Too many banks and credit unions are being narrow-minded in their approaches to FFIEC Authentication Guidance conformance, by focusing on commercial accounts and neglecting retail accounts, one ACH fraud attorney says.
International law enforcement agencies last week touted the takedown of 36 websites that were used to sell stolen debit and credit data for more than 2.5 million accounts. But how much of an impact will the takedown ultimately have on card fraud?
Are banks and credit unions focusing too much attention on authentication and not enough on layered security? In their efforts to conform to the FFIEC's updated Authentication Guidance, they could be missing the fraud-prevention mark.