Local banks are increasing online banking security
18.05.12
Hacking of online financial accounts have risen about 150 percent each year, according to the Financial Service Information Sharing and Analyst Center.
Starting Jan. 1, many local banks and credit unions, including BNC National Bank, Gate City Bank and Starion Financial, began using new techniques and technologies to protect their online banking customers from fraud.
The Federal Financial Institutions Examinations Council recently released new guidlines for banks. The FFIEC suggested banks implement layered security and stronger authentification methods.
The new guidelines were prompted by an increase in attacks that target things like Automated Clearing House transactions, wire transfers, and payroll payments. It is up to each bank to pick what they feel is best way to meet the guidelines.
The FFIEC suggests using out-of-band technologies, which create a separate secondary environment for transactions, to offer protection from keyloggers and browser-based attacks. Dual authorization through other devices, such as cellphones, is another strategy.
Source: Bismarck Tribune
Central Bank Governor doubts feasibility of City Gate SPV
18.05.12
The Central Bank Governor Josef Bonnici has expressed doubts on the feasibility of creating a Special Purpose Vehicle (SPV) to fund the €80 million City Gate project.
During the presentation of the bank's annual report held on Tuesday, Bonnici said "it would be much better to fund projects through a consolidated institution with a professional set-up such as a Development Bank".
He explained that this would enable the government to access super-national run funds. Bonnici added that he "does not wish to speak in detail about SPV's because it is still not clear how it will be structured".
Development banks are institutions, run by a group of countries, that provide financing for development projects through long-term loans at market rates, very-long-term loans below market rates, and grants such banks include both developed donor countries and developing borrower countries.
Bonnici said he has "suggested the setting up of a development bank to take over government assets to cover the expenditure of commercial nature". He added that a distinction should be made between government debt serviced by tax revenue and debt serviced by entities. Bonnici also insisted that government should only embark on "sustainable" projects.
Source: MaltaToday