INFORMATION

Site Map - Banking/Financial Services

Cell Phones Secure Online Banking

- Bank of America has rolled out a new form of Internet authentication, already popular overseas, for its online banking services.

Ranking Global Cybercrime

- Even as banks ramp up their IT defenses, cybercriminals go where the money is.

Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble.

- Virtually everyone in the stock market in 2001 and 2002 was blindsided by the Internet bubble and various corporate frauds. How did it happen? Who is to blame? For insightful, authoritative answers, a good place to turn is to Harvard Business School Professor D. Quinn Mills's book .

Bottom Phishing

- For almost two years, Zachary Keith Hill collected dozens of credit card and bank account numbers, which he milked for more than $47,000. After a joint investigation by the Department of Justice and the Federal Trade Commission, Hill agreed this spring to plead guilty to the phishing scam in which he sent e-mails to AOL customers purporting to be from an "AOL Billing Specialist." The messages directed customers to a realistic Web site where unwary visitors were asked for credit card, bank account, and password information. Hill is now awaiting sentencing, which could include as much as 15 years of jail time.

Scam Check.

- When an e-mail arrives from your bank asking for personal information, it's only natural to suspect a scam. A quick check of a Web page from MailFrontier, a company offering protection against spam and scams, might help confirm your suspicions. The company has compiled a number of advisories and statistics, and a host of common phishing scams, and a Scam of the Week. @ Check out the "E-mail Threat Info Center" via SM Online

Oh What a Tangled Web

- Many Web applications, from complex online banking pages to simple Web forms, are rife with exploitable weaknesses. Is your company at risk?

Quick Bytes: IM in trouble.

- The Federal Deposit Insurance Corporation (FDIC) has offered assistance to financial institutions to protect against instant messaging (IM) troubles.

Checks on Checks

- The Check Clearing for the 21st Century Act, known simply as Check 21, improves bank efficiency by allowing "substitute checks," including digital images of checks, to be used so that paper checks do not have to be moved from institution to institution. The bank on which the check was drawn then treats the check as a debit instrument, instantly charging the amount against the account. Customers will no longer receive cancelled checks; instead, they'll have to log into their bank accounts to see the image of the cancelled chec

IM in trouble.

- The Federal Deposit Insurance Corporation (FDIC) has offered assistance to financial institutions to protect against instant messaging (IM) troubles. The Guidance on Instant Messaging provides risk-management considerations such as how to implement antivirus checks on IM and how to configure firewalls to prevent IM traffic. It also includes technical notes that describe different IM types, and points out that even if users are not allowed to download software, "IM can still be accessed by sending messages directly from a Web browser" such as Internet Explorer. @ More on the FDIC's IM guidance is at SM Online.

Checks on Checks.

- The Check Clearing for the 21st Century Act, known simply as Check 21, improves bank efficiency by allowing "substitute checks," including digital images of checks, to be used so that paper checks do not have to be moved from institution to institution. The bank on which the check was drawn then treats the check as a debit instrument, instantly charging the amount against the account. Customers will no longer receive cancelled checks; instead, they'll have to log into their bank accounts to see the image of the cancelled check. Unisys has released a list of top-10 risk mitigation techniques for Check 21 risks.

Money laundering

- The Federal Deposit Insurance Corporation (FDIC) has announced its auditing procedures for ensuring that banks and other financial institutions are in compliance with security measures established under the U.S. Patriot Act. The measures, designed to fight money laundering, focus on a customer identification program through which bank officials verify the identity of customers.

Dynamiting Phishers

- A financial services research organization has launched a new initiative to address the phishing problems that have been plaguing the sector. The three-phase project, to be conducted with the collaboration of other industry groups, will first look at technical requirements for counterphishing solutions and consider and test plans. The second phase will be used to implement pilots, assess results, and provide recommendations for the most promising solutions. The third and final phase will be dedicated to implementing these recommendations.

Dynamiting Phishers

- A financial services research organization has launched a new initiative to address the phishing problems that have been plaguing the sector. The three-phase project, to be conducted with the collaboration of other industry groups, will first look at technical requirements for counterphishing solutions and consider and test plans. The second phase will be used to implement pilots, assess results, and provide recommendations for the most promising solutions. The third and final phase will be dedicated to implementing these recommendations. 
 




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