A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.
"I'm not sure there is a way to protect a customer if their actions put their network at risk," says the president of a bank victimized by corporate account takeover.
One community bank shares its side of the corporate account takeover story, and a new survey finds that security compliance reduces long-term expenses.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Federal Financial Institutions Examination Council is expected to issue new security guidance revisiting online banking and strong authentication, and a new report from Aite finds internal fraud at most institutions is underreported.
The Experi-Metal Inc. vs. Comerica Bank case is just one of several high-profile incidents of corporate account takeover -- but it's the first to finally head to court.
The FFIEC is expected to issue new security guidance that revisits online banking and strong authentication, and IronKey's Dave Jevans says the industry should fight online fraud, rather than focusing narrowly on ACH.
The Federal Financial Institutions Examination Council is expected to issue new security guidance that revisits online banking and strong authentication, according to industry experts who have been involved in recent meetings with the FFIEC.
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