The Final FFIEC Guidance has been issued and its main intent is to reinforce the 2005 Guidance's risk management framework and update the Agencies' expectations regarding customer authentication, layered security, or other controls in the increasingly hostile online environment.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
Online and mobile banking are taking the world by storm - especially in the Asia-Pacific region. But many institutions are simply not prepared to manage security and privacy appropriately in these venues, says Gartner's Matthew Cheung.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
David Navetta, an attorney who specializes in IT security and privacy, says the magistrate's recommendation, if accepted by the judge, could set an interesting legal precedent about the security banks are expected to provide for commercial customers.
Sen. Charles Schumer's amendment to Regulation E, which aims to give local governments and school districts the same level of protection as consumers, could set an adverse precedent for financial institutions, says Doug Johnson, vice president and senior advisor of risk management for the American Bankers Association.
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?