Many organizations are still using personal information, such as mother's maiden name and date of birth, to verify user identities. However, personal data is everywhere - in search engines and on social networking and other third-party sites - making the use of these static data elements a less secure measure for...
The FFIEC Authentication Guidance update has been in circulation since mid-2011. But as banking examiners begin testing for conformance, we find:
Only 11% of surveyed institutions have come into conformance since the guidance was issued;
Nearly 30% don't fully understand the guidance;
88% do not believe the...
Banking regulators have begun examining institutions for conformance to the FFIEC Authentication Guidance. What gaps will they find? Terry Austin of Guardian Analytics offers insight and security tips.
Unmistakably, the release of the FFIEC supplement was the result of an increasingly hostile online banking environment created by the introduction of advanced malware. To effectively comply with FFIEC guidelines, financial organizations need to select a solution that is able to provide real-time threat intelligence...
Far too many identity solutions today rely on simple user names and passwords, says Brent Williams, CTO of Anakam Identity Services - the identity product line of Equifax. But the future of identity is bright, he says.
"People appreciate being contacted when particular transactions look risky," says Peter Tapling, President and CEO of Authentify. "Out-of-band authentication provides the opportunity to do that in real-time, at very low cost to the institutions."
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
Alisdair Faulkner of ThreatMetrix says financial institutions and businesses should focus on five key security areas. What make up the top five, and where do banks need to make the greatest fraud-prevention investments?