Focus on Security, Not Just Compliance

  • Compliance, Security

As discussed in a an earlier blog, banks and other fraud-heavy industries have not seen much improved in true fraud prevention since the release of the FFIEC updates about two year ago. In a recent survey reviewed by Bankinfo Security, many financial institutions have made greater investments in security technology but have not seen account takeovers decrease. Banks are also experiencing some resistance from their customers when these new technologies are being implemented. So what is happening here? Has the push for education and awareness done no good? If the expenses of new technology and the time spent educating customers have not helped, perhaps it is time that financial institutions and other industries realize online security is not a destinationits a journey.

While this may seem like a bit of fortune cookie advice, the fact of the matter is guidelines for security are exactly that, guidelines. When companies take these guidelines too literally they open themselves up for misinterpretation. Security has always been second place to fraud and will continue to chase after fraud if this mindset does not change. Every security landscape will differ from company to company therefore not all will, or should, have the same solution. By having an active security and fraud prevention team review your companys needs, you can help put your company one step closer to catching fraud. When companies learn to approach security as a per needs basis versus a compliance game, fraud prevention will become less time consuming and more efficient.

[Contributed by EVS Marketing]