TrustID | Automatic Caller Authentication

Criminals Still Turning to the Telephone to Perpetrate Bank Fraud

art — Wed, 16 May 2012 03:43:03 +0000

When it comes to bank fraud, criminals may be leveraging technology to outsmart the latest online security tools, but they haven’t forgotten about the telephone. In fact, some studies suggest that crooks are finding more ways to use the phone to commit bank fraud. In the UK Cards Association report, the payment card information resource [...]

Can banks be found negligent for not meeting FFIEC guidelines?

art — Wed, 09 May 2012 05:46:49 +0000

Over the past year, a lot of attention has been placed on the FFIEC Authentication Guidance, and the recommendations for safeguarding confidential company and customer information. In many ways, security guidelines tend to supersede actual legislation because they provide specific direction on what steps financial institutions need to make to protect their critical assets from [...]

Consumers: How to avoid dangerous and costly telephone scams

art — Wed, 02 May 2012 05:21:34 +0000

Criminals are after your personal information and money, and the telephone is one of the most popular ways to do it. Merriam-Webster first included the new slang word “phish” into its dictionary in 2005. Phish (verb): to send an e-mail to a user falsely claiming to be an established legitimate enterprise in an attempt to [...]

How effective are challenge questions in identifying banking customers?

art — Wed, 25 Apr 2012 18:07:46 +0000

Over the past year, I’ve written extensively on the issues with using simple challenge questions or more elaborate “out of wallet” or knowledge-based authentication (KBA) questions to identify banking customers. In the recent interview with Tracey Kitten of BankInfoSecurity, “FFIEC: How Well Do Banks Conform?” Gartner analyst and fraud expert, Avivah Litan, expounds on some [...]

Fraud survey shows banks concerned about FFIEC compliance, best security investments

art — Tue, 17 Apr 2012 21:01:50 +0000

The new FFIEC security guidelines may be raising fraud awareness and motivating banks to invest in anti-fraud technologies, but results from the 2012 Faces of Fraud survey highlight ongoing confusion around compliance and concerns around the right investments and resources to reduce fraud risks. In the article, “Fraud Survey: Banks Get Bigger Budgets,” 58% of [...]

A single layer of authentication is an “open door” for bank fraud

art — Wed, 11 Apr 2012 04:54:05 +0000

In today’s fraud landscape, a single layer of authentication can be an open door invitation to fraud. These may sound like harsh words, but the fact of the matter is, they’re true. Any financial institution that relies on one security technology is going to run into trouble. If not today, then some time down the [...]

Financial fraud experts recommending a layered security approach

art — Tue, 03 Apr 2012 22:15:32 +0000

Ever since criminals discovered how to use stolen personal information to apply for credit or socially engineer their way into another person’s bank account, security experts have warned against relying on knowledge-based authentication (KBA) to identify customers. In the blog, “New credit card data breach revealed,” Gartner fraud analyst, Avivah Litan, said in light of [...]

Despite heavy security investments, identity theft and fraud continue to proliferate

art — Wed, 28 Mar 2012 06:38:37 +0000

The Federal Trade Commission recently published its annual 2011 report on consumer complaints. The report, “Consumer Sentinel Network Data Book,” lays out in extensive detail the types and frequencies of reported complaints to the FTC from consumers. Here are a few pertinent points from the report: The CSN received over 1.8 million complaints during [...]

Security analysts warn banks about rise in call center fraud

art — Tue, 20 Mar 2012 05:10:09 +0000

Telephone banking scams are nothing new. Once a hot target, security measures eventually forced criminals to turn to the online channel. Now that so many financial institutions have invested heavily in security tools to detect and stop online fraud, fraud analysts like Gartner’s Avivah Litan are warning that banking institutions need to shift their attentions [...]

TrustID eliminates game of wits with sophisticated bank criminals

art — Wed, 14 Mar 2012 05:16:19 +0000

When it comes to credit card fraud, financial institutions follow rigorous processes to catch identity theft and fraudulent transactions. On the Internet, their online fraud teams deploy any number of IT security solutions to help identify and stop cybercrime. This is not the case, however, with the telephone channel, which continues to be the missing [...]