Account Takeovers: Did FFIEC Guidance Make a Difference? | Podcast
PhishLabs’ CEO Analyzes Results of Bank Survey on Fraud Prevention Strategies
It’s been four years since the Federal Financial Institutions Examination Council issued its updated authentication guidance, which focuses on helping banks and credit unions defend against account takeover schemes. Since then, institutions have made significant investments to shore up their defenses and boost their ability to detect and prevent account takeovers.
But those investments apparently have had little impact on reducing fraud associated with account takeovers, according to a new survey of banks by Information Security Media Group, sponsored by online security firm PhishLabs.
In an interview with ISMG, John LaCour, CEO of PhishLabs, explains why banks need to go far beyond following the FFIEC guidance, taking steps to invest more in technologies that detect attacks before money is wired fraudulently from accounts.