"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
Payment cards, bogus checks and phishing/vishing incidents - these are the top forms of fraud experienced by banking institutions, according to the newly-released results of the Faces of Fraud survey conducted by Information Security Media Group.
But what are the emerging fraud trends? And how should...
ACH and wire fraud. ATM skimming. Payment card compromises. Mortgage fraud. Phishing.
Financial institutions are besieged by fraud threats today - and not just via one dominant channel, but through all of them. Simultaneously.
How can institutions fight back - as well as educate & enlist their consumer and...
"As more channels connect to ACH, it will become the preferred route for banks to process transactions," says Steve Kenneally of the American Bankers Association.
"This seems to have been possible by the lack of a secure online banking environment provided by our former bank," says Jim Payne, Choice Escrow's manager of business development.
Invisible to many is the fact that check fraud is growing despite decreasing item volume. Accounting for more than half of the $2 billion in deposit account fraud losses that U.S. banks suffered in 2008, check fraud presents a relatively easy attack vector for increasingly sophisticated and well organized...
Amidst an ongoing international crackdown on criminals perpetrating ACH and wire fraud, FBI agent Russ Brown has advice for how banking institutions can help foil these crimes.
How should the United States respond as global competitors expand their influence over the Internet and build cyber capabilities? An analysis of the Internet in 2020 shows that the United States must develop a strategy that focuses on more than technology to retain its cyberpower status. Read this white paper and...
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