Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
As two recent fraud incidents prove, good work can be done when card issuers and retailers work in tandem. I hope we see more of that kind of collaboration going forward.
Police say financial specialist Librado Wright spent months siphoning more than $500,000 from Wachovia Bank's customer accounts. But when he attempted to withdraw the funds, the bank had a surprise for him.
Switzerland-based UBS says an internal assessment has identified two financial controls that were not effective and ultimately resulted in losses totaling $2 billion in unauthorized trades.
New research from Carnegie Mellon University's Software Engineering Institute provides further evidence why IT security isn't just the problem of an enterprise's security organization but of its top non-IT leadership as well.
Roger Baker, CIO at the VA, says desktop computers will eventually phase out, as mobile devices become predominant channels for communication and work. That evolution has made plans for ongoing mobile security a priority for organizations that cross every business sector.
These arrests also highlight the U.S. vulnerability to crimes involving payment cards with magnetic stripes. "The U.S. is a criminal's playground right now," says John Buzzard of FICO Card Alert Service.
UBS's $2 billion loss to rogue trading provides lessons for all banks. What's missing in today's financial institution culture is a balance between profits, ethics and governance, says risk management expert Frances McLeod.
With the Swiss bank offering new details about the severity of its trading scandal, industry experts share insights on risk management and the failure of systems and staff to detect unauthorized trades.
Risk management expert Frances McLeod says investment banks such as UBS struggle with balance between risk management and making money. "There is a bit of a conflict in the culture," she says.
From 2004 to 2010, Latesha Brown used her privileges to accept and submit forged birth certificates, pay stubs and other documents to obtain loans at several institutions. How did she go undetected for so long?
"You can't have someone arrested for violating your policies," says former Bear Stearns CISO Jennifer Bayuk. "The question is: What did he do, and was there a policy that would have prevented the activity?"
Gary Foster, a former vice president in Citigroup Inc.'s treasury finance department, pleaded guilty to bank fraud he waged on Citigroup and its customers between September 2003 and June 2011.
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.