"People appreciate being contacted when particular transactions look risky," says Peter Tapling, President and CEO of Authentify. "Out-of-band authentication provides the opportunity to do that in real-time, at very low cost to the institutions."
What are the top emerging fraud threats via mobile banking, and how must security leaders respond? In an RSA Conference preview, Julie McNelley of the Aite Group offers tips for fighting the newest threats.
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
Alisdair Faulkner of ThreatMetrix says financial institutions and businesses should focus on five key security areas. What make up the top five, and where do banks need to make the greatest fraud-prevention investments?
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
Despite the FFIEC authentication guidance and the growth of online fraud, financial institutions still rely on outdated practices that expose customers to risk. How can institutions update their security measures?