Online Banking Security: How Crooks Get Around It


Presented by: Rayleen Pirnie

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Nearly every day someone's account is compromised through the use of legitimate, but compromised, log-on credentials for online banking and cash management platforms. Businesses are not the only victims -- consumer accounts are compromised, too, leaving financial institutions with both financial and reputational losses. Some institutions suffer significant losses from business account takeovers as well; there can be lawsuits, findings that the institution used insufficient security or poorly executed agreements, institutions that find themselves highlighted in news articles (not in a favorable light) and more.

Join Rayleen Pirnie, Director of Compliance and Fraud Education with EPCOR, for an eye-opening review of how criminals routinely bypass common online banking security techniques. More importantly, Rayleen will detail emerging technologies that show promise to better secure this banking environment, including biometrics, sandboxing sessions, unique out-of-band authentication techniques, and more. This session will also provide attendees with considerations for phone authentication --- let's face it, if a crook has access to your computer, then he likely knows everything he needs to answer phone challenge questions currently used to authenticate phone-based transfer requests.

This course is intended for a general audience. All technical concepts are explained as the program progresses. Operations, IT/IS, Managers, Audit/Compliance, Call Center Managers and any other customer-facing department will find this information useful.

Highlights of the presentation:
  • Important Contract / Agreement provisions frequently missing that open a financial institution to exposure
  • Let's play - Bypass that Security!
    • We will highlight several common methods of OLB security employed today, then detail how easily they are defeated
    • Call Centers - explain how criminals compromise consumer computers, statistics on how many consumer computers are already infected (about 47%) and how access to their computers provides information such as amount or date of last deposit, etc., used to authenticate via the phone
    • Challenge questions and Passwords must GO! Extremely insecure
    • Happy take questions from the group on what security they use and provide the easiest methods to bypass it - nice interactive piece if you think this will work. I don't mind being put on the spot.
  • Customer Education - it's not just an FFIEC requirement, it's just good business
  • Emerging Technologies, layered security techniques, etc
  • What do we do when we can't afford the "latest and greatest" security? - simple back-end authentication methods smaller institutions can employ such as spot-audits
About the Speaker: Rayleen Pirnie is the Director of the Compliance & Fraud Department at EPCOR (Electronic Payments Core of Knowledge, established by Mid-America Payment Exchange and Payments Central). She joined EPCOR in 2007 after a 10-year career as an Investigations Specialist in banking. Today she draws on that extensive investigative background to educate and offer consulting to financial institutions, businesses, consumers, and law enforcement on payments fraud, risk, business continuity and regulatory compliance. Her primary focus is on initiatives to combat cybercrimes.

Rayleen stays abreast of all financial crimes and their prevention counter-measures, a necessity in the rapid changing environment of financial crimes. She is recognized as a payments-fraud expert and is regularly called upon to present at conferences. Rayleen has presented to hundreds of businesses and institutions across the country, helping them protect their systems, data, and accounts.

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CD-ROM Includes:
  • Complete presentation (including slides and audio)
  • Written Materials
  • Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in April 2013. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_olbsecurity0413
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Friday 08 February, 2013.

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