Beginning next year, NCUA examiners will expect credit unions tobe following a tougher new set of guidelines for securing onlinebanking and money transfers.
NCUA Chairman Debbie Matz made that promise after the FederalFinancial Institutions Examinations Council issued new guidancelast week that calls for financial institutions to institute newsafeguards against the rising tide of fraud.
The FFIEC guidelines were last updated in 2005. A growing seriesof breaches and hack attacks have since then netted fraudstersaround the globe millions of dollars and sparked legal battles overliability between victimized banks and customers.
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