A preliminary draft of new authentication guidance puts greater responsibility on financial institutions, and the ACH/wire fraud case between Experi-Metal Inc. and Comerica Bank marks the first major corporate account takeover incident to hit a courtroom.Among the top Feb. news features:
- First Look: New Authentication Guidance. -- The FFIEC has yet to officially release its long-awaited update to 2005's authentication guidance, but a December draft of the guidance, entitled "Interagency Supplement to Authentication in an Internet Banking Environment" calls for five key areas of improvement.
- ACH Fraud on Trial. -- Experi-Metal Inc. and Comerica Bank appeared before the U.S. District Court of Michigan to debate how much responsibility EMI should assume for the takeover of its bank account with Comerica.
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