{"id":4724,"date":"2014-09-15T16:09:35","date_gmt":"2014-09-15T16:09:35","guid":{"rendered":"https:\/\/evssolutions.com\/increase-funding-for-fraud-prevention-whats-the-allocation\/"},"modified":"2014-09-15T16:09:35","modified_gmt":"2014-09-15T16:09:35","slug":"increase-funding-for-fraud-prevention-whats-the-allocation","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/increase-funding-for-fraud-prevention-whats-the-allocation\/","title":{"rendered":"Increase Funding for Fraud Prevention: Whats the Allocation?"},"content":{"rendered":"<p>As if the industry has not heard enough about the <a href=\"https:\/\/www.electronicverificationsystems.com\/blog\/New-FFIEC-Guidelines-\u2013-Time-to-Layer\">FFIEC<br \/>\nAuthentication Guidance<\/a>, recent studies state that only 11% of banks and<br \/>\ncredit unions have conformed since the update last year. The results of the <a href=\"http:\/\/www.govinfosecurity.com\/fraud-survey-banks-get-bigger-budgets-a-4673\/p-2\">2012<br \/>\nFaces of Fraud Survey<\/a> also stated that half of the respondents do not<br \/>\nconform now and a one fourth of the respondents did not even know the status of<br \/>\ntheir conformance. This causes some concern for those financial institutions<br \/>\nthat look to increase their <a href=\"https:\/\/www.electronicverificationsystems.com\/industries\/banking.aspx\">fraud<br \/>\nprevention<\/a> spending this year. Misunderstanding security resources and<br \/>\nbeing under educated on options can cause a companys additional funds to be<br \/>\nspent in vain. In this case, unfortunately, you dont always get what you pay<br \/>\nfor. It is vital that banks and credit unions alike fully understand their<br \/>\norganizations unique solution. When it comes to security, even in the same<br \/>\nindustry, one size does not fit all.<\/p>\n<p>According to the survey, the top five types of fraud are<br \/>\nCredit and Debit Fraud, Check Fraud, Phishing and Vishing, ACH and Wire Fraud,<br \/>\nand ATM fraud. Each type of fraud poses different risks and therefore should be addressed in a different manner.The FFIEC guidelines have motivated companies to take a<br \/>\ncloser look at their security measures. More emphasis will need to be put on<br \/>\nonline and <a href=\"https:\/\/www.electronicverificationsystems.com\/blog\/Smartphones-Mobile-Banking-and-ID-Theft-Risks\">mobile<br \/>\nbanking<\/a> as well as cross channel risks.<\/p>\n<p>A large amount of the increased funds will go towards staff<br \/>\ntraining and awareness programs to consumers. Some experts question this ratio<br \/>\nof investments because they believe that it will not truly solve fraud from<br \/>\nbeing committed. <span><\/span>A smaller percentage<br \/>\nhas been predicted to be spent toward outside vendor management. ID<br \/>\nverification and authentication vendors should be taken into larger<br \/>\nconsideration for the increased amount of money. These outside vendors can help<br \/>\nprevent fraud regardless of how educated the consumer is. This is not to say<br \/>\nthat consumer education is not important, it just does not prevent online fraud<br \/>\nin a tangible way. To ensure your money is not going to waste, look into <a href=\"https:\/\/www.electronicverificationsystems.com\/solutions\/\">ID verification<\/a><br \/>\nand authentication options to help protect your customers.<\/p>\n<p><span><br \/>\n<\/span><\/p>\n<p><span>[Contributed by, EVS marketing]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As if the industry has not heard enough about the FFIEC Authentication Guidance, recent studies state that only 11% of banks and credit unions have conformed since the update last year. The results of the 2012 Faces of Fraud Survey<\/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":[34,41],"tags":[],"class_list":["post-4724","post","type-post","status-publish","format-standard","hentry","category-fraud-prevention","category-legislation"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4724","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=4724"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4724\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}