Fraud, risk management emerging technologies -- these issues know no boundaries. That's why we're launching a series of new international BankInfoSecurity sites to draw proper attention to local issues that impact the global banking industry.
Recent incidents of corporate account takeover have pushed regulators, associations and practitioners to call for greater awareness and more collaboration between commercial customers and banks. But is there an ROI to enhanced awareness?
"Today's risk management professionals really need to take a strategic view of managing risk to be relevant in achieving the organization's expected outcome," says Philip Alexander of Wells Fargo Bank.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
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.
Once a CEO understands the value and risks catered through mobile functionality, it is easier to discuss mobile innovations, policy and how the company can then strike a balance to meet customer and employee requirements.