A coalition of banks, financial trade associations, federal regulators and law enforcement agencies, is in the process of developing a set of recommendations for preventing, detecting and responding to the criminal hijacking of accounts.

"Dozens of organizations are involved, including the FBI, the FDIC, the American Bankers Association, and providers of banking services, along with banks of all sizes," writes SearchFinancialSecurity.com's Marcia Savage.

"The group is also addressing non-cyber attacks, such as those that use the phone channel to steal banking credentials and hijack bank accounts," Savage writes.

Click here to read the SearchFinancialSecurity.com article.