NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
When a database breach occurs, consumer notification continues to be a public problem, and it's time for the federal government to step in, says Linda Foley, co-founder of the non-profit Identity Theft Resource Center.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
Mobile banking and social networks are expected to pose new security threats in the payments space; and one small-business advocate says it's time for regulatory reform to solve the corporate account takeover problem.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
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...
"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.
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...
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