EBanking Fraud

EBanking Fraud

With today's cutting edge technology and more people using eBanking instead of traditional banking practices, you need to make sure that your business has the security to fend off eBanking Fraud.

Sending and receiving funds are much more convenient for your customers but there is also a high risk of eBanking fraud that comes along with this convenience. Unfortunately, cybercriminals have discovered ways to steal your customer’s hard-earned money. They use tricks and lies to get the information they need to access people's accounts.

Small-to-medium-sized businesses are a highly targeted medium for eBanking Fraud because these businesses often do not use dual controls on their accounts nor have they adopted a strong information security posture to mitigate eBanking fraud.

Every business is not the same, so there is not a “one-size-fits-all” solution for eBanking Fraud. Just complying with industry standards, ever-changing federal regulations and state privacy laws is not enough for you to protect your customers. Your business needs to make sure and have the proper security protection in place to avoid these breaches into your customer's accounts.

In an effort to protect both consumers and businesses from eBanking fraud, the Federal Financial Institutions Examination Council (FFIEC) has implemented new security guidelines for financial institutions in January 2012. These guidelines describe the measures financial institutions should take to protect Internet banking customers from eBanking fraud and other forms of financial fraud. Three key components were addressed:

    1. Risk Assessments covering changes in threats, technology, and customer adoption of eBanking; transaction volume; actual incidents of security breaches, ID theft or eBanking fraud
    2. Layered Security and Anomaly Detection through Multi-Factor Authentication
    3. Customer Security Awareness and Education

InfoSight can assist you by providing:

    1. Your annual eBanking risk assessment
    2. A GAP analysis
    3. A restructuring of your entire risk management program
    4. A Security Review of your eBanking solution including online banking, MFA
        technologies and other associated eBanking products and applications
    5. Your Customer Security Awareness Program
      • Security Awareness “customer-ready” content for use as part of your consumer and
        commercial clients’ security awareness initiative.
      • Live webinar and onsite workshop education for your customers
      • Security Awareness Newsletter Production to reinforce your organization’s Security
        Program
      • Video “Quick Clips” for Website and e-Delivery
      • ISA Website Content
      • Polls and Surveys
      • Digital Banners for your website or ATMs
      • “On Hold” Telephone Messaging
      • Annual Progress Report to present to examiners

By implementing these sound business practices, financial institutions are able to safeguard their customers against eBanking fraud. These increased security procedures may help reduce the number of incidents, mitigating financial losses, business risks and reputational damage that can result from eBanking fraud attacks. Contact InfoSight to learn more.

Complementary Services
Vulnerability Assessment
Penetration Testing
Intrusion Detection and Prevention

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