As 2012 nears and federal regulators prepare to examine financial institutions for conformance with the FFIEC Authentication Guidance, just how prepared are banks and credit unions? The answer may surprise you.
As a former victim of online banking fraud, I know: Text alerts and interactive messaging can improve online banking security and also enhance the customer/member relationship.
Donna Flynn says Liberty Bank discovered three key gaps when it tackled FFIEC authentication guidance compliance. Two were easy to fill. The third required an out-of-the-box solution.
2011 has offered quite a number of tough lessons for security professionals. Here at (ISC)2, where security education is our focus, the close of another year raises the old teacher's question: "What have we learned, class?"
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?
In their efforts to conform with the FFIEC authentication guidance, many financial institutions are caught off-guard by the overall cost of enhanced detection and authentication for online banking. Why?
IEEE sees 2012 as a disruptive year of widespread mobile-device intrusions as a growing number of smartphones - now 20 percent of the market - make them an attractive target for hackers.
The FFIEC Authentication Guidance has resulted in a cottage industry of anomaly detection solutions. But look carefully before you buy - separate myth from reality - says Terry Austin, CEO of Guardian Analytics.
Another myth is that it's easy to do the math and spot the anomalies. But, in fact, this process...
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.
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.
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.
First Midwest Bank has never suffered a loss because of ACH breach. The secret: never getting overly confident or too comfortable with one or two modes of protection.
Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
Banks and credit unions need to evaluate risks and implement proper controls to mitigate threats in the online world. And that means investing in technology that meets enhanced authentication demands.
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