The breach of an offshore account owned by Union Bank of India is raising new questions about the security of interbank payments, which often rely on antiquated backend verification processes that fraudsters seem to be compromising with relative ease.
Before moving to faster payments, U.S. banks should scrutinize the security gaps exploited in the SWIFT-related bank heists and build effective risk-mitigation strategies that include stronger layers of authentication, financial fraud experts say.
In an application-driven economy, security is not just about deploying controls for protection. It's about being a business enabler, says Steve Firestone, general manager of the security business at CA Technologies.
Amidst a year of high-profile and costly data breaches, what can organizations be doing to help ensure they aren't the next victims? Charley Chell of CA Technologies discusses new authentication solutions.
Customers increasingly use digital channels to interact with organizations. But these interactions raise new security concerns that must be addressed by IAM solutions, says David Gormley of CA Technologies.