"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
People, as much as anything else, are a critical aspect of information risk management, and businesses and government agencies must monitor employees - and educate them, as well - to thwart a potential threat from within.
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?
As part of the updated FFIEC Authentication Guidance, U.S. banking regulators mandate that financial institutions conduct periodic risk assessments of their electronic banking services.
But in the face of evolving threats, a growing online customer base and emerging mobile technology, what is the most effective...
ID theft expert Joanna Crane wonders whether banks, government agencies and healthcare providers do enough to assist consumers with ID theft recovery, saying consumer expectations are often loftier than what's being done to meet the demand.
Since the summer of 2009, financial institutions and their corporate customers have been defrauded by increased incidents of account takeover. These incidents have pitted banks and customers against one another in court, and they were a key impetus behind the release of the new FFIEC Authentication Guidance. So, how...
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
Layered security is one of the core tenets of the new FFIEC Authentication Guidance - and it's perhaps the most effective strategy for detecting and preventing banking fraud schemes. But what are some of today's most mature approaches to layered security, and how are banking institutions employing them to detect and...
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 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.
Between March 2010 and April 2011, 20 incidents of wire fraud hit small and mid-sized U.S. businesses. All of the transactions involved payments routed to Chinese economic and trade companies located near the Russian border.
"Today's risk management professionals really need to take a strategic view of managing risk to be relevant in achieving the organization's expected outcome," says Philip Alexander of Wells Fargo Bank.