Simple credentials, such as passwords, are a hacker's best friend, says Phillip Dunkelberger of Nok Nok Labs, a founding member of the FIDO Alliance. That's why the alliance is working to reduce reliance on passwords by enabling advanced authentication.
Two critical steps that banking institutions need to take in 2014 to help prevent fraud are implementing big data analytics and adopting far more sophisticated customer and employee authentication, says Gartner analyst Avivah Litan.
In a groundbreaking effort to boost security, HSBC Bank USA is now requiring its retail banking customers to use dual-factor authentication for certain sensitive online banking transactions, says LuAnne Kingston, senior vice president.
2014 is finally the "The Year of Security." When the year stars fresh on the heels of the announcement that Target has suffered a data breach that impacts tens of millions of consumer payment cards ... that gets attention. And when that's followed up quickly with a second major breach, this one of luxury retailer...
To help reduce reliance on passwords, the FIDO Alliance is developing standard technical specifications for advanced authentication. Michael Barrett and Daniel Almenara of FIDO describe the impact the effort could have in 2014.
Call center fraud is one of the leading threats that financial institutions will battle next year because fraudsters consider the centers to be an easy target. But what can be done to mitigate this threat?
Hackers have pilfered some 2 million user passwords and credentials for Facebook and other social media and Internet sites, according to IT security provider Trustwave. The hackers attacked computers in about 100 nations.
Financial institutions and businesses in other sectors must continually collect information about their online customers to ensure stronger authentication, says Avivah Litan, a fraud expert and analyst for the consultancy Gartner.