ABA Banking Journal - May/June 2015 - (Page 41)
FEATURE
> .BANK
What's in a
Name?
.BANK domain rolls out for greater online security, new opportunities
BY PEGGY BRESNICK
C
YBER attacks and data
breaches continue to
wreak financial havoc
for organizations
around the globe.
The grim news is that
online attacks are only
going to become more
numerous and more sophisticated in
the future.
Says Ponemon Institute in a recent
research report, 2014: A Year of
Mega Breaches, 2014 saw a series
of mega security breaches and
attacks that resulted in the exposure
and theft of literally millions of
customer and employee credit and
debit card numbers and personal
data. "2015 is predicted to be as
bad or worse as more sensitive
and confidential information and
transactions are moved to the digital
space and become vulnerable to
attack," says the report.
and expanding array of cyber threats
are rising. Financial institutions today
know they must address security
concerns proactively, rather than to
simply address and react to issues
after they occur.
disguised as trustworthy sources
trick victims into clicking links that
will install malware on their machines
and extract personal information.
Unfortunately, with increasing
customer use of the mobile and
online channels, banks are finding it
challenging to stay one step ahead of
cyber criminals, who are becoming
more and more sophisticated in
their attacks. Criminals can create
email communications that appear
to have been sent by the recipients'
financial institution, but they contain
corrupt Web links that are designed
to extract personal and financial
information from the unwitting
customer. Cyber criminals using
"spoofed" IP addresses that are
Securing customer information is a
priority for all organizations today, yet
banks are finding it challenging to
protect customers from online crooks
who pose as legitimate financial
institutions-and ultimately steal
customers' account information.
Within the next few months, however,
banks will have new way to improve
online security, proactively mitigate
phishing and spoofing attacks while
inspiring greater customer confidence
and presenting new marketing
and branding opportunities. ABA
members and other verified members
.BANK offers security,
inspires trust
While organizations of all types and
sizes are taking measures to stop
data breaches, banks are working
hard to shore up cyber defenses
to minimize damage. Online fraud
can injure a bank's brand and
reputation, erode customer trust
and threaten customer loyalty.
The financial damage is potentially
enormous; the costs of successfully
detecting fraud and thwarting a wide
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Table of Contents for the Digital Edition of ABA Banking Journal - May/June 2015
CHAIRMAN’S VIEW
UPFRONT
ECONOMIC OUTLOOK
LEGAL BRIEFS
PICTURE THIS
CELEBRATING A TRADITION OF INNOVATION
SOUND RISK CULTURE
AN INTERVIEW WITH FDIC’s MARTIN GRUENBERG
NEW RESPA/TILA MORTGAGE DISCLOSURES
BANK DOMAIN ROLLOUT
INVESTOR PERSPECTIVE
MARKETING/RETAIL
PAYMENTS
ADVOCACY
ABA COMPLIANCE CENTER INBOX
CYBERSECURITY
MORTGAGES
OPERATIONS
BOARD MATTERS
FROM THE STATES
BANKER RECOMMENDED READING
INNOVATIONS IN SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - May/June 2015
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