Bill Nelson of the FS-ISAC describes new approaches institutions are taking to address this lingering fraud problem. Customer education continues to be a priority for banking institutions. Other fraud prevention steps, such as transaction anomaly detection, manual review of wire transfers and blocking access to compromised accounts, are attracting more interest and investment dollars, says Nelson. In the wake of recent DDoS attacks, institutions realize investments in new detection techniques are critical, he says. Nelson: “Financial institutions are really doing a good job and have the ability now that maybe they didn’t have a few years ago to detect, prevent and really respond to these attacks””]
Source: https://www.bankinfosecurity.com/account-takeover-losses-reduced-a-5648