Tips for Preventing Fraud and Complying With FFIEC Guidance
The onslaught of ACH/wire fraud incidents confirms what the researchers have long said: We're in a new wave of malicious code. This new wave is run by organized crime, and it's focused on one objective: Stealing personally identifiable information and ultimately money through fraudulent ACH and Wire payments. So, how can organizations adopt a layered security approach to protecting themselves and their customers - and at the same time comply with FFIEC's new online authentication guidance?
Join a panel of industry experts for a frank discussion about:
Beyond Zeus: the current malware landscape and the threats it poses;
Tools and technologies to achieve layered security;
How to educate consumers and corporate customers without scaring them away.
In the summer of 2009, criminals from the Ukraine stole $415,000 from the government payroll account of Bullitt County, Kentucky. The criminals used a version of the "Zeus" keystroke logging Trojan to steal the online credentials, log-in to the Bullitt County bank account and steal payroll funds.
This incident is considered to be the first of the recent epidemic of ACH/wire fraud incidents that have led to corporate account takeover. Since that time, countless small-to-midsized businesses, government agencies and even a Catholic Church diocese have been victimized by organized crime and ever-evolving strains of malicious software.
Financial institutions and regulators continue to fight back against fraudsters. Banking institutions of all sizes have stepped up their fraud detection and prevention efforts, as well as their customer awareness campaigns.
U.S. banking regulators, meanwhile, have issued alerts, education and even a new FFIEC online authentication guidance that calls, in part, for institutions to adopt new, layered security controls and to improve their customer awareness efforts.
In this session, two industry experts shares insights on:
The evolution of malware;
What is in FFIEC's new guidance;
The definition of layered security;
Importance of cross-channel fraud protection;
Other business benefits of improved detection.
Following short presentations on malware and layered security, the presenters will engage in a panel discussion tackling today's top questions on how to protect banks and their customers.
Inscoe is a senior analyst with Aite Group, covering fraud and data security. She brings to Aite Group 30 years of banking experience in enterprise fraud and payments issues. Inscoe has served as the chair of the BITS Fraud Reduction Steering Committee and the co-chair of Early Warning Services' Advisory Committee, and has been a member of ABA's Deposit Account Fraud and Payment Systems Committees. Formerly, Inscoe was the director of financial services solutions at Memento Inc., where she was responsible for guiding the company's overall strategy and supporting product development, marketing, and sales related to payments risk mitigation. During her tenure with Memento, she worked to expand the firm's product offerings beyond employee fraud to cover check, ACH, and wire fraud. Before that, Inscoe was SVP and director of payments strategy with Wachovia Bank.
Tubin is Director of Marketing at Transmit Security and a recognized expert in digital banking and payments security and cyber-fraud prevention. He was previously Vice President of Marketing at Socure and Senior Research Director with the leading financial services research firm CEB TowerGroup (acquired by Gartner, Inc.) where he delivered thought leadership and insights to leading financial services institutions, technology providers, and consultancies on business strategies, technologies, and market trends in retail, Internet and mobile banking, and fraud management.