NEEDHAM, Mass. - Phishing is evolving into something much worse - online fraud techniques that take a variety of forms and leave the consumer desktop highly vulnerable to malware attacks. And if credit unions and other financial institutions want to retain end-user confidence, and keep the online channel viable, the industry needs to develop stronger authentication methods as consumers' credentials are increasingly compromised. Those strong words come from a new TowerGroup report titled "The Sky IS Falling: The Need for Stronger Online Banking Authentication." The graphics shown here illustrate the report's major points.
Sophistication of Hack Attacks Growing, Defenses Also Must
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