After all the talk and through all the confusion, the first
test to see if your company is fulfilling the new FFIEC
compliance regulations is finally here. Financial institutions and other
companies alike have been preparing for this moment for months now. Larger
organizations were not nearly as threatened by this test as some of the smaller
ones due to resources. Thats not to say its easy for everyone, companies of
all sizes dealt with the challenges in their own way. Different threats, means
different solutions.
As George Turbin mentions in his interview with BankInfo
Security, smaller institutions do not have the same percentage of online
customers as bigger banks, therefore decreasing their risk to some level. As more and more banks enter the online
space, the risk of ID theft
increases significantly. Businesses need to do all they can to make sure that
they do not just have a plan, but that they are going to implement the plans and
measure the results. Fraud
prevention is something that needs to be taken very seriously because more
often than not, companies learn to care the hard way. Prevention is always
easier than restoration.
Although the size and challenges may differ from one financial
institution to the next, one thing is certain – ID
verification is not enough. The key to a strong fraud prevention foundation
lies in the ability to confirm, or authenticate identity. With the increased
accessibility to a customers personal information, it has become incredibly
easy for hackers and thieves to find and use this information to commit
fraudulent activity. ID
authentication helps to protect from these threats and adds to the extra
layer of fraud
prevention needed to pass your first test with a gold star.
