"Simple passwords alone do not provide sufficient commercially reasonable security," says Jim Payne of fraud victim Choice Escrow. "Where is the principle of doing what is right and just?"
Six months after Michigan-based Experi-Metal Inc. sued Comerica Bank after a breach that resulted in $1.9 million in ACH and wire fraud, a U.S. District Court has favored the commercial customer.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Information Security Media Group announces the launch of FFIEC Authentication Guidance, a resource center dedicated to providing in-depth news and views on the pending online authentication guidance.
The three most common findings during an IT security examination are vendor management issues, a need for improved wire transfer controls, and necessary updates to risk assessments, says Phillip Hinkle, Chief IT Security Examiner for the Texas Department of Banking.
"I'd like to make sure our recommendations fit with what the FFIEC is recommending, to continue to help us mitigate risk," says Michael J. Wyffels, SVP and CTO of QCR Holdings Inc. "But the hackers seem to continue to find new ways to exploit vulnerabilities."
When a database breach occurs, consumer notification continues to be a public problem. And it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
David Navetta, an attorney who specializes in IT security and privacy, says the magistrate's recommendation, if accepted by the judge, could set an interesting legal precedent about the security banks are expected to provide for commercial customers.
For nearly two years, banks and businesses across the U.S. have been plagued by a wave of corporate account takeover. And while there's no one answer, Texas bank examiner Phillip Hinkle sees ways that institutions can better detect and prevent these crimes.
After one commercial customer fell victim to corporate account takeover, this institution suffered significant losses and learned that legal disputes rarely favor the bank.
Sen. Charles Schumer's amendment to Regulation E, which aims to give local governments and school districts the same level of protection as consumers, could set an adverse precedent for financial institutions, says Doug Johnson, vice president and senior advisor of risk management for the American Bankers Association.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
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