{"id":4587,"date":"2014-09-15T16:09:24","date_gmt":"2014-09-15T16:09:24","guid":{"rendered":"https:\/\/evssolutions.com\/ffiecs-guide-for-fraud-prevention-and-why-its-not-working\/"},"modified":"2014-09-15T16:09:24","modified_gmt":"2014-09-15T16:09:24","slug":"ffiecs-guide-for-fraud-prevention-and-why-its-not-working","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/ffiecs-guide-for-fraud-prevention-and-why-its-not-working\/","title":{"rendered":"FFIECs Guide For Fraud Prevention and Why Its Not Working"},"content":{"rendered":"

In the 2013
\nFaces of Fraud survey<\/a>, it was found that even with financial institutions
\nincreasing their fraud prevention efforts its still not enough to stop fraudsters. Financial
\ninstitutions and banks make big investments in fraud
\nprevention<\/a> and stronger online security, but accounts are still being
\ncompromised. Instances like credit card, check, ACH and wire fraud are of main
\nconcern when it comes to threats. Despite the investments made for security
\ncontrol, these preventative measures arent stopping threats and attacks.<\/p>\n

<\/p>\n

The FFIEC updated their authentication
\nguide<\/a>, which recommends dual-customer authorization, fraud detection and
\nmonitoring, enhanced customer education and IP reputation-based tools. But
\nnearly half who took the survey say those controls have not reduced the number
\nof account takeover incidents in the past 12 months. Sixty-five percent of them
\nsaid that customers resist the controls theyve implemented, making it hard to
\nsecure their accounts and data.<\/p>\n

The majority of institutions who were surveyed responded
\nthat financial losses to fraud have either increased or remained steady over
\nthe past year. Financial Institutions need to make it a point to educate their
\ncustomers about fraud. Layered
\nsecurity<\/a> is no longer an option for customers to decide upon. Banks need to
\nimplement fraud
\nprevention solutions<\/a> beyond the FFIEC guidelines. By implementing drivers
\nlicense verification<\/a>, fraud
\nscoring<\/a>, high-risk
\nalerts<\/a> and more, financial institutions will be able to increase fraud prevention services and decrease attacks.<\/p>\n

 <\/p>\n

[Contributed by EVS Marketing]<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In the 2013 Faces of Fraud survey, it was found that even with financial institutions increasing their fraud prevention efforts its still not enough to stop fraudsters. Financial institutions and banks make big investments in fraud prevention and stronger online<\/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":[41],"tags":[],"class_list":["post-4587","post","type-post","status-publish","format-standard","hentry","category-legislation"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4587","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=4587"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4587\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}