Losses linked to debit fraud now exceed losses connected to check fraud, according to a new survey by the American Bankers Association. How are banks responding to the threat?
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
Cyberhackers are increasing their efforts to target online credentials. And phishing attacks waged against accountholders at Chase in the U.S. and Barclays in the U.K. have made it clear that banking accounts are the target.
John Carlson sees the evolution of technology introducing new threats to financial institutions. So, how will BITS' new VP of cybersecurity and fraud prevention help banks mitigate those risks?
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?
A new survey identifies the Top 10 Cybersecurity Trends for financial service organizations. Malware and mobility head the list of risks to watch. What are the other key concerns?
BITS, the technology policy division of The Financial Services Roundtable, has just named a new VP of cybersecurity and fraud prevention. What's John Carlson's mission, and what's it mean to banks?
Customers want to be involved with their banking security, but few institutions allow them to play active roles in fraud prevention. What has to change?
BITS president Paul Smocer says banks can expect an uptick in cybersecurity-focused legislation in 2012. What impact will changes from Capitol Hill have on requirements for data breach notification, information sharing and critical infrastructure?
Two years after his business was a victim of ACH fraud, PATCO's Mark Patterson doubts whether most small business owners are yet aware of the risks they face. And he doesn't think the FFIEC guidance will help.
ACH fraud victim Mark Patterson says small businesses like his welcome improved online security measures from banking institutions. But is the new FFIEC Authentication Guidance sufficient? Patterson says no.
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
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