NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Federal Financial Institutions Examination Council is expected to issue new security guidance revisiting online banking and strong authentication, and a new report from Aite finds internal fraud at most institutions is underreported.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
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.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
In preparation for the holiday season, banking institutions must steer customers -- and employees -- toward best practices for safe online and mobile shopping.
A recent rash of targeted phishing schemes -- which included hits to military accountholders and their families at USAA and Navy Federal Credit Union, as well as a separate attack on officials at the World Bank -- has again brought the crime to the fore.
Mobile banking is a given. Payments are the next frontier, and a number of technologies, such as remote deposit capture, are converging to make mobile payments readily accessible to consumers.
ACH and wire fraud. ATM skimming. Payment card compromises. Mortgage fraud. Phishing.
Financial institutions are besieged by fraud threats today - and not just via one dominant channel, but through all of them. Simultaneously.
How can institutions fight back - as well as educate & enlist their consumer and...
FDIC's Michael Benardo: Online crimes are increasing in complexity and reach, but they represent only a portion of fraud that banking institutions will face over the next 18 months.
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