Financial institutions and businesses in other sectors must continually collect information about their online customers to ensure stronger authentication, says Avivah Litan, a fraud expert and analyst for the consultancy Gartner.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
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A new cross-device malware strain that has been linked to last year's High Roller attacks is defeating dual-factor authentication. Experts explain why banking institutions worldwide should be on alert.
At $1.5 million, it's one of the largest account takeover incidents on record. Attorneys review the Efficient Services Escrow case and ask who will be held responsible - the customer or the bank?
While user education is valuable, needed and helpful, there is one problem with this approach - it only partially works, and partially working is simply not good enough, security expert George Tubin contends.
Preliminary results of the 2013 Faces of Fraud Survey show institutions are still suffering big financial losses linked to ACH and wire fraud. Why are they still getting hit, in spite of investments to detect and prevent account takeover?
Which fraud trends need the most attention from U.S. banking institutions in 2013? Distributed-denial-of-service attacks and account takeover, says FS-ISAC's Bill Nelson, who offers fraud-fighting tips.
What are the top account takeover threats to banking institutions in 2013? Ken Baylor of NSS Labs discusses Zeus variants, mobile malware and how institutions can protect themselves from fraudsters.
In a new alert, the OCC says banking institutions should be concerned about fraud attempts linked to recent distributed-denial-of-service attacks on prominent U.S. banks.
Protecting a customer's personal and financial information requires a fraud prevention solution that is customer friendly, cost-effective and able to provide protection across a bank's entire range of products and services.
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Why customer expectations regarding their online security...
Nearly five months after an appellate judge urged an out-of-court resolution, People's United Bank and PATCO Construction have reached a financial settlement in their dispute over wire fraud losses.
The future of security in payments remains unclear, says Nicolas Vedrenne of the Merchant Risk Council. But international collaboration will be critical, especially as infrastructures merge.
If President Obama's second term were a movie sequel, I'd call it "Unfinished Business." It's time to step up and see through the cybersecurity initiatives Obama spoke about when he first took office.
Labeling it "a very close call," a U.S. district court has rejected a Mississippi bank's bid to have a former customer held liable for losses, damages and legal costs in an ACH and wire fraud case.
More malware attacks fueled by Citadel and Reveton are getting attention from federal authorities, which say banking institutions and consumers should be on high alert. What can institutions do to mitigate emerging malware risks?
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