Tag: FFIEC

Citi data breach shows need for new FFIEC regulations

This week’s data breach at Citibank, which appears to have compromised the personal details of up to 200,000 consumers, was followed on Monday by a reported hack at the International Monetary Fund (IMF). Serious incidents at two of the world’s most high-profile financial institutions within a matter of days of one another has once again highlighted the need for new legislation to govern online financial services

New FFIEC Guidelines: What’s Missing?

Last week I blogged about how the new Federal Financial Institutions Examination Council (FFIEC) guidelines were highly welcome and outlined what issues they would help address. Today I am continuing with the series on these guidelines by outlining what else they could (and perhaps should) have included.

Banking Fraud: $1 billion per year and rising

It’s fair to say that last week’s Bloomberg article, claiming that banks in the US are charging their clients for up to $1 billion of losses incurred through online banking fraud, has provoked a frenzied reaction from those in our field. While much of what the article covered was well-known to us already, with many […]

SpyEye targets security blindspots

According to this article from USA Today last week, cyber-attacks are set to increase over the remainder of this year due to the widespread availability of a new SpyEye hacker toolkit. The software allows hackers or cybercriminals to control a network of up to thousands of botnets, which can then be used for spamming, DDOS […]

How can we fight online banking fraud?

Online banking fraud is down by nearly a third in the UK, according to banking industry group Financial Fraud Action (FFA) UK.  This is quite an astonishing figure, which the FFA attributed to a rise in anti-fraud software and chip-and-pin technology. It is great to see the UK demonstrating how to attack online banking fraud […]

Banks Are Up to the Challenge of Combating Fraud

When it comes to online banking fraud, the numbers tell the story: $21 billion: The amount stolen due to identify fraud. $3 billion: The amount stolen by cybercriminals from US banks, businesses and municipalities using financial malware. 39 percent: The amount of all computers infected with financial malware. 150 percent: The rate at which online […]