Playing it safe – Are there holes in your online-banking security controls?

Description

Abstract: While most banks have taken steps to secure their systems against hackers and other external threats, many remain vulnerable to one of the most common fraud techniques: compromising customers’ login credentials to obtain unauthorized access to their online accounts. This article notes that many traditional protections have lost effectiveness, but describes some extra precautions banks can take to protect themselves and their customers. In emphasizing the importance of this matter, a sidebar notes two recent studies that attempt to quantify the potential losses stemming from data breaches.