FFIEC Guidance: What Banks are Missing

As financial institutions work to conform to the Federal Financial Institutions Examination Council's updated Authentication Guidance, they have to view fraud from a cross-channel perspective. Yet, this is where many institutions are falling down, says fraud expert George Tubin. And that cross-channel gap hinders banks and credit unions more than they realize.

"Customers use multiple channels," Tubin says in an interview with BankInfoSecurity's Tracy Kitten [transcript below], and institutions have to view the entire relationship if they expect to adequately address fraud. "It gives you a much better picture of what is happening with that customer and potential fraud that may be happening in that account."

As federal bank examiners begin their reviews of FFIEC Authentication conformance, they want to know that institutions are building systems and architectures that can support ongoing compliance.

Institutions need to plan and look ahead by getting the entire organization involved. "If you're trying to get something through in the background and not involving the right people in your organization, then you run into other problems."  Read more.