“In order to win, we need to be perfect. For a malicious party to win, he needs only to exploit one mistake.”
Matz, chair of FFIEC, says federal credit unions will need to "adapt appropriate strategies" to meet new guidance on online security.
Guest blogger Chris Barber, a veteran of more than 20 years in information technology, is a former CIO of WesCorp and now a consultant to credit unions.
Mobile banking has created new opportunities for consumers and criminals alike, and some of the greatest vulnerabilities stem from the same factors that make banking by cell phone so attractive, industry observers and participants say.
Fraudsters, who work day and night to steal identities, credit card information and any other online credentials they can monetize
Fraudsters have gotten so efficient at creating, selling and deploying malware that one major Internet security firm now calls it "fraud-as-a-service."
Whether it's as simple as updating on Excel or as sophisticated as Web-based automation, keeping in compliance has become a major task and topic of conversation at credit unions small and large.
Western Corporate Federal Credit Union has published an instructional document to help credit unions protect themselves from fraudulent electronic financial transactions.