"We want to know what the FFIEC guidelines actually mean and who is responsible for enforcing audits and compliance," says fraud victim Jim Payne, owner of Choice Escrow.
A preliminary draft of new online authentication guidance from the Federal Financial Institutions Examination Council puts greater responsibility on the shoulders of financial institutions to enhance security.
After one of its commercial customers fell victim to an online account takeover, this community bank suffered losses, reputational damage and learned that legal disputes rarely favor the bank.
"I'm not sure there is a way to protect a customer if their actions put their network at risk," says the president of a bank victimized by corporate account takeover.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
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