US regulators form plans to encourage banks to better protect customers from online fraud

SC Magazine is reporting that "a panel with representatives from the FDIC, the Federal Reserve System and other agencies is reacting to the rapid evolution of malicious computer programs designed to drain accounts. Among its plans is to require financial institutions to contact customers through means beside the internet, following European banks actions in placing calls to clients' mobile phones to ensure that they intend to transfer money."

Read the entire story at SC Magazine.

Thanks to Richard Greenberg for this story.