Online Banking Guidelines Updated to Address Sophisticated Financial Fraud

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(WEB HOST INDUSTRY REVIEW) — After its launch more than five years ago, the e-banking security guideline “Authentication in an Internet Banking Environment” has been updated to address the vulnerable security landscape, according to a report by KrebsonSecurity.

The update is especially relevant now since a recent hack directed at Citigroup revealed personal details of about 360,000 banking customers.

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Released by the Federal Financial Institutions Examination Council, the guidelines acknowledge that threats have become more sophisticated since the report was implemented in 2005, but fails to make any specific suggestions of how institutions can harness technology or approaches to avoid these kinds of online attacks.
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