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.
How much crossover should banking institutions rely upon as they evaluate authentication standards for retail vs. commercial accounts? Online security expert Christopher Beier offers insights.
A hacker anywhere in the world could easily track the whereabouts and file-sharing habits of a Skype user and use the information for purposes of stalking, blackmail or fraud.
Global events, especially those involving the deaths of politically exposed individuals, have significant impacts on individual banking institutions and the global financial infrastructure.
The disruption of text messaging and Web browsing for BlackBerry customers opens up issues of company transparency and business continuity. How should the company have responded?
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
Nessa Feddis of the ABA says increased investments in technology at the bank and consumer levels have fueled confidence in online banking. "I think the reason you see an uptick in use here is because the channel is more secure."
The 9/11 attacks did not just affect America; they impacted the world. The events of that day stir frightening memories in everyone. In the end, every nation is vulnerable to terrorism.
"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
The bright spot is that 36 percent of the takeover incidents reported in 2010 were stopped before fraudulent funds transfers were approved. That's an improvement from 2009, when only 20 percent were thwarted.
As the use of mobile banking grows, banks and credit unions also should take steps to educate their customers and members about safe e-banking practices.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
When economists dissected July's 0.1 point drop in overall unemployment, to 9.1 percent, they attributed the decline mostly to fewer people seeking work. But that's not the case for IT security professionals. There are few discouraged workers in the information technology occupation categories these days.
Ian Harper of Pentagon Federal Credit Union says financial institutions should continually review their risk management processes, a recommendation reinforced by the new FFIEC Authentication Guidance.
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