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.
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.
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.
U.S. and Estonian authorities have broken up one of the largest Internet crime schemes that allegedly netted $14 million in fraudulent advertising fees and infected 4 million computers in 100 countries.
Security concerns are the top barrier between consumers and mobile banking. Yet, only 17 percent of institutions have integrated consumer education into their mobile strategies. Javelin's Mary Monahan offers three tips to improve awareness.
Phishing schemes that aim to gather credit and debit details are on the rise. The American Bankers Association offers tips on exactly what you should tell your employees and customers about the latest scams.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
The threat landscape has evolved, and India's banking institutions must grow their information security strategies, says Anand Naik of Symantec, which just released a report that offers a new security agenda to institutions.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.