Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
Village View Escrow's suit against its former institution, Professional Business Bank, raises questions about "good faith," reasonable security and FFIEC authentication guidance compliance.
The FFIEC's updated online authentication guidance urges banks and credit unions to do better jobs of authenticating and identifying devices, areas that aren't bolstering the kind of security they could, says security expert Ori Eisen.
In the wake of devastating cyber attacks and fraud losses to banking institutions and customers, the FFIEC has issued its first online authentication guidance since 2005. Banking regulators will begin assessing institutions by this new guidance in 2012, so it's imperative to attend this session and gain expert insight...
Upon issuing its 2011 update to online authentication guidance, the FFIEC put banking institutions on notice: Examiners will assess how institutions satisfy these enhanced expectations starting in January 2012. So, how best should banking/security leaders go about meeting these new directives and ensuring the security...
For banking institutions, the release of the 2011 FFIEC Authentication Guidance is a game-changer, handing down new standards for layered security controls, risk assessments, authentication techniques and customer awareness. But what does all this mean to technology vendors and third-party service providers? Attend...
Jeff Kopchik of the FDIC says too much emphasis on what's "missing" from the FFIEC's new guidance detracts from regulators' intent: providing financial institutions with a guideline for securing online transactions.
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."
The Federal Financial Institutions Examination Council has formally released the long-awaited update to its "Authentication in an Internet Banking Environment" guidance. The new directives take effect January 2012.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.