal cases and solutions.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
All 2014 Fraud Summit San Francisco recordings:
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