Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.
The breach earlier this month of certificate authority DigiNotar could prove to be the worst security event ever to happen on the Internet because it threatens, at its core, a fundamental principle of Internet transactions - economic and social - trust.
In the wake of today's evolving threat landscape, the FFIEC recommends a robust, layered security program that includes the use of dual customer authorization through different access devices. Strong authentication when combined with federated SSO (single sign on) standards can strengthen, accelerate, and provide key...
The Dutch company that was deceived by hackers into issuing fraudulent digital certificates is liquidating its assets under the protection of a bankruptcy court in the Netherlands after failing to recover from the attack.
Account takeovers are up, but losses are down. Doug Johnson of the ABA says that's because banks and their customers are catching and blocking suspect ACH transactions before they drains corporate accounts.
"We have this problem on the Internet, which is: How do I talk to someone I've never met before and know that they are who they say they are?" says Michael Smith of Akamai Technologies.
Most consumers understand the need for security on laptops and PCs. On mobile devices, the thinking is not the same. "Their behavior is much riskier," says Markus Jakobsson, online security expert.
Nessa Feddis of the ABA says increased investments in technology at the bank and consumer levels have fueled confidence in online banking. "I think the reason you see an uptick in use here is because the channel is more secure."
The FFIEC has issued a revised guidance to require banks to better protect customers and the movement of funds when banking online. However, this is a daunting task: interpreting the guidance, determining what risks are present, how to protect customers, and who can help you with that process, etc. To cut through...
Layered security is one of the core tenets of the new FFIEC Authentication Guidance - and it's perhaps the most effective strategy for detecting and preventing banking fraud schemes. But what are some of today's most mature approaches to layered security, and how are banking institutions employing them to detect and...
More pressure from the FFIEC to increase online security authentication practices can be leveraged with interchange incentives being offered by the Fed for debit- fraud-prevention investments mandated by the Durbin amendment, and institutions should take advantage.
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
Visa's introduction of chip-based payments incentives for U.S. merchants is enhancing dynamic authentication and expects to accelerate adoption of the EMV standard.
The bright spot is that 36 percent of the takeover incidents reported in 2010 were stopped before fraudulent funds transfers were approved. That's an improvement from 2009, when only 20 percent were thwarted.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.
