More questions than answers surround the Durbin amendment's future impact on fraud prevention. With all of these open questions, bankers aren't likely to face any significant changes anytime soon, says FICO's Mike Urban.
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?
Experts say card issuers picked up on the Michaels card breach by employing strong transaction monitoring and behavioral analytics, proving that cross-channel detection tools are the best ways to curb growing card-fraud schemes.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
It's been over three months since the accidental disclosure. When will the final FFIEC authentication update be released? "I don't think we're any less safe," says Gartner's Avivah Litan. "We just need to step up enforcements."
Gigi Hyland, board member of the National Credit Union Administration, says the latest draft of authentication guidance is awaiting final signoff from just one member agency of the Federal Financial Institutions Examination Council.
Since the FFIEC guidance in 2005 on "Authentication in an Internet Banking Environment" cybercriminals have evolved significantly, leading the FFIEC to release new guidance for protecting your business and your customers from fraud. Learn about smart device identification technologies banks will need to adopt to...
Malware like ZeuS has rapidly outpaced all other banking security threats, and according to a recent survey by PhoneFactor is regarded as the greatest threat to online banking today. Because malware has evolved to defeat most security measures currently in place, financial institutions must likewise evolve their...
A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.