Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
In the absence of the FFIEC's new guidance, industry experts say banks need to act now to help mitigate online risks associated with commercial accounts. "You can be sure the attacks won't abate until banks fight back," says Gartner's Avivah Litan.
Between March 2010 and April 2011, 20 incidents of wire fraud hit small and mid-sized U.S. businesses. All of the transactions involved payments routed to Chinese economic and trade companies located near the Russian border.
The bad news is that banks and businesses have not made great progress in the fight against account takeover fraud. The good news is: They have the strategies and tools to win this fight in 2011.
Key questions: What impact - if any - will the recent RSA and Epsilon data breaches have on the FFIEC's pending authentication update? And when will this long-awaited banking guidance finally be released?
It's been over three months since the accidental disclosure. When will the final FFIEC authentication update be released? "I don't think we're any less safe," says Gartner's Avivah Litan. "We just need to step up enforcements."
The bad news is that banks and businesses have not made great progress in the fight against account takeover fraud. The good news is: They have the strategies and tools to win this fight in 2011.
EastNets' Paul Buelens says fraud-fighting is an international concern, as old schemes abound and new threats emerge. Fraud risks are some of the most challenging banks have ever faced.
RSA executives haven't been commenting publicly since the security solutions vendor revealed last week it had been victimized by a sophisticated cyberattack aimed at its SecurID two-factor authentication product. But weeks before the hack, I spoke with RSA Chief Technology Officer Bret Hartman about advanced...
Fraud, risk management emerging technologies -- these issues know no boundaries. That's why we're launching a series of new international BankInfoSecurity sites to draw proper attention to local issues that impact the global banking industry.
"More and more consumers are using PIN debit at the pumps, so this makes for a rich harvest for the criminals," says John Buzzard of FICO's Card Alert Service.
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