Identity Fraud, Spearphishing Poised to Grow With Revised Online Banking Regulations

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The FDIC and other regulators have formally updated guidelines on how banks verify the identity of anyone logging onto financial websites.

The FDIC will also start a formal review of banks’ assessments of their online banking risks and the new security measures they put in place.

Unfortunately, these changes may prompt cyber-thieves to attempt to steal consumers’ information via spearphishing and similar phony email tactics.

However, these new federal security banking procedures will not require consumers to take any action.

So make sure to “never respond to any email request for personal information, whether it appears to be from your bank, credit card company, or the IRS,” according to this North Jersey Record column.

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Elaine Rigoli

Elaine Rigoli is PRIVATE WiFi's manager of digital content strategy.