Banks and commercial customers are more often working together, enabling them to catch and stop fraudulent requests for funds transfers before commercial accounts are drained.
"We face a broad threat ... and each consumer has to understand that their part in protecting both their own finances and the financial infrastructure, together, is a very large part," says Ian Harper, Pentagon Federal Credit Union.
Small businesses have room to improve when it comes to fraud prevention. And according to a recent study commissioned by TD Bank, a lack of understanding and apathy are challenges that need to be overcome.
The compliance deadlines are aggressive - but so are today's threats, says Vishal Salvi, CISO of HDFC Bank, discussing the challenges of meeting the Reserve Bank of India's new information security standards.
In the age of high-profile attacks, such as a distributed denial-of-service attack against South Korean websites, organizations are shifting their focus in terms of cybersecurity, McAfee CTO/Public Sector Phyllis Schneck says.
Regulation and legislation are working in banking institutions' favor, helping them enhance fraud prevention and detection investments for debit and online banking.
"Organized crime sees that this is a good business to come in, exploit and take advantage of the loopholes," says L.T. Lafferty, criminal defense attorney and mortgage fraud expert, on the schemes that cost banks billions each year.
Today, financial institutions offering internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware and other fraudulent activities. The FFIEC's guidance for financial institutions took a strong stance in support of the deployment...
"There are still a lot of inexperienced people out there that are passing themselves off as experts," says Scott Laliberte, managing director of Protiviti, outlining the common challenges of penetration testing.
As banks and credit unions work toward compliance with the FFIEC's updated online authentication guidance, they need to place their efforts and attentions on risk assessments, says Doug Johnson of the ABA.
As attacks targeting online banking (e-banking) applications grow more sophisticated and more frequent, financial institutions need to strengthen their defenses. In response to these changing demands, the Federal Financial Institutions Examination Council (FFIEC) released revised security guidelines for secure banking...
In January 2012, FFIEC examiners will be formally assessing financial institutions' adherence to the new FFIEC "Supplement to Authentication in an Internet Banking Environment" guidelines. Is your organization ready? The following check list outlines some of the fundamental requirements of the new FFIEC Authentication...
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