EBanking Fraud Chicago
Ebanking has become the most popular way for your customers to take
care of all their banking needs, but what they do not realize is that
this form of banking has high risks. EBanking Fraud in Chicago is one of
the most targeted mediums of theft facing us today.
Receiving and sending monies electronically, has made it very easy for cybercriminals to steal your customer's money. They use a variety of tools, including phishing emails, compromised legitimate websites, fake friend requests on social sites, and malware to obtain your customers’ bank logon credentials.
Once they have obtained the information they need, they use it to commit eBanking fraud in Chicago. This type of fraud is on the rise; everyday there are countless numbers of victims. Most of the time, they target small-to-medium-sized businesses, 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.
It is imperative that businesses establish a strong security policy to help prevent eBanking fraud in Chicago from affecting your customers. Each organization has unique business functions which require appropriate security measures to be in place to, not only protect their organization from eBanking fraud, but to comply with industry standards, ever-changing federal regulations and state privacy laws.
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
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
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
• 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.
Intrusion Detection and Prevention