"We want to know what the FFIEC guidelines actually mean and who is responsible for enforcing audits and compliance," says fraud victim Jim Payne, owner of Choice Escrow.
A preliminary draft of new authentication guidance puts greater responsibility on financial institutions, and the ACH/wire fraud case between Experi-Metal Inc. and Comerica Bank marks the first major corporate account takeover incident to hit a courtroom.
Malware like ZeuS has rapidly outpaced all other banking security threats, and according to a recent survey by PhoneFactor is regarded as the greatest threat to online banking today. Because malware has evolved to defeat most security measures currently in place, financial institutions must likewise evolve their...
A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.
Tom Oscherwitz says consumers put themselves at risk by giving out too much personal information that is often used for online banking log-in credentials.
Visa says a move toward EMV can help merchants cut PCI compliance costs, and SWIFT says globalization, regulation and the introduction of new services from non-financial providers will set the tone for payments 2011.
After one of its commercial customers fell victim to an online account takeover, this community bank suffered losses, reputational damage and learned that legal disputes rarely favor the bank.
Visa's Eduardo Perez, head of Global Payment System Security, says the EMV chip is an ideal dynamic data technology, but mobile and others offer similar security benefits.
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