A new impersonation scheme is taking aim at business executives to perpetuate ACH and wire fraud, says Bank of the West's David Pollino, who explains steps institutions should take now to protect their customers.
Choice Escrow is seeking a bench review of a recent appellate court ruling, which favored its former bank in an ACH fraud dispute. The firm argues the court set a bad precedent for future disputes by limiting Uniform Commercial Code protections.
FFIEC guidance and case law are helping banks define what constitutes "reasonable security." In a panel discussion, three experts debate the long-term impact of two recent account takeover fraud cases.
A bank's $350,000 settlement with a California oil company should serve as a reminder that reasonable security measures offered by banks are increasingly critical to the outcome of account takeover disputes.
U.S. banks stopped $9 out of every $10 of attempted deposit account fraud in 2012, according to a new ABA Fraud Survey Report. What are they doing right, and how must they improve fraud prevention in 2014?
Call center fraud is one of the leading threats that financial institutions will battle next year because fraudsters consider the centers to be an easy target. But what can be done to mitigate this threat?
Financial institutions and businesses in other sectors must continually collect information about their online customers to ensure stronger authentication, says Avivah Litan, a fraud expert and analyst for the consultancy Gartner.
One key provision of Article 4A of the Uniform Commercial Code, which deals with reasonable security measures for banks, needs to be dropped, contends attorney Dan Mitchell, who represented PATCO Construction in an account takeover dispute.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
Fraud is increasing across the board, but attributing losses to certain types of fraud continues to pose challenges for many banking institutions, says Doug Johnson of the American Bankers Association.