"Banks and businesses have to realize: It's not a matter of 'if' when it comes to these attacks," says Barry Rich, CFO of Tennessee's CapitalMark Bank & Trust. "it's just a matter of when."
ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?
In their efforts to enforce security layers and multifactor authentication, are banks and credit unions still missing a core problem - the real vulnerabilities fraudsters are banking on?
What's the connection between 14 Romanians and an alleged phishing scheme that involved 10 U.S. banks and their customers? A new, unsealed indictment outlines a massive fraud and ID theft conspiracy.
BITS, the technology policy division of The Financial Services Roundtable, has just named a new VP of cybersecurity and fraud prevention. What's John Carlson's mission, and what's it mean to banks?
The Federal Deposit Insurance Corp. is warning its banks about another strand of phishing attacks purporting to come from the FDIC. The e-mails claim to offer critical information about business bank accounts.
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.
The FFIEC Authentication Guidance has resulted in a cottage industry of anomaly detection solutions. But look carefully before you buy - separate myth from reality - says Terry Austin, CEO of Guardian Analytics.
Another myth is that it's easy to do the math and spot the anomalies. But, in fact, this process...
Two years after his business was a victim of ACH fraud, PATCO's Mark Patterson doubts whether most small business owners are yet aware of the risks they face. And he doesn't think the FFIEC guidance will help.
The FFIEC Authentication Guidance has resulted in a cottage industry of anomaly detection solutions. But look carefully before you buy - separate myth from reality - says Terry Austin, CEO of Guardian Analytics.
ACH fraud victim Mark Patterson says small businesses like his welcome improved online security measures from banking institutions. But is the new FFIEC Authentication Guidance sufficient? Patterson says no.
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.
Banks, government agencies and healthcare providers have upped their efforts to assist consumers after an ID theft incident. But much more needs to be done. One ID-theft recovery expert shares her thoughts about areas in need of improvement.
Banks and credit unions need to evaluate risks and implement proper controls to mitigate threats in the online world. And that means investing in technology that meets enhanced authentication demands.
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