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
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]