Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
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.
Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
An estimated 650,000 customers have recently switched from big banks to community banks and credit unions. But are these smaller institutions prepared for the new demand for security and fraud prevention?
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.
When Mano Paul of (ISC)2 discusses today's top application security challenges, he draws an analogy with sharks. And what he views as the skills needed to tackle today's top threats might surprise you.
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.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.