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.
The Federal Financial Institutions Examination Council is expected to issue new security guidance revisiting online banking and strong authentication, and a new report from Aite finds internal fraud at most institutions is underreported.
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.
"I am hoping for some turn around, but overhang in troubled real estate, unemployment and debt levels are negatives," says Christie Sciacca, former FDIC official.
This week's top news and views: Mobile and online P2P services offer banks and credit unions a competitive edge, and a new Aite report proves internal fraud is more damaging than most banks realize.
Here's a New Year's resolution every banker can appreciate: In 2011, the industry must embrace a stronger dedication to investments in fraud-detection and prevention.
There have been 58 reported banking-related data breaches so far in 2010, according to the Identity Theft Resource Center -- slightly fewer than the total of 62 breaches in 2009.
Federal regulators and industry experts share their views about the top 4 regulatory issues of the new year, and an online breach perpetrated with an SQL injection leads hackers to stored data for 110,000 credit cards.
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