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.
"It's interesting to see regulators putting the onus on the financial companies for fraud that occurs after the theft has already happened," says David Navetta, co-chairman of the American Bar Association's Information Security Committee.
"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.
A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.
"I'm not sure there is a way to protect a customer if their actions put their network at risk," says the president of a bank victimized by corporate account takeover.
One community bank shares its side of the corporate account takeover story, and a new survey finds that security compliance reduces long-term expenses.
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