The best thing institutions like BofA could do right now is start focusing energy on community outreach and public relations, areas where credit unions and community banks are quickly building advantage.
Banks and credit unions need to evaluate risks and implement proper controls to mitigate threats in the online world. And that means investing in technology that meets enhanced authentication demands.
Mobile banking is a 'must-have' today, but the foray into this new financial-services arena comes with risk. Consistent review and implementation of security layers and controls is the only strategic way to tackle emerging mobile offers.
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.
Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.
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.
The payments system is broken, opening consumers, financial institutions and retailers to endless incidents of card fraud. So, what can be done? Gray Taylor has some suggestions.
An estimated 650,000 customers have recently switched from big banks to community banks and credit unions. But are these smaller institutions prepared for the new demand for security and fraud prevention?
Want more money to spend on your enterprise's information security programs? Deloitte's Mike Brown and Amry Junaideen say IT security managers must show their non-IT bosses how the lack of IT security would adversely affect their operations.
When it comes to responding to today's high-profile information security incidents, technical abilities simply aren't enough, says Gavin Reid of Cisco's Computer Security Incident Response Team. Here are the five must-have skills for today's incident response professionals.
Two fraud suspects had the perfect scheme, skimming payment card numbers at local gas pumps and then using counterfeit cards to buy more than $70,000 worth of goods at area merchants. But then they got greedy.
IT security practitioners should understand why the bits, bytes and network connections - the technologies - are important to their organization's goals. Ignorance of the mission, for IT security folks, isn't bliss.
As two recent fraud incidents prove, good work can be done when card issuers and retailers work in tandem. I hope we see more of that kind of collaboration going forward.
Police say financial specialist Librado Wright spent months siphoning more than $500,000 from Wachovia Bank's customer accounts. But when he attempted to withdraw the funds, the bank had a surprise for him.
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