It's a corporate account takeover scheme - with a twist. The scam involves money mules and distributed denial of service attacks. "This is an entirely different scenario," says Mike Smith of Akamai Technologies.
ACH fraud victim Mark Patterson says small businesses like his welcome improved online security measures from banking institutions. But is the new FFIEC Authentication Guidance sufficient? Patterson says no.
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
Improving mobile device security is one of the top information security priorities for the coming year, according to our new Healthcare Information Security Today survey. And that's not surprising, given the recent surge of interest in tablets, smart phones and other mobile devices.
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.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
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.
Some organizations hesitate to involve law enforcement in their breach investigations for fear that exposing the hack would cost them their reputations and money. A Justice Department contingent tells a gathering of lawyers why that impression is wrong.