Unlike the PATCO ruling, a district court in Missouri has ruled in favor of the bank in an account takeover case brought by one of its commercial customers. This case was very similar to the PATCO case with one important exception, which I’ll discuss shortly. But it also raises some interesting questions that could impact […]
By now everyone has at the very least completed their electronic banking risk assessment, and most institutions have probably gotten feedback from their primary examiner on their progress. So what’s next? Where should you focus your time and resources now? Or should you just wait to see where the regulators go next? Here are 3 […]
So an appellate court has just reversed the PATCO court ruling, essentially deciding against the financial institution. They ruled that the banks’ security procedures were commercially UN-reasonable.
As I write this (2/2011), we are expecting updated guidance from the FFIEC any day on on-line authentication and security. It is way overdue, as the last release was way back in 2005. It is supposed to address the changes in the security landscape since then, and hopefully it will even raise the bar a […]
As I write this, the only case to go to trial of a Bank suing the Merchant over account takeover losses is awaiting the jury’s decision. The result may redefine the liability, and by definition the roles and responsibilities, of both the financial institution and the merchant when it comes to securing electronic transactions. It […]
I’ve been hearing this rumor for a while now, but we may actually be seeing something new from the FFIEC soon. Gartner is the latest to suggest