Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
"I'm not sure there is a way to protect a customer if their actions put their network at risk," says the president of a bank victimized by corporate account takeover.
Cyberthreats stem from the malware, but monetary losses stem from money mules. I've decided to coin a new term: eFraud. I cannot think of a better way to describe the wave of fraud incidents the financial industry is facing. It's electronic.
Employment Screen Resources' Lester Rosen says there's no hotter trend in background screening than social media. But just as social networks can be used to screen applicants, they also can be abused.
"I am hoping for some turn around, but overhang in troubled real estate, unemployment and debt levels are negatives," says Christie Sciacca, former FDIC official.
This week's top news and views: Mobile and online P2P services offer banks and credit unions a competitive edge, and a new Aite report proves internal fraud is more damaging than most banks realize.
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