In their efforts to conform with the FFIEC authentication guidance, many financial institutions are caught off-guard by the overall cost of enhanced detection and authentication for online banking. Why?
BITS president Paul Smocer says banks can expect an uptick in cybersecurity-focused legislation in 2012. What impact will changes from Capitol Hill have on requirements for data breach notification, information sharing and critical infrastructure?
Two years after his business was a victim of ACH fraud, PATCO's Mark Patterson doubts whether most small business owners are yet aware of the risks they face. And he doesn't think the FFIEC guidance will help.
ACH fraud victim Mark Patterson says small businesses like his welcome improved online security measures from banking institutions. But is the new FFIEC Authentication Guidance sufficient? Patterson says no.
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.
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.
Improving mobile device security is one of the top information security priorities for the coming year, according to our new Healthcare Information Security Today survey. And that's not surprising, given the recent surge of interest in tablets, smart phones and other mobile devices.
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.
A hacker anywhere in the world could easily track the whereabouts and file-sharing habits of a Skype user and use the information for purposes of stalking, blackmail or fraud.
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.
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.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
"Everyone knows it is happening, but no one is capable of stopping the proliferation of these cyberattacks," says Jim Payne of Choice Escrow and Land Title LLC, a victim of corporate account takeover.
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