"More and more consumers are using PIN debit at the pumps, so this makes for a rich harvest for the criminals," says John Buzzard of FICO's Card Alert Service.
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.
"We want to know what the FFIEC guidelines actually mean and who is responsible for enforcing audits and compliance," says fraud victim Jim Payne, owner of Choice Escrow.
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.
After one of its commercial customers fell victim to an online account takeover, this community bank suffered losses, reputational damage and learned that legal disputes rarely favor the bank.
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