News

02:07 PM
Connect Directly
RSS
E-Mail
50%
50%

FSTC Finishes Phase II of Fraud Collaboration Project

The Financial Services Technology Consortium (FSTC) completed Phase II of a project series aimed at studying financial transaction fraud across the entire financial services spectrum. This second phase of the Fraud Collaboration Project updated the initial taxonomy drafted in the first project phase, conducted a technology survey and designed initiatives to promote further collaborative efforts within the industry, according to the organization.

The team of members eliminated, modified and added crime categories and methodologies as well as payment channels, types and accounts as deemed appropriate. The Phase II draft also includes rudimentary definitions aligned with general crime methodologies. Additionally, the team surveyed companies offering technological countermeasures and used the data to line up their solutions with the FSTC model to help demonstrate the value of a common communication model.

Next steps include a longer-term plan to coordinate several industry initiatives focused on promoting financial institution collaboration against fraud attacks:

1) Fraud Specific Interest Forum (SIF): Formation of a collaboration team as a core group of industry professionals interested in collaboration to fight payments fraud. This team will meet monthly to stay abreast of industry initiatives and leading fraud-fighting technology.

2) Promote Industry-Wide Collaboration to perfect the Payment Fraud Taxonomy and associated glossary.

a. Recruit key organizations with specific expertise to build out multi level taxonomy details associated with the model's vertical categories (payment type, channel, account). Example: NACHA to address ACH.

b. Create an online environment for individual access and input supporting further improvements (model modifications, glossary expansion, corrections, and improvements).

3) Reporting Pilot Special Interest Group (SIG): Experiment with new methodologies to attempt near real-time value add fraud data sharing between interested financial institutions and possibly other stake holders (law enforcement, government, merchants, others).

New York-based FSTC launched the Fraud Collaboration Project in August 2007. The goals were to demonstrate the value of collaboration via a shared fraud pattern database and to identify the infrastructure needed to make use of such a database on a collaborative basis that is practical for financial institutions.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: Janice, I think I've got a message from the code father!
Current Issue
Security Operations and IT Operations: Finding the Path to Collaboration
A wide gulf has emerged between SOC and NOC teams that's keeping both of them from assuring the confidentiality, integrity, and availability of IT systems. Here's how experts think it should be bridged.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2017-0290
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

CVE-2016-10369
Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

CVE-2016-8202
Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

CVE-2016-8209
Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

CVE-2017-0890
Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.

Dark Reading Radio
Archived Dark Reading Radio
In past years, security researchers have discovered ways to hack cars, medical devices, automated teller machines, and many other targets. Dark Reading Executive Editor Kelly Jackson Higgins hosts researcher Samy Kamkar and Levi Gundert, vice president of threat intelligence at Recorded Future, to discuss some of 2016's most unusual and creative hacks by white hats, and what these new vulnerabilities might mean for the coming year.