Same-day Automated Clearing House (ACH) payment processing became a reality. While this represents a terrific opportunity for banks to be responsive to their customer's requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness,...
Sophisticated phishing campaigns, increasingly targeted because of social media, are fueling business email compromises - a growing wire fraud scheme that is attacking businesses worldwide, says Jim Hansen of PhishMe.
FBI Special Agent Charles Gunther says collaboration with FinCEN, international law enforcement and U.S. banks has helped the FBI recover millions of funds stolen from customers via emerging wire fraud schemes.
The Federal Reserve on Jan. 26 revealed its roadmap for an overhaul of the U.S. payments system, which includes plans for faster settlement and a focus on improving payments security to reduce fraud.
A new impersonation scheme is taking aim at business executives to perpetuate ACH and wire fraud, says Bank of the West's David Pollino, who explains steps institutions should take now to protect their customers.
If President Obama's second term were a movie sequel, I'd call it "Unfinished Business." It's time to step up and see through the cybersecurity initiatives Obama spoke about when he first took office.
In the PATCO Construction fraud case, attorney David Navetta says the court failed to address two key concerns: reasonable security and good faith. What's next in PATCO's ongoing legal battle?
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
Today, financial institutions offering internet-based and mobile-banking services face increasing pressure to provide enhanced consumer protection against phishing, sophisticated malware and other fraudulent activities. The FFIEC's guidance for financial institutions took a strong stance in support of the deployment...
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.
The latest Verizon Data Breach Investigations Report is out, and the good news is: The number of compromised records is down. The troubling news is: The number of breaches is up. Bryan Sartin, one of the report authors, explains why.
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