Tom Oscherwitz says consumers put themselves at risk by giving out too much personal information that is often used for online banking log-in credentials.
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.
From making payments online to depositing checks via iPhones and communicating through Facebook, financial institutions have introduced many new services to make their customers' lives easier. To maximize the impact of trends such as mobility and social media while minimizing their risk, institutions must be...
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.
"I am hoping for some turn around, but overhang in troubled real estate, unemployment and debt levels are negatives," says Christie Sciacca, former FDIC official.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
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