To meet their risk management, compliance, and business objectives, financial services institutions must have a clear understanding of the critical security threats that exist today - and the most effective strategies for addressing them.
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Main threats confronting financial...
Nessa Feddis of the ABA says increased investments in technology at the bank and consumer levels have fueled confidence in online banking. "I think the reason you see an uptick in use here is because the channel is more secure."
"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
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...
Doug Johnson of the ABA and FS-ISAC says banks and commercial customers are improving efforts to catch and thwart incidents of corporate account takeover, a sign that the industry is moving in a positive payments direction.
The bright spot is that 36 percent of the takeover incidents reported in 2010 were stopped before fraudulent funds transfers were approved. That's an improvement from 2009, when only 20 percent were thwarted.
With the FFIEC Authentication Guidance update, regulators have raised the bar: Traditional security controls are insufficient. Banking institutions now must adopt a layered approach to securing high-risk online banking systems.
But how does one choose among all of the layered security options? And then, after...
For too long, banking institutions have paid only lip service to the need for developing information security awareness and education programs for their customers.
But now, as directed by the FFIEC Authentication Guidance, institutions as of January 2012 are expected to manage a robust awareness and education...
So, you've met with your key vendors and conducted a gap analysis of areas that need to be addressed prior to January 2012 to conform to the FFIEC Authentication Guidance. But how do you know if a specific vendor is sharing with you a complete picture of preparedness? Some vendors are upfront on their capabilities and...
Banking regulators make no bones about it: Your third-party service providers aren't responsible for ensuring that you attain conformance with the FFIEC Authentication Guidance. You are. How do you ensure their ability to aid your efforts towards compliance? Learn the secrets of a vendor management expert, who will...
As the use of mobile banking grows, banks and credit unions also should take steps to educate their customers and members about safe e-banking practices.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
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...
On page five of the 2011 FFIEC Authentication Guidance Supplement, the Agencies state that an institution's layered security should include the ability to detect anomalies and effectively respond to suspicious or anomalous activity. Anomaly detection is a proven approach to defending against the array of threats...
The long overdue update to the FFIEC Guidance on Authentication in an Internet Banking Environment is now officially in effect, setting a new standard for online banking security. Since its previous update in 2005, the online banking threat landscape has changed dramatically, creating a significant gap between the...
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