As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
"I think we'll see some additional investments in fraud prevention tools as a result, and it could be EMV tokens or neural networks," says Jim Schlegel of ACI Worldwide, following the Fed's move on debit interchange fees.
The Fed's ruling on interchange cuts mandated by the Durbin Amendment will aid fraud prevention and could accelerate a move to chip-based payments, says Randy Vanderhoof, director of the Smart Card Alliance.
Jeff Kopchik of the FDIC says too much emphasis on what's "missing" from the FFIEC's new guidance detracts from regulators' intent: providing financial institutions with a guideline for securing online transactions.
For all the latest news and views, please visit the FFIEC Authentication Guidance Resource Center.
Gartner's Avivah Litan says regulators have done a nice job of emphasizing why and how banks and credit unions need to implement layered security that adequately addresses online risks. But the guidance falls short...
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."