DBS Bank is launching a new SMS/text alert service for ATM transactions, following a rash of fraudulent withdrawals that cost accountholders $1 million.
As U.S. banking institutions work to conform with the FFIEC Authentication Guidance, are they now doing better jobs of detecting and preventing incidents of ACH and wire fraud?
Financial institutions still have a long way to go to fight fraud and mitigate online banking vulnerabilities. But what exactly are the top vulnerabilities, and what can institutions do about them?
"Banks and businesses have to realize: It's not a matter of 'if' when it comes to these attacks," says Barry Rich, CFO of Tennessee's CapitalMark Bank & Trust. "it's just a matter of when."
ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?
When Liberty Bank began reviewing online risks to conform with the FFIEC Authentication Guidance, layered security came up as a weak spot. So how did this community institution address its risks?
Revised guidance from the National Institute of Standards and Technology, SP 800-63-1, could help organizations protect themselves from a growing threat to their information assets: the insider.
Donna Flynn says Liberty Bank discovered three key gaps when it tackled FFIEC authentication guidance compliance. Two were easy to fill. The third required an out-of-the-box solution.
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
A card compromise at a California-based grocery chain has raised questions about the efficacy of PCI-DSS. Experts say even if merchants are compliant, fraudsters can easily get around the security measures.
In their efforts to conform with the FFIEC authentication guidance, many financial institutions are caught off-guard by the overall cost of enhanced detection and authentication for online banking. Why?
Retailers and fast-food chains throughout the world are reporting an uptick in point-of-sale skimming incidents. Why do fraudsters find retailers and restaurants so easy to target?
Bank of America, a pioneer in mobile banking, says mobile is hot, but it also opens financial institutions to unknown risks. What proactive steps should banks and credit unions take to ensure they're ready?
We all know the online shopping risks consumers face on CyberMonday. But how does the BYOD mobile computing trend impact risks to organizations from their own employees shopping on the job?
A wave of security breaches serves as a catalyst for all types of organizations to assess the need for cyber insurance. Here's the story of one institution that saw the threat and took out a $10 million policy.
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