Banks and credit unions need to evaluate risks and implement proper controls to mitigate threats in the online world. And that means investing in technology that meets enhanced authentication demands.
U.S. and Estonian authorities have broken up one of the largest Internet crime schemes that allegedly netted $14 million in fraudulent advertising fees and infected 4 million computers in 100 countries.
Occupy supporters plan today to protest at several banks' headquarters in NYC. Coming on the heels of cyberattacks that targeted police in Boston, how worried should banks be about growing physical threats and cyberattacks waged by Occupy sympathizers?
Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
Consumers say convenience outweighs risk when it comes to banking online. And the ABA's Nessa Feddis says online banking is actually more secure than most industry pundits suggest.
"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
In an ironic twist, a new phishing scheme, purporting to be from the Federal Deposit Insurance Corp., actually claims to offer assistance with ACH and wire fraud, but instead delivers malware that could enable fraud.
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
Many disaster-related attacks are personal and direct, perpetrated through a phone call. But some take traditional routes, such as e-mail, while more are taking emerging routes, like text messages to mobile devices.
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