Banking institutions have a lot to do in order to prepare for the Jan. 2012 deadline to conform with the new FFIEC authentication guidance, and former banking regulator William Henley has one, simple piece of advice: start now.
"We're continually testing our controls and the effectiveness of our controls. We do a lot of emerging-threats monitoring ... so we can react," says First Niagara's Joe Rogalski.
Organizations taking proper preventative measures realize a cost savings of nearly 25 percent over those that don't, an analysis of a survey sponsored by Hewlett-Packard reveals. Still, the study shows, it takes longer to resolve cyberattacks than it did a year ago.
A California judge handed down a 12-year prison sentence to a phisher who stole financial details from more than 38,000 online accountholders. Observers say the sentence signals a changing attitude about the severity of cybercrimes.
The hacking group Anonymous, under the moniker Antisec in web postings, claims it breached the computers of FBI contractor ManTech as well as 70 law enforcement agencies in the United States.
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.
In the wake of natural disasters or global political unrest, financial institutions of all sizes must be mindful of international fraud schemes and suspicious activity, says EastNets' Paul Buelens.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
The arrest is part of a continuing investigation into network intrusions and distributed denial of service attacks against a number of international business and intelligence agencies by what is believed to be the same hacking group.
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