New FFIEC regulations acknowledge changing online threat

On the back foot

In the war against online fraud, the world banking industry has lost a significant battle this year. The decade of efforts to improve online identification technology has been largely circumvented by the proliferation of cheap, easy-to-use attack software, and regulators and banks are now admitting they must move to a layered defence model – with the emphasis as much, or more, on what customers are doing as who they say they are.

The previous gold standard for online banking security, as