{"id":4538,"date":"2014-04-09T17:36:00","date_gmt":"2014-04-09T17:36:00","guid":{"rendered":"https:\/\/evssolutions.com\/new-fraud-prevention-expectations-from-the-ffiec\/"},"modified":"2014-04-09T17:36:00","modified_gmt":"2014-04-09T17:36:00","slug":"new-fraud-prevention-expectations-from-the-ffiec","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/new-fraud-prevention-expectations-from-the-ffiec\/","title":{"rendered":"New Fraud Prevention Expectations From The FFIEC"},"content":{"rendered":"<p>With an increasing number of cyber-attacks on financial&#13;<br \/>\ninstitutions, theres a need for higher expectations for banking institutions&#13;<br \/>\nand how they should mitigate risks regarding ATM cash-out schemes. In a recent <a href=\"http:\/\/www.ffiec.gov\/press\/pr040214.htm\">press release<\/a>, the FFIEC&#13;<br \/>\nannounced they are issuing statements to notify financial institutions of the&#13;<br \/>\nrisks associated with cyber-attacks on ATMs and card authorization systems.<\/p>\n<p>Fraudsters attack financial institutions to gain access to&#13;<br \/>\nthe settings of web-based ATM control panels of small to medium-sized&#13;<br \/>\ninstitutions. This enables them to withdraw funds beyond the cash balance in&#13;<br \/>\ncustomer accounts or beyond other control limits typically applied to ATM&#13;<br \/>\nwithdrawal.<\/p>\n<p>The FFIEC expects all financial institutions to address&#13;<br \/>\nthese threats by reviewing the efficiency of their controls over IT networks,&#13;<br \/>\ncard issuer authorization systems, and ATM usage parameters and fraud detection&#13;<br \/>\nprocesses. These updates from the FFIEC are being made to help make banking&#13;<br \/>\ninstitutions aware of ongoing trends. Its a good reminder about ongoing risks&#13;<br \/>\nand fraud prevention.<\/p>\n<p>The FFIEC recommends institutions do the following:<\/p>\n<ul>\n<li><span>Routinely conduct information security risk&#13;<br \/>\nassessments<\/span><\/li>\n<li><span>Perform security monitoring, prevention, and&#13;<br \/>\nrisk mitigation<\/span><\/li>\n<li><span>Protect against unauthorized access<\/span><\/li>\n<li><span>Implement and test controls around critical&#13;<br \/>\nsystems regularly<\/span><\/li>\n<li><span>Participate in security awareness and training&#13;<br \/>\nprograms<\/span><\/li>\n<li><span>Test incident response plans<\/span><\/li>\n<li><span>Participate in industry forums<\/span><\/li>\n<\/ul>\n<p>We recommend taking time to make sure your hardware security&#13;<br \/>\nmodules are in place, passwords are secure, and your <a href=\"https:\/\/www.electronicverificationsystems.com\/solutions\/\">fraud prevention&#13;<br \/>\nsolution<\/a> is up to par. Revisit the basics and add layers of security where&#13;<br \/>\nnecessary. <\/p>\n<p><\/p>\n<p>[Contributed by EVS Marketing]<\/p>\n<p><!--EndFragment--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With an increasing number of cyber attacks on financial institutions, theres a need for higher expectations for banking institutions and how they should mitigate risks regarding ATM cash out schemes. In a recent press release, the FFIEC announced they are<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-4538","post","type-post","status-publish","format-standard","hentry","category-fraud-prevention"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4538"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4538\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}