Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.

FREE EBOOK

Check here if you're human

Sponsors

Banks Big And Small Targets of Cyber Gangs

0
Pin It

Brilliance historically is often expressed in the simplest of technologies, the wheel or the light bulb are perfect examples. Today brilliance is often attributed to advances in technologies that cure illness, solve problems and make life easier.

In the past decade coders, programmers and hackers of all kinds are coming up with the simplest to the most brilliant inventions transforming life as we know it. And unfortunately it’s the criminal hackers that seem to be the smartest in the room.

CIO spoke to how “ZeuS, SpyEyeSunspotOddJobGameover. Villains in the next James Bond movie? No. These are names for sophisticated and dangerous crimeware used by real villains – internationally organized gangs of cyber criminals – to hijack online bank accounts and steal money.”

They further state “The Anti-Phishing Working Group estimates that 45% of all computers are now infected with software designed to steal money.”

When banks began building out their infrastructure to allow for online banking, they didn’t anticipate the thousands of ways in which the bad guy would scheme and come up with brilliant ways to separate banks and their clients from their cash.

A Texas bank sued one of its customers who was hit by an $800,000 online bank theft to determine who is to be held responsible for protecting their online accounts from fraud.

Now the FFIEC has stepped in telling banks to smarten up and enhance their online banking security. Effective this past January banks must use multi layers of security and educate their clients on security risks.

That includes sophisticated methods of identifying devices and knowing their reputation (past and current behavior and other devices they are associated with) the moment they touch the banking website. The FFIEC has recognized complex device identification strategies as a viable solution that’s already proven strong at very large financial institutions. ReputationManager360 by iovation leads the charge with device reputation encompassing identification and builds on device recognition with real-time risk assessment, uniquely leveraging both the attributes and the behavior of the device.

Consumers must protect themselves by updating their devices operating systems critical security patches, antivirus, antispyware, antiphishing and firewall. It is also critical they use a secure, encrypted wireless internet connection.

Robert Siciliano, personal security and identity theft expert contributor to iovation. He is the author of 99 Things You Wish You Knew Before Your Mobile was Hacked! See him knock’em dead in this identity theft prevention video. Disclosures.

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • How to Defend your Small Business against Cybercrime
    Brilliance, historically, is often expressed in the simplest of technologies; the wheel and the light bulb are perfect examples. Today, brilliance is often attributed to advances in technologies that cure illnesses, solve problems, and make our lives easier. Over the past decade, coders, programmers, and hackers of all kinds have come up with some of the
  • One-Third of Banking Account Takeover Attempts Successful
    The Financial Services Information Sharing and Analysis Center (FS-ISAC), which works with the Department of Homeland Security, has released a study indicating that attacks on customer bank accounts have increased considerably in recent years. The FS-ISAC, in collaboration with the American Bankers Association, surveyed large financial institutions to collect data on fraud attempts. The responding banks
  • Banks Sues Client Over Wire Fraud
    Banks usually have relatively secure systems to maintain and protect online banking activities. They’ve spent billions to ensure that criminal hackers don’t liquidate all of our accounts. But criminals spend all their time seeking vulnerabilities and often find some way to make a fraudulent withdrawal. Over the past decade as we have all (mostly) banked and
  • Banking Security Guidelines Go Into Effect in January 2012
    As banking applications evolve, common attacks on banks are becoming correspondingly more sophisticated. Small businesses, municipalities, and moneyed individuals are often targeted for obvious reasons: they have hundreds of thousands of dollars, if not a few million, in the bank, but their security is often no more effective than that of an average American household. The
  • What The FFIEC Is Doing to Protect You and Your Bank
    FFIEC is the Federal Financial Institutions Examination Council which is a government body empowered to prescribe uniform principles, standards and report forms for the federal examination of financial institutions by and for numerous other government, public, private and financial entities. If there is a “good” place for your tax dollars to head, it’s to the FFIEC.

Comments are closed.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category