Cyberthefts raising questions about authentication and fraud detection mechanisms used in financial institutions. Small businesses have filed lawsuits against banks charging that they failed to detect and stop transactions that were patently fraudulent. Banks have mostly contended that the thefts occurred because victims failed to adequately protect their banking credentials. Government regulators have called on financial institutions to improve security systems to improve systems. Such attacks are seriously testing token-based authentication measures used by banks for many years, an analyst says. “Token-based” banking malware is not “as sophisticated, as it has been historically,” he says.”]
Source: https://www.csoonline.com/article/2124955/cyberattacks-raise-e-banking-security-fears.html