Visa's introduction of chip-based payments incentives for U.S. merchants is enhancing dynamic authentication and expects to accelerate adoption of the EMV standard.
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.
"We face a broad threat ... and each consumer has to understand that their part in protecting both their own finances and the financial infrastructure, together, is a very large part," says Ian Harper, Pentagon Federal Credit Union.
With the FFIEC Authentication Guidance update, regulators have raised the bar: Traditional security controls are insufficient. Banking institutions now must adopt a layered approach to securing high-risk online banking systems.
But how does one choose among all of the layered security options? And then, after...
So, you've met with your key vendors and conducted a gap analysis of areas that need to be addressed prior to January 2012 to conform to the FFIEC Authentication Guidance. But how do you know if a specific vendor is sharing with you a complete picture of preparedness? Some vendors are upfront on their capabilities and...
For too long, banking institutions have paid only lip service to the need for developing information security awareness and education programs for their customers.
But now, as directed by the FFIEC Authentication Guidance, institutions as of January 2012 are expected to manage a robust awareness and education...
Banking regulators make no bones about it: Your third-party service providers aren't responsible for ensuring that you attain conformance with the FFIEC Authentication Guidance. You are. How do you ensure their ability to aid your efforts towards compliance? Learn the secrets of a vendor management expert, who will...
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.
A new twist in the ongoing online security battle between banks and their commercial customers was reported this week after a corporate account in Omaha, Neb., was hit with thousands in fraudulent ACH transactions.
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.
Today, financial institutions offering internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware and other fraudulent activities. The FFIEC's guidance for financial institutions took a strong stance in support of the deployment...
Eduardo Perez says, simply, the "time was right" for Visa's introduction of chip-based payments incentives for U.S. merchants. Visa's new mobile-to-EMV program offers PCI-audit-compliance waivers to qualified merchants who implement dual-interface contact and contactless acceptance.
On page five of the 2011 FFIEC Authentication Guidance Supplement, the Agencies state that an institution's layered security should include the ability to detect anomalies and effectively respond to suspicious or anomalous activity. Anomaly detection is a proven approach to defending against the array of threats...
The long overdue update to the FFIEC Guidance on Authentication in an Internet Banking Environment is now officially in effect, setting a new standard for online banking security. Since its previous update in 2005, the online banking threat landscape has changed dramatically, creating a significant gap between the...
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