BankInfoSecurity announced today that the FS-ISAC's Corporate Account Takeover Working Group plans to release advisories in October as part of National Cyber Security Alliance's cyber awareness month.  The working group is comprised of members from the American Banking Association, the Independent Community Bankers Association, the Financial Services Roundtable technology arm BITS, NACHA and SWACHA, and various government and law enforcement agencies.  The working group has teams focused on the following four areas:

Protection - establish best practices (are there really any more necessary?) and "customer-focused" communications for banks to use as templates. Since both consumer and corporate customers are targets for account takeover, the group is developing communication samples for both.

Detection - determine internal controls and fraud detection mechanisms are needed for real time or near real-time detection. This is expected to include transaction pattern "signatures" similar to ID Theft Red Flags.

Response - develop incident response best practices, restitution guidelines and communication standards for financial institutions to use after an account takeover has happened.

Law Enforcement - develop standards and best practices for financial institutions to communicate the account takeover to law enforcement, and how to work with them through the investigation and prosecution phases.  These will be drafted for inclusion in the FI's incident response plan.

Once these materials are made available, Technology and Networking will build them into the 2010 R2 update of the BankIT Program.  Customers with BankIT subscriptions will receive these materials at no additional charge. For more information, contact our Security and Compliance Team at www.bankitprogram.com.

Reference: http://www.bankinfosecurity.com/articles.php?art_id=2871&rf=2010-08-27-eb