One key factor in efforts to reduce reliance on passwords for authentication will be international acceptance of the FIDO Alliance's soon-to-be released protocol for advanced authentication, says Michael Barrett, the alliance's president.
Simple credentials, such as passwords, are a hacker's best friend, says Phillip Dunkelberger of Nok Nok Labs, a founding member of the FIDO Alliance. That's why the alliance is working to reduce reliance on passwords by enabling advanced authentication.
Two critical steps that banking institutions need to take in 2014 to help prevent fraud are implementing big data analytics and adopting far more sophisticated customer and employee authentication, says Gartner analyst Avivah Litan.
To help reduce reliance on passwords, the FIDO Alliance is developing standard technical specifications for advanced authentication. Michael Barrett and Daniel Almenara of FIDO describe the impact the effort could have in 2014.
Whether reports that the National Security Agency entered into a secret contract with security provider RSA are true or not - and RSA says they're not - the reputations of all American security vendors have been tarnished.
Call center fraud is one of the leading threats that financial institutions will battle next year because fraudsters consider the centers to be an easy target. But what can be done to mitigate this threat?
Hackers have pilfered some 2 million user passwords and credentials for Facebook and other social media and Internet sites, according to IT security provider Trustwave. The hackers attacked computers in about 100 nations.
Financial institutions and businesses in other sectors must continually collect information about their online customers to ensure stronger authentication, says Avivah Litan, a fraud expert and analyst for the consultancy Gartner.