Know Your Enemy: Successful Online Fraud Mitigation Strategies
The makers of malware are certainly busy. At the current rate of production, approximately 25 million new, unique strains of malware were released in 2011, and that annual production number is on pace to grow to 87 million by the end of 2015. While not all malware is designed specifically to facilitate online fraud, the strains designed to steal data, compromise credentials, and/or open up back doors within the unsuspecting user's computer reached record levels in the first half of 2011, representing nearly half of all malware.
Read the six strategies for financial institutions to mitigate online fraud including:
- Closely examine static challenge questions
- Eliminate simple, cookie-based device identification
- Continue to perform ongoing risk assessments
- Don't wait for the guidance to create a compliance mandate for mobile
- Focus on the transaction
- Partner with the customer
This white paper -- "Know Your Enemy: Successful Strategies in Online Fraud Mitigation"" -- provides an overview of the current threat landscapes for online fraud and explores the U.S. Federal Financial Institutions Examinations Council June 2011 supplemental guidance, which requires a layered approach to online fraud mitigation.
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