Face-to-face and over-the-phone social-engineering schemes are increasingly used to perpetrate fraud, highlighting the need for more education and real-time transaction monitoring, says Gartner's Avivah Litan.
The FFIEC has warned banking institutions to take steps now to avoid security and operational risks associated with Microsoft's plans to discontinue support of Windows XP. Experts explain why replacing the operating system is critical.
Knowledge-based authentication is no longer reliable, says fraud expert Avivah Litan, an analyst at Gartner. She explains why so-called behavioral authentication is the only reliable way to verify users.
The United States should be prepared for a dramatic increase in card-not-present fraud as cards using the EMV standard are widely deployed, says card fraud prevention expert Julie Conroy of Aite, who describes the reasons why.
Regulators need to do a better job of notifying banks promptly when they find severe security flaws at third parties, especially core banking processors. And community banks need to collaborate on assessments of third-party risks.
Banks need to ensure they continuously monitor their cloud vendors, says Troy Wunderlich of Washington Trust, a community bank in Spokane, who outlines his institution's strategy for vendor management.
Mitigating card risks associated with retail malware attacks and POS vulnerabilities is a focus of updates to the PCI Data Security Standard, say Bob Russo and Troy Leach of the PCI Security Standards Council.
Too many organizations are spending far too much money on gathering big data that they cannot put to good use, such as for fraud prevention, says IDC analyst Jerry Silva, who stresses that investments must have strategic value.
Spear-phishing attacks aimed at bank employees are on the rise, and community banks and credit unions are particularly vulnerable. Learn why experts say authentication is failing to address the problem.
Hackers allegedly trafficking in personally identifiable data have reportedly breached the computers of three major data aggregators, raising doubts about knowledge-based authentication as a tool to verify identity.