In response to the ongoing threat of ACH/wire fraud, Sen. Charles Schumer, D-N.Y., has introduced a proposed amendment to Regulation E that would give municipalities and school districts the same level of protection as consumers.
"While these arrests may make some think twice, the vast majority of criminal enterprises will keep pursuing the millions to be made from flawed security systems." - Robert Siciliano, ID theft expert
The Zeus threat is striking businesses and financial institutions throughout the world, and it's suspected to be the malware behind recent attacks on mobile devices.
A federal crackdown on ACH and wire fraud has produced 37 arrests of a money mule operation - part of what law enforcement is calling a sophisticated bank fraud scheme.
The arrests of 19 people in London has England's Scotland Yard unraveling what appears to be an online banking scheme that stole at least $9 million from banking customers.
With all the publicity these fraud incidents have received this year - all the warnings from regulators and institutions alike - I cannot believe awareness is so low.
We frequently receive career-related questions from our readers, and when appropriate we take these queries to our own advisory board members for answers.
The Catholic Diocese of Des Moines, Iowa, fell victim to a $600,000 ACH fraud theft and becomes another in the growing list of businesses and entities that have suffered huge losses as a result of these crimes.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.