With NACHA's recent announcement on the implementation of same-day ACH (Automated Clearing House) payments to start in September 2016, banks need to be prepared as the impact on treasury and fraud personnel at a bank will be significant. This will result in lesser time to review and approve suspicious...
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.
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.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
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.
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.