"I'm not sure there is a way to protect a customer if their actions put their network at risk," says the president of a bank victimized by corporate account takeover.
From payment cards to checks, ACH transactions to phishing, there's no question that fraudsters have waged war on banks. And now the institutions are fighting back.
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 Experi-Metal Inc. vs. Comerica Bank case is just one of several high-profile incidents of corporate account takeover -- but it's the first to finally head to court.
Investments in mobile offers and channel integration will not be mutually exclusive in 2011, says Jim Pitts. Mobile will actually bring more channels together.
Anti-fraud activist Jim Woodhill is a man with a plan - or at least he soon will be. By the end of March, he expects to have a task force and plan in place to help banks and businesses conquer ACH fraud and corporate account takeover.
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