RSA: Cybercriminals keeping up with banking safeguards - SC Magazine US

Threats are becoming more sophisticated, and cybercriminals are getting smarter at evading new authentication controls, according to an RSA Conference panel of security practitioners representing three major financial institutions.

Members of the panel, comprising experts at Bank of America, PayPal and JPMorganChase, agreed Wednesday that the burden is on them to secure their systems for customers -- many of whom are being greeted with slick new attempts to take over accounts. Securing systems includes implementing a defense-in-depth approach that offers multifactor authentication on the front end and fraud detection capabilities on the back end, the panelists said.  Editor's Note:  How about KISS?  Get rid of username: password: and replace it with 2FA SafeTPIN. Cloned site threat...gone, phishing threats, elminated, DNS Cache Poisoning(see below)...cured, stolen account numbers, useless without the PIN.  It's 2009 and it's time...

"The bad guys invested in a spell checker," joked David Shroyer, senior vice president at Bank of America's Online Security and Enrollment division. "I'd love to combat phishing in 2004 versus what we're facing today."  Editor's Note:  Exactly my point (2002 was a different lifetime when it came to combating fraud) in yesterday's post: And You Say You Want Software PIN Debit?

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