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.
Recent incidents of corporate account takeover have pushed regulators, associations and practitioners to call for greater awareness and more collaboration between commercial customers and banks. But is there an ROI to enhanced awareness?
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.