BankInfoSecurity.com Week in Review for Friday, Jan. 21, 2011
- New Authentication Guidance Soon? The Federal Financial Institutions Examination Council is expected to issue new security guidance that revisits online banking and strong authentication. At least that's the word from industry experts who have been involved in recent meetings with the FFIEC;
- Online Fraud: Heart of the Problem. Dave Jevans says the industry should fight online fraud, rather than focusing narrowly on ACH. Jevans, the founder of online security company IronKey, says ACH fraud accounts for about $6 billion in annual financial losses, but banks and credit unions aren't adequately addressing the threat; and
- Phishing Attacks Pose Heightened Threat. When it comes to fraud in the cyberworld, there's no shortage of attacks and schemes. 2011's list of schemes and trends isn't getting any shorter, especially where phishing is concerned. Like most fraud, phishing attacks are increasing in number and sophistication.