TrustID | Automatic Caller Authentication

Is the “fear of Caller ID spoofing” costing your business?

art — Wed, 22 Feb 2012 05:35:47 +0000

When we talk to senior executives of financial institutions about telephone spoofing and hacking, they often say they don’t believe spoofing happens very frequently. Like most of its other fraud counterparts (i.e., transactional fraud, card-not-present, identity fraud), telephone fraud is also the proverbial needle in the haystack. While phone fraud may or may not happen [...]

Customer Care: Key to building a strong financial brand in the digital age

art — Wed, 15 Feb 2012 19:42:24 +0000

The financial services industry is experiencing a major transformation, where the success of the entire enterprise is dependent on a bank’s ability to quickly and non-intrusively serve their customers’ needs. Today, we’re entering a new age where unhappy customers can instantly express their dissatisfaction for a brand across the Internet at the speed of light. [...]

New malware exposes bank security gap

art — Wed, 08 Feb 2012 16:38:11 +0000

A new malware that values phone numbers more than banking credentials is bringing to light weaknesses in financial institutions’ call centers. In the recent article, “Banking Malware Finds New Weakness,” instead of gathering personal credentials to socially engineer bank call centers, a new Zeus malware variant called Ice IX collects a banking customer’s telephone number [...]

How data breaches make the telephone channel vulnerable to fraud

art — Wed, 01 Feb 2012 17:06:11 +0000

A bank’s interactive voice response (IVR) system and contact center representatives both play an essential role in servicing customers over the telephone channel. While banking customer’s need only a few key pieces of personal information to access their bank accounts, if that data lands in the wrong hands, banks and their customer accounts can become [...]

Is your bank’s current authentication strategy enough to avoid liability?

art — Wed, 25 Jan 2012 06:19:32 +0000

As bankers, we all know that trust is at the core of the bank-customer relationship. Without the trust and confidence of our customers, we don’t have customers. It’s that simple. That said, there’s something else that can come between banks and their customers, a little something called “good faith”. According to one U.S. District Judge, [...]

Smartphone banking requires a secure telephone channel

art — Wed, 18 Jan 2012 04:48:51 +0000

In recent years, there’s been a push for credit issuers to adopt chip-and-PIN technology to better protect their banking environments from credit card fraud. With mobile payments expected to increase in 2012, financial institutions need to also consider deploying caller authentication solutions that secure the telephone channel from advanced forms of Caller ID spoofing and [...]

New white paper explains why knowledge-based authentication is no match for telephone fraud

art — Wed, 11 Jan 2012 05:26:41 +0000

For years now, accepting a certain percentage of fraud loss has been a way of doing business. That’s largely because criminals have gotten so good at avoiding detection that companies have had no choice but to eat losses they couldn’t recover. But while yesterday’s fraud losses made little impact on annual revenues, things are vastly [...]

A layered approach to customer authentication just makes sense

art — Wed, 04 Jan 2012 05:43:36 +0000

Today marks the 2012 deadline for financial institutions to adhere to the new FFIEC guidelines. While I’ve spent a significant amount of time blogging on this critical guidance, I still feel compelled to help educate the need for an enterprise layered approach when thinking how to best authenticate your banking customers. Excluding the telephone channel [...]

With less than a week to go, is your bank FFIEC compliant?

art — Wed, 28 Dec 2011 04:26:47 +0000

Since the 2012 deadline was set for financial institutions to adhere to the new FFIEC guidelines, banks have been taking steps to make sure they meet the security regulations. But with the New Year less than a week away, just how close are banks to complying? According to a Dec. 16th Credit Union Times article, [...]

Fraud prevention best security payoff for financial institutions

art — Wed, 21 Dec 2011 17:43:04 +0000

The cold hard facts are today’s ever-changing fraud tactics enable criminals to remain one step ahead of many financial institution’s fraud teams. With thieves constantly cooking up new schemes to uncover vulnerabilities in banking channels, banks continue to find themselves in the unfortunate position of waiting to see what system loopholes will be exploited next. [...]