According to a poll carried out on 100 banking executives from 50 US financial institutions, a similar majority has stated that fraud monitoring is the banks’ biggest challenge while 84 percent consider that better detection tools are the keys to addressing cyber-crime.
The poll has also pointed out that 79 percent of executives think that only a small fraction of their business client base understands their liability for fraudulent transactions while three quarters consider that SMEs are willing to change financial institutions for better security.
In July 2011, The Federal Financial Institutions Examination Council (FFIEC) has issued a supplement to its guidance, called the Authentication in an Internet Banking Environment which stipulates new rules for online security according to which banks should focus on layered security and fraud monitoring to better protect against cybercrime.
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