{"id":4737,"date":"2012-02-08T21:53:00","date_gmt":"2012-02-08T21:53:00","guid":{"rendered":"https:\/\/evssolutions.com\/ffeic-fraud-prevention-regulations-breakdown\/"},"modified":"2023-04-12T17:59:54","modified_gmt":"2023-04-12T17:59:54","slug":"ffeic-fraud-prevention-regulations-breakdown","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/ffeic-fraud-prevention-regulations-breakdown\/","title":{"rendered":"FFEIC Fraud Prevention Regulations Breakdown"},"content":{"rendered":"

The warnings have come, the regulations have been issued,
\nand EVS<\/a>
\nhas given advice on how to pass the first test, but how many institutions
\nunderstand the FFIEC update? As weve discussed in many of our blogs, the newly
\nupdated set of FFIEC
\ncompliance regulations<\/a> can be confusing to understand especially because
\nthey are applied in very different ways varying on the company. In a study
\nconducted by Bank
\nInfo Security<\/a>, they discuss the three main improvements needed to better
\naddress todays online
\nbanking risks<\/a>.<\/p>\n

<\/p>\n

The first area of improvement is risk assessments. Companies
\nwere free to conduct risk assessment as often or as seldom<\/em> as they felt necessary. This freedom left room for companies
\nto neglect the ever-growing online
\nID theft<\/a> dangers. The new regulations now make it mandatory for companies
\nto conduct a risk assessment at least once a month. In response to this new
\nrequirement, companies have committed to doing more evaluations outside of the new
\nguidelines.<\/p>\n

\"Risk <\/span><\/p>\n

<\/span>Source: FFIEC Online Banking Security
\nReadiness Study-Guardian Analytics<\/em><\/span><\/p>\n

The second improvement is with layered
\nsecurity<\/a>. <\/span>Retail and business
\naccounts are expected to have the ability to detect any suspicious activity
\nupon logging into an account, at the very least. The FFIEC wants additional
\nsecurity for business accounts and hopes that the increased amounts of risk
\nassessments will help detect the need for added layers. ID
\nauthentication<\/a> can help add to these extra layers that the agencies
\nsuggest. The final area of improvement is in Customer\/Member education. <\/span>This is a very important step that many
\ncompanies have over looked in years past. Letting your customers and\/or clients
\nknow the measures youre taking to protect them, can make a significant
\ndifference in fraud
\nprevention efforts<\/a>. The requirements now include explaining your protection
\nmeasures, how the company will contact their customers if there is an issue,
\nhow customers can protect themselves, and how and when it is appropriate to
\ncontact the institution.<\/p>\n

The FFIEC Compliance regulations go into much more depth
\nthat just these three areas of improvement. Contact EVS<\/a>
\ntoday for more information and for help complying.<\/p>\n

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

The warnings have come, the regulations have been issued, and EVS has given advice on how to pass the first test, but how many institutions understand the FFIEC update? As weve discussed in many of our blogs, the newly updated<\/p>\n","protected":false},"author":40,"featured_media":4738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[35,37],"tags":[],"class_list":["post-4737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-identity-verification","category-security"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4737","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=4737"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media\/4738"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}