Resources for Federal Financial Institutions Examination Council (FFIEC)

Improve Online Banking Authentication

IBM

The proliferation of incidents and varieties of online fraud is a cause for alarm among online consumers. TowerGroup has shown that fraud losses associated with phishing are minimal relative to overall bank fraud losses: Direct phishing losses amounted to some $137 million (USD) in 2004. Nonetheless, consumers and banks are extremely concerned about Internet fraud, as well they should be. Online fraud is morphing from phishing (a social engineering attack) to more insidious and furtive methods. This TowerGroup Research Report discusses the emerging methods that criminals are exploiting over the Internet to compromise customer information with the intent of committing online fraud. This report discusses stronger authentication approaches as a way to combat the growing risk of widespread customer credential theft. TowerGroup urges the industry to develop stronger authentication approaches to combat fraud and preserve consumer confidence in online banking.

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