ACH/Wire fraud was the big story in 2010 and helped influence the updated FFIEC Authentication Guidance. So, have incidents of corporate account takeover decreased in 2011, or are we just hearing less about them?
As 2012 nears and federal regulators prepare to examine financial institutions for conformance with the FFIEC Authentication Guidance, just how prepared are banks and credit unions? The answer may surprise you.
Phishing schemes, like the one claiming to be from the Better Business Bureau, target consumers who have concerns about troubled accounts or account breaches. And social engineering is used more often to acquire financial and personal information.
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.