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Many industry experts have voiced disappointment regarding the FFIEC’s recently revised guidance for the security of electronic banking activities. Before we become too judgmental, we must applaud the council’s efforts to open the conversation about the increase and drastic change in cyber-security threats since its first guidance, Authentication in an Internet Banking Environment, was issued back in 2005.

As a whole, the financial services industry needs to strategically address online fraud and proper mitigation techniques, rather than continuing to overlook the elephant in the room. Institutional reputation is at stake as well as the trust of your members.

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