Forest Global Training Partners

Cyber Risks · Krebs on Security

e-Banking Guidance for Banks & Businesses

Summary: A Krebs on Security post relays guidance a senior Office of the Comptroller of the Currency official gave at a conference on steps banks and small-to-mid-sized businesses can take against online banking fraud, framed as what bank examiners will look for in upcoming inspections. The post also cites Gartner analyst Avivah Litan recommending behavior-based fraud detection and out-of-band transaction verification such as one-time passcodes by SMS, and notes a joint alert from the Justice Department, New York State Intelligence Center, New York State Police and Secret Service on unauthorized wire transfers from compromised networks.

Key Takeaway: The post's linked cases put the losses in dollars - a Missouri dental practice down $205,000, a New York firm facing bankruptcy over a $164,000 loss, an $800,000 heist at a Texas bank - which is the scale a small business stands to lose when online banking credentials are compromised.

Read the original at Krebs on Security ↗

Topics
Data Breaches
Related