Former FDIC head Bill Isaac says U.S. banks have strengthened their financial footing since the market collapse of 2008, but the U.S. economy remains on the verge of a "double-dip" recession. The reason: poorly planned regulatory reforms.
As the use of mobile banking grows, banks and credit unions also should take steps to educate their customers and members about safe e-banking practices.
The team at the European Network and Information Security Agency identified 50 security threats that exist within the new web standards and sent recommendations for how they should be addressed to W3C.
When it comes to banning the use of social media in the workplace, Jenny Corotis Barnes, assistant general counsel at Ohio State University Medical Center, has a strong opinion: Forget about it.
Four banks were closed by state and federal banking regulators on Friday, Aug. 19. These latest failures bring the year's tally to 84 failed banks and credit unions so far in 2011.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
"The more that you could focus in on computer science topics, to understand programming, network-based technology and mobile-based technology, the better off you're going to be," says Rob Lee of SANS Institute.
The National Credit Union Administration shares some thoughts about emerging online security threats - threats it expects credit unions to address as they work to comply with the updated online authentication guidance issued by Federal Financial Institutions Examination Council.
A new twist in the ongoing online security battle between banks and their commercial customers was reported this week after a corporate account in Omaha, Neb., was hit with thousands in fraudulent ACH transactions.
Has our financial system's attention focused so much on cyberthreats that it's forgotten to lock down controls to prevent low-tech schemes? In a nutshell, yes.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
Regulation and legislation are working in banking institutions' favor, helping them enhance fraud prevention and detection investments for debit and online banking.
"Organized crime sees that this is a good business to come in, exploit and take advantage of the loopholes," says L.T. Lafferty, criminal defense attorney and mortgage fraud expert, on the schemes that cost banks billions each year.
With the extension of ENISA's mandate into 2013 by the European Parliament & Council, the agency can continue to educate and collaborate with other nations on cybersecurity issues, an area of constant importance.
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