A lawsuit filed by a now-defunct escrow firm against a bank following a $1.5 million cyberheist will reopen debate over who's responsible when account takeovers lead to fraud.
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?
A new takeover scam that the FBI calls a "man-in-the-e-mail" attack has drained $1.65 million from three Seattle-area businesses' accounts. Learn what steps to take to avoid becoming the next victim.
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.
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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.
Account takeover fraud is growing globally, and it's not just banks that are suffering, says analyst Julie Conroy. Here, Conroy explains why fraudsters continually have the upper hand.
A new cross-device malware strain that has been linked to last year's High Roller attacks is defeating dual-factor authentication. Experts explain why banking institutions worldwide should be on alert.
At $1.5 million, it's one of the largest account takeover incidents on record. Attorneys review the Efficient Services Escrow case and ask who will be held responsible - the customer or the bank?
While user education is valuable, needed and helpful, there is one problem with this approach - it only partially works, and partially working is simply not good enough, security expert George Tubin contends.
What struggles do smaller financial institutions face when it comes to implementing anomaly detection practices and procedures? Former federal banking examiner Amy McHugh offers insight.
Former federal banking examiner Amy McHugh says detailed risk assessments have to be a priority. And recent legal decisions and settlements in disputes involving corporate account takeover prove why.
Preliminary results of the 2013 Faces of Fraud Survey show institutions are still suffering big financial losses linked to ACH and wire fraud. Why are they still getting hit, in spite of investments to detect and prevent account takeover?
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