Ben Knieff, who oversees fraud prevention strategy for NICE Actimize, says most small businesses don't understand online fraud risks, but they are willing to work with banks to mitigate losses.
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...
Pay-at-the-pump card skimming is back, just in time for spring break; and Editorial Director Tom Field shares thoughts from Phoenix about BAI's recent Payments Connect conference.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
AML concerns heat up, as FinCEN warns U.S. institutions to scrutinize accounts held by foreign political figures. And the unofficial release of an FFIEC draft about online authentication guidance opens regulators to more feedback and criticism.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
"It's interesting to see regulators putting the onus on the financial companies for fraud that occurs after the theft has already happened," says David Navetta, co-chairman of the American Bar Association's Information Security Committee.
"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.
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.
