The bright spot is that 36 percent of the takeover incidents reported in 2010 were stopped before fraudulent funds transfers were approved. That's an improvement from 2009, when only 20 percent were thwarted.
Fraud is a global concern, and an area regulators and financial institutions the world-over are watching closely, says Bill Isaac. Whether a cyberthreat or mortgage fraud, investments in fraud prevention will continue, despite the state of the international economy.
Banks and commercial customers are more often working together, enabling them to catch and stop fraudulent requests for funds transfers before commercial accounts are drained.
A new, free guide on Facebook security, though geared for users, details the practices chief information security officers and other organizational security practitioners should share with their staffs to assure not only safe Internet hygiene when workers access Facebook from work, but for use with other social media...
Ocean Bank failed to implement an effective BSA/AML Compliance Program, with internal controls "reasonably designed to detect and report money laundering and other suspicious activity in a timely manner," regulators say.
The PCI Security Standards Council's new guidance for tokenization offers clarification and recommendations for merchants struggling to determine which tokenization solution is best, especially where compliance with the Payment Card Industry Data Security Standard is concerned.
Former FDIC head Bill Isaac says U.S. banks have strengthened their financial footing since the market collapse of 2008, but the U.S. economy remains on the verge of a "double-dip" recession. The reason: poorly planned regulatory reforms.
As the use of mobile banking grows, banks and credit unions also should take steps to educate their customers and members about safe e-banking practices.
The team at the European Network and Information Security Agency identified 50 security threats that exist within the new web standards and sent recommendations for how they should be addressed to W3C.
Four banks were closed by state and federal banking regulators on Friday, Aug. 19. These latest failures bring the year's tally to 84 failed banks and credit unions so far in 2011.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
The National Credit Union Administration shares some thoughts about emerging online security threats - threats it expects credit unions to address as they work to comply with the updated online authentication guidance issued by Federal Financial Institutions Examination Council.
Has our financial system's attention focused so much on cyberthreats that it's forgotten to lock down controls to prevent low-tech schemes? In a nutshell, yes.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
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