At $1.5 million, it's one of the largest account takeover incidents on record. Attorneys review the Efficient Services Escrow case and ask who will be held responsible - the customer or the bank?
While user education is valuable, needed and helpful, there is one problem with this approach - it only partially works, and partially working is simply not good enough, security expert George Tubin contends.
What struggles do smaller financial institutions face when it comes to implementing anomaly detection practices and procedures? Former federal banking examiner Amy McHugh offers insight.
Former federal banking examiner Amy McHugh says detailed risk assessments have to be a priority. And recent legal decisions and settlements in disputes involving corporate account takeover prove why.
Preliminary results of the 2013 Faces of Fraud Survey show institutions are still suffering big financial losses linked to ACH and wire fraud. Why are they still getting hit, in spite of investments to detect and prevent account takeover?
Hacktivists may have halted their attacks, but DDoS strikes against U.S. banks continue. Download-flooding attacks that took aim at two banks last week demonstrate the need for continued vigilance.
Reports of account takeover incidents have increased in the last 18 months, yet losses have remained steady, says former federal banking examiner Amy McHugh, who analyzes what security measures are working and what still needs to be done.
A new precedent in ACH and wire fraud liability could be set if Choice Escrow is successful in its appeal to have a lower court's ruling overturned. Legal experts explain why this could prove to be the new benchmark.
Former federal banking examiner Amy McHugh says banks can learn a lot from recent legal decisions and settlements in account takeover cases, including which authentication and online-banking security investments they should make.
How are banking institutions reducing losses linked to account takeover incidents? Bill Nelson of the FS-ISAC describes new approaches institutions are taking to address this lingering fraud problem.
Which fraud trends need the most attention from U.S. banking institutions in 2013? Distributed-denial-of-service attacks and account takeover, says FS-ISAC's Bill Nelson, who offers fraud-fighting tips.
In a new alert, the OCC says banking institutions should be concerned about fraud attempts linked to recent distributed-denial-of-service attacks on prominent U.S. banks.
The PATCO fraud dispute could have been settled in 2009, says co-owner Mark Patterson. Why did the case drag on, and what can banking institutions and fraud victims learn from PATCO's recent settlement?
An insider fraud scheme at a financial institution highlights how executives with too much power can abuse the system. What steps could have been taken to prevent the losses that ultimately led to this institution's failure?
Nearly five months after an appellate judge urged an out-of-court resolution, People's United Bank and PATCO Construction have reached a financial settlement in their dispute over wire fraud losses.
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