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.
When it comes to fraud prevention, things are going to be different in 2011. It's clear that fraud in the United States has reached a tipping point, and financial institutions are at the center of it all.
"The environment that started by supporting whistleblowers ... is essentially morphing into 'Gee, we as an organization need to be completely transparent, whether we want to or not,'" says Cal Slemp, managing director of Protiviti.