What should banks be doing in 2011 to combat fraud?

Dave Jevans, IronKey chairman, gives an insightful 15 minute interview into the new twists and turns of fraudulent activity that banks will have to combat in 2011.

Jevans advises “We’re coming back to the stage, with customized software, where we have to take a little more responsibility for our end-user’s environment,” “Institutions need something that can provide authentication and protect against malware.”

Jevans also says that the institution needs to have the ability to decide whether it notifies the customer or restrict that customer’s transactions, because that customer is in a “known” risky environment. Relying on standardized antivirus tools simply won’t make the cut.  “Every piece of malicious software is different, therefore signature-based approaches won’t work, and that’s how most antivirus software works.”

In truth, an American survey by the Information Security Media Group has shown that 66% of the banks surveyed admitted that less than five people are resourced to actually fight fraud in their organisation.

The interview is available on Bank Info Security’s website.