"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.
"This seems to have been possible by the lack of a secure online banking environment provided by our former bank," says Jim Payne, Choice Escrow's manager of business development.
Amidst an ongoing international crackdown on criminals perpetrating ACH and wire fraud, FBI agent Russ Brown has advice for how banking institutions can help foil these crimes.
Malware is likely to blame for the so-called "computer glitch" that over the weekend took down a handful of the country's largest banks' ATMs and online banking sites.
A recent rash of targeted phishing schemes -- which included hits to military accountholders and their families at USAA and Navy Federal Credit Union, as well as a separate attack on officials at the World Bank -- has again brought the crime to the fore.
Security researchers are warning financial institutions about the Qakbot Trojan, a rare kind of malware that is allegedly infiltrating large banks and other global financial institutions.
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