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.
Banks, government agencies and healthcare providers have upped their efforts to assist consumers after an ID theft incident. But much more needs to be done. One ID-theft recovery expert shares her thoughts about areas in need of improvement.
Analog skimming devices that rely on audio technology are not new. They've been around since the early 1990s. But this less-expensive technology is making a comeback, some say, because of the downturn in the global economy.
Pradeep Moudgal says the U.S. is migrating toward EMV. But how much new investment are card issuers going to have to make, and what steps does the collective industry need to take to ensure the transition from the mag-stripe to the chip is a smooth one?
Unfortunately, says Ken Vander Wal, most organizations have done little to address security in their policies and procedures regarding BYOD, which is changing the ways companies address user behavior and risk.
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.
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.
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.