Tuesday, June 28, 2011

U.S. Urges Banks to Tighten Online Fraud Protections

Via Reuters.

Bank regulators warned banks to be on guard against increasingly clever computer hacking on Tuesday, indicating heightened alert against security breaches that have plagued government and corporate institutions in recent weeks.

The Federal Financial Institutions Council -- an interagency group that includes the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp -- issued a reminder to banks to use more than one form of authentication for online consumers.

"Fraudsters have continued to develop and deploy more sophisticated, effective and malicious methods to compromise authentication mechanisms and gain unauthorized access to customers' online accounts," the council said.

The warning comes after a series of high-profile security breaches including a threat to the Fed by a hacking group. The threat never materialized.

More here.


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