EBanking Fraud Miami

With more people choosing eBanking services to do all of their banking transactions, your business needs to make sure that the proper security programs are in place, in order to avoid eBanking fraud in Miami.

With so many people receiving and sending monies via the internet, this has opened a whole new form of fraud for cybercriminals. These cybercriminals have discovered how to steal your customer’s money and identity, to perform eBanking fraud in Miami. Some forms of tools which they use include; phishing emails, compromised legitimate websites, fake friend requests on social sites, malware. With these tools, they are able to obtain your customers’ bank logon credentials.

As soon as they have this information, they can use it to commit their eBanking fraud in Miami. They also like to 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.

Your business needs to establish a strong information security system to help prevent these cybercriminals from choosing your business and your customers, as their next target. Some businesses believe, that as long as they are compliant with industry standards, ever-changing federal regulations, and state privacy laws, they are fully protected. Sadly, this is not the case.

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