Far too many identity solutions today rely on simple user names and passwords, says Brent Williams, CTO of Anakam Identity Services - the identity product line of Equifax. But the future of identity is bright, he says.
"People appreciate being contacted when particular transactions look risky," says Peter Tapling, President and CEO of Authentify. "Out-of-band authentication provides the opportunity to do that in real-time, at very low cost to the institutions."
What are the top emerging fraud threats via mobile banking, and how must security leaders respond? In an RSA Conference preview, Julie McNelley of the Aite Group offers tips for fighting the newest threats.
"The misfortune here for the banks is that they can have the best fraud-detection systems out there ... but it all breaks down when they call the 'hacker' to verify the transaction," says Gartner's Avivah Litan.
The Europay, MasterCard, Visa standard, commonly used in most global markets, is coming to the U.S. The sooner issuers, acquirers and merchants initiate migrations, the better, says Stephanie Ericksen, head of authentication product integration at Visa.
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.