Cyberthreats stem from the malware, but monetary losses stem from money mules. I've decided to coin a new term: eFraud. I cannot think of a better way to describe the wave of fraud incidents the financial industry is facing. It's electronic.
From payment cards to checks, ACH transactions to phishing, there's no question that fraudsters have waged war on banks. And now the institutions are fighting back.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Experi-Metal Inc. vs. Comerica Bank case is just one of several high-profile incidents of corporate account takeover -- but it's the first to finally head to court.
The Federal Financial Institutions Examination Council is expected to issue new security guidance that revisits online banking and strong authentication, according to industry experts who have been involved in recent meetings with the FFIEC.
From payment cards to checks, ACH transactions to phishing, there's no question that fraudsters have waged war on banks. And now the institutions are fighting back.
When a database breach occurs, consumer notification continues to be a public problem, and it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
Anti-fraud activist Jim Woodhill is a man with a plan - or at least he soon will be. By the end of March, he expects to have a task force and plan in place to help banks and businesses conquer ACH fraud and corporate account takeover.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing cuinfosecurity.com, you agree to our use of cookies.