Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk.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?
It's a corporate account takeover scheme - with a twist. The scam involves money mules and distributed denial of service attacks. "This is an entirely different scenario," says Mike Smith of Akamai Technologies.
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
A wave of security breaches serves as a catalyst for all types of organizations to assess the need for cyber insurance. Here's the story of one institution that saw the threat and took out a $10 million policy.
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.
Pradeep Moudgal says the U.S. is migrating toward EMV. But how much new investment are card issuers going to have to make, and what steps does the collective industry need to take to ensure the transition from the mag-stripe to the chip is a smooth one?