“Since virtually every authentication technique can be compromised, financial institutions should not rely solely on any single control for authorizing high risk transactions, but rather institute a system of layered security." –
FFIEC Supplement, June 2011
The Solution
A layered approach to preventing ACH and Wire fraud combines alert management for best of breed delivery channel authentication, device identification and a host of other technologies with account specific payment monitoring to lock down fraudulent transactions before the money is released. This layered security approach enables financial institutions to effectively comply with the FFIEC Supplement while implementing the most secure payment monitoring available.
Learn more about:
• ACH & Wire Fraud Prevention
• Cross-Channel Alert Management
The Challenge
Banking has evolved quickly with revolutionary services being offered to customers that provide 24x7 access to deposit accounts and money transfers via ACH and Wire payments. The explosion of delivery channels such as online, mobile and call center provide great efficiency but also great cover for enterprising fraudsters that seek the anonymity of remote access. Sophisticated attacks using Malware, targeted phishing, social engineering among many others have proven successful at compromising accounts and moving money through mule accounts or directly to overseas banks.
Securing multiple delivery channels has proven difficult for financial institutions that cannot hope to control the device being used to access a remote banking application. After all, customers often get duped by malicious viruses and social engineering attacks, but as recent court cases show, the responsibility for protecting those assets is the job of the financial institution.
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