Now that the FFIEC's updated online authentication guidance is out, banking institutions need to move forward in preparation for 2012 compliance, says Julie McNelley, banking fraud analyst for Aite Group.
"Our role is changing in the fact that we see fraud being perpetrated in a new manner everyday via malicious software, banking Trojans and online theft," says Jean-FranÃ§ois Legault, senior manager of forensics and dispute services at Deloitte.
Fraud today is global. The same problems happening in the U.S. are simultaneously occurring in other parts of the world. For interested job seekers, there's never been a better time to enter the fraud examiner profession.
Insider fraud expert Shirley Inscoe says Citi is not the only financial institution that's doing a poor job of keeping up with employee misconduct. Few banking institutions grasp how damaging inside jobs actually are.
The use of social media raises risk management issues, and education is the key to overcoming the common misperception that "you can say anything you want on social media and not have any consequences," says compliance specialist Roy Snell.
The Fed's ruling on interchange cuts mandated by the Durbin Amendment will aid fraud prevention and could accelerate a move to chip-based payments, says Randy Vanderhoof, director of the Smart Card Alliance.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
Organizations are starting to adapt to cloud computing, but they're hesitant about placing their core assets in the online environment, according to results from the 2011 ISACA IT Risk/Reward Barometer.
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.