Nacha's new ACH rules require all banks to update policies and procedures to ensure better fraud detection. These changes help banks comply with new standards without relying solely on technical solutions, said Devon Marsh, managing director of ACH network rules and risk management at Nacha.
As ACH continues to dominate U.S. transactions, newer payment rails, including FedNow, are working to make their platforms more secure. One of the ways they are doing this is by implementing a request for payment or RFP. Ani Narayan at Modern Treasury discussed the implications of this move.
Don't click phishy links. Everyone knows that. But are your end users prepared to quickly identify today's tricky tactics being used by bad actors? Probably not. Cybercriminals have moved beyond simple bait and switch domains. They're now employing a variety of advanced social engineering techniques to entice your...
A top U.S. banking lobbyist told a Senate panel Thursday there are limits to what financial institutions can do to stop scammers from draining individual banking accounts and called on regulators such as the Federal Communications Commission to do more to combat caller ID spoofing.
The New York attorney general sued the third-largest bank in the United States over its alleged failure to protect consumers from scammers. "If a bank cannot secure its customers' accounts, they are failing in their most basic duty," said Attorney General Letitia James.
An evolution in transaction monitoring is required to accurately detect suspicious activity and truly reduce false positives.
This comprehensive guide helps you quickly assess your program’s current state and identify opportunities for improvement. By updating processes, implementing the right tech, and closing...
Phishing attacks have come a long way from the spray-and-pray emails of just a few decades ago. Now they’re more targeted, more cunning and more dangerous. And this enormous security gap leaves you open to business email compromise, session hijacking, ransomware and more.
Join Roger Grimes, KnowBe4’s...
Banks are facing unprecedented challenges in securing their digital ecosystems while maintaining cost efficiency. With cybercriminals increasingly targeting the financial industry, banks face risks to their reputation as trustworthy partners. With data breach costs averaging nearly $6 million per incident, banks...
Insights to help you quantify security risk.
The Cost of a Data Breach Report offers insights that help you understand risk in a changing world. Understand broad trends, and dive deeper into factors that can amplify costs or help mitigate financial losses. Register for the report to discover:
Cost mitigation...
You can’t secure what you can’t see. As the perimeter continues to morph with an increasingly distributed workforce, hybrid workplace, and rapid multi-cloud adoption, security and compliance exposures are intensifying. Unified and actionable visibility across all technologies including endpoints, software, cloud...
In the fight against fraud, there may be no better weapon than sharing knowledge. Unfortunately fraudsters also know this all too well and hence can take advantage of gaps in knowledge to bypass security controls, ultimately taking over an account, or gaining access to a credit line or card account.
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The challenges facing fraud executives in commercial banking won’t get easier any time soon. One financial institution cites they track it closely and have seen a 17% increase per year for the past 10 years.
Aite Novarica covers the latest fraud trends in 2021 and how continued investment in and evolution of a...
2021 has been a dynamic year for fraud and financial crime, and the events that have emerged out of the quickly changing risk landscape continue to create new vulnerabilities for financial services organizations (FSOs).
Key fraud and AML trends of the past year have been particularly prevalent and are positioned...
2021 has been a dynamic year for fraud and financial crime, and the events that have emerged out of the quickly changing risk landscape continue to create new vulnerabilities for financial services organizations (FSOs).
Key fraud and AML trends of the past year have been particularly prevalent and are positioned...
As digital transformation accelerates at an unprecedented rate, strategic initiatives such as revenue collection, customer loyalty, and brand awareness are now primarily online. And they’re increasingly being hijacked by hackers, leading to account takeover (ATO), fraud losses, and damaged brands. Any business that...
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