Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
Banks and credit unions say they are investing in enhanced fraud detection, monitoring systems and education. What other anti-fraud investments top their lists? See what our 2012 Faces of Fraud Survey revealed.
Detectives have arrested seven suspects and seek 13 more in an ATM skimming investigation involving hundreds of credit and debit cards compromised in parts of Canada, the U.S., Australia and Indonesia.
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Law enforcement officials say a New York crime ring defrauded TD Bank of more than $450,000 in a check fraud scheme. What loophole did the fraudsters find to run this scam, which went undetected for nearly two years?
Banks and credit unions are feverishly working to meet the FFIEC's authentication compliance deadline next year. But experts say institutions should be looking beyond the guidance, by making investments in cross-channel fraud detection.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
"It's interesting to see regulators putting the onus on the financial companies for fraud that occurs after the theft has already happened," says David Navetta, co-chairman of the American Bar Association's Information Security Committee.
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.