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Bank Technology News March 2004 Karen Krebsbach |
The Other Victims of ID Fraud Banks ID fraud is morphing into a throbbing migraine for financial services firms charged with twin challenges of increased responsibility to protect consumers and greater pressure to defend their own bottom line.  |
Bank Technology News April 2006 Glen Fest |
Fraud Prevention: Engaging More Than The Enemy Banks could improve anti-fraud measures if they provided tools that draft customers into the battle. But it's not that simple for an industry still rife with soft spots.  |
U.S. Banker May 2004 |
Counterfeit Checks are The Forgotten Fraud With all the attention on ID theft, old-fashioned check fraud is getting easier than ever. It may actually account for the majority of cases categorized as identity-related crime.  |
Bank Systems & Technology April 7, 2006 Peggy Bresnick Kendler |
Security Outlook A plethora of high-profile data breaches and concerns about identity theft have put the banking industry on high alert. To secure their information assets, banks must implement a cross-channel, multilayered approach that extends beyond technology.  |
Bank Technology News April 2004 Michael Grebb |
Forgotten Fraud: Counterfeit Checks Banks lost $698 million from scams in 2001  |
InternetNews November 11, 2005 Jim Wagner |
Report: ID Theft Haunting Bank Customers Banks need to address the growing concern among their customers over ID theft, or risk losing them.  |
Bank Systems & Technology August 2, 2005 Phil Britt |
Fighting the New Face of Fraud Technology plays a critical role in banking fraud, both in creating new opportunities for fraud and offering new methods to defend against it. Financial services institutions must take a holistic approach to combating fraud.  |
Bank Technology News June 2006 |
If It's Loyalty You Seek, Forget Fees For Credit Monitoring At a time when customers are worried about becoming victims of ID theft, banks have a huge opportunity to cement relationships by offering free credit monitoring services to all customers.  |
Bank Technology News October 2004 Holly Sraeel |
Fraud is Rising, But Victims, Banks are Fighting It Talk about fraud in banking circles and one will inevitably hit a nerve.  |
Bank Technology News January 2003 Mark Bruno |
A New Breed Of Criminals Identity heists could drain $500 million this year. Staying ahead of the thieves may be the only way to curb the rise of identity thefts.  |
Bank Technology News May 2007 Glen Fest |
Identity Fraud: Banks Offer ID Theft Resolution Services A Tennessee bank gets surprising demand for an ID theft resolution service it is private labeling from Worldwide Assistance. Customers are even willing to pay for the luxury.  |
Bank Systems & Technology June 26, 2006 Deena M. Amato-McCoy |
Closing the Door on Criminals Banks need a consistent approach to fraud assessment and prevention, otherwise they will never truly get ahead of the problem.  |
Bank Technology News January 2008 Glen Fest |
ID Theft: Assessing the Impact of An Odd ID Theft Survey The FTC's latest survey seems to prove the difficulty, and maybe futility, of measuring identity theft crime. Will it be used to set back prevention efforts?  |
Bank Systems & Technology May 8, 2007 Deena M. Amato-McCoy |
Fear Of Identity Theft Discourages Consumers From Banking Online Proactive security measures increase online banking confidence and use, study says.  |
Bank Technology News March 1, 2008 Glen Fest |
Thwarted On-Line, Crime Looks to Past A new identity theft report survey finds a continuing overall decline in fraud numbers and victims, but unfortunately a rapidly rising number of "vishing" and other hands-on alternatives to catching consumers off guard.  |
Wall Street & Technology March 18, 2008 Cory Levine |
Identity Fraud on the Decline Despite the hype, identity fraud is on the decline, according to a new survey. But as fraudsters return to traditional channels, such as phone lines, to steal the trusting public's personal information, few financial institutions have implemented multifactor authentication for telephone banking.  |
U.S. Banker March 2004 John Engen |
Identity Victims Get Badly Needed Help Bankers view the industry's first stab at forging a unified response to the problem as a strong signal-sender. "Customers can see that we're banding together to stop this, and we can send a message to criminals that we're not working in a siloed fashion," says Mary Blegen, head of US Bancorp's fraud liaison center.  |
Bank Systems & Technology February 10, 2004 Jim Eckenrode |
The More Things Change... For big banks, retail's over half the pie.  |
Bank Technology News January 2008 Michael Sisk |
Compliance: Raising Red Flags On ID Thievery New regs aim to clamp down on ID theft by mandating that banks look for certain "red flags." A noble enough goal, but will bankers be able to comply by next November's deadline?  |
InternetNews July 28, 2005 Roy Mark |
ID Theft Bill Wends Through Senate The proposed law calls for full disclosure to consumers when sensitive personal data is breached or lost.  |
Bank Technology News February 2007 Glen Fest |
Identity Fraud: ID Theft Victims, Losses Take Welcome Nosedive New account vulnerabilities are toughened, but 'vishing,' limited alerts practices, and consumers' misguided personal trust in acquaintances still leave the doors wide open.  |
BusinessWeek July 3, 2006 Dean Foust |
ID Theft: More Hype Than Harm Law enforcement officials say the criminals tend not to follow through after stealing personal data.  |
Wall Street & Technology February 14, 2006 |
Little Confidence In Online Banking The United Kingdom's Financial Services Authority (FSA) has characterized consumer confidence in online banking as "fragile." To combat the trend, the regulatory body is encouraging banks to devote greater effort to fighting online banking fraud.  |
Bank Systems & Technology February 29, 2008 Nancy Feig |
Internal Fraud Still a Danger as Banks Adjust Strategy Internal fraud occurs every day at banks across the world. New internal fraud-detection technologies allow banks to identify suspicious employee behavior.  |
InternetNews March 11, 2005 Jim Wagner |
New Service to Put ID Protection in Your Hands Amid a flurry of data theft issues, Intersections readies an in-depth service to police who's trying to use all your data. This can help you spot identity theft.  |
Bank Systems & Technology December 1, 2005 Eileen Colkin Cuneo |
Dealing With Data Theft After the Fact When a security breech occurs, a company handling it right can flip the negative into a positive and earn customers' respect and appreciation. If they handle it wrong, and the business will fight the stigma of being an untrustworthy organization indefinitely.  |
Bank Technology News April 2005 John Adams |
The Cost of Doing Business The debate over multi-factor authentication for electronic transactions is growing louder, and many say industry-wide use is virtually inevitable for banks. So why is almost nobody doing it?  |
AskMen.com Michael Hirsch |
How To: Deal With Identity Theft You probably don't think about it, but transactions you take for granted every day put you at risk for identity theft.  |
Bank Systems & Technology November 7, 2007 Nancy Feig |
Bank of America Tops Large Banks in Combating Identity Fraud Bank of America ranked the highest in identity fraud protection, detection and resolution, according to a Javelin Strategy & Research study of the top 25 U.S. banks.  |
Bank Technology News July 2005 Glen Fest |
Profiling: The DNA Of Fraud Rings ID Analytics spent two years studying criminals who traffic in fake and stolen IDs for attempted financial services fraud. It discovered the ways how they succeed-and how they don't. It isn't pretty.  |
InternetNews January 25, 2006 Roy Mark |
ID Theft Reports Down, Losses Up Internet-related identity theft and fraud complaints may be leveling off, but overall financial losses are growing from the security breaches, new data from the Federal Trade Commission reveals.  |
Bank Technology News September 2006 |
Homeland Insecurity One of the toughest battles for bankers may be in combating online security breaches and sophisticated money laundering schemes.  |
Bank Systems & Technology August 30, 2005 Maria Bruno-Britz |
Maximum Security Although all industries are susceptible to data theft, the costs in terms of reputation and dollars are particularly steep in financial services, and most banks are taking measures to reduce the risks associated with handling consumer data.  |
U.S. Banker June 2007 Holly Sraeel |
Accountability at Issue in Data Security Failings Enforcing stiffer criminal penalties is one way to hold merchants and data brokers more accountable. This is good news for banks.  |
Bank Systems & Technology May 5, 2007 Maria Bruno-Britz |
Fraud Techniques Evolve in Parallel with Bank Products and Defenses As fraudsters' techniques evolve alongside the products and services offered by financial institutions, new steps must be introduced to stop them.  |
Bank Systems & Technology March 7, 2005 George Hulme |
May I See Some ID, Please? Identity theft continues to be consumers' top complaint, and ID theft-related complaints are on the rise. Bank-related identity theft comprised 18 percent of all ID theft complaints.  |
U.S. Banker February 2006 |
ID Theft Insurance: Community Banks Seek To Protect Themselves Banks are taking out new insurance policies to protect themselves against the financial losses stemming from identity fraud.  |
InternetNews January 23, 2004 Ryan Naraine |
FTC: Online Fraud Losses Hit $437M Using stolen identities, fake Internet auctions and fraudulent shop-at-home schemes, online swindlers robbed Americans of a whopping $437.5 million in 2003.  |
Bank Systems & Technology August 24, 2006 Nancy Feig |
Banks Scramble to Meet FFIEC Online Banking Authentication Guidelines by Yearend Less than four months remain for banks to meet the Federal Financial Institutions Examination Council's year-end deadline for Internet banking authentication, but some confusion remains over what is an acceptable solution.  |
InternetNews March 11, 2005 Roy Mark |
Staggered Start For ChoicePoint Hearing Senate ID theft hearing postponed but Schumer and Corzine promise new privacy legislation.  |
PC World March 2006 Anne Kandra |
Banking on the Web: Risky Business? The reality behind the risks, plus how to keep your online transactions secure.  |
Bank Systems & Technology February 22, 2007 Michael Singer |
To Keep Consumer Trust, Try Tokens and Smart Cards Banks and other financial institutions should adopt stronger authentication measures, such as security tokens and smart cards, if they want to increase customer satisfaction with Internet banking, according to a panel of industry analysts.  |
Bank Systems & Technology March 7, 2005 Cynthia Ramsaran |
ID Theft Hits Paper Harder Despite growing fears of online fraud related to Web-based banking services, the increase in identity theft is hitting consumers closer to home than in cyberspace. Identity theft crimes are more often committed off-line rather than online.  |
Bank Technology News November 2007 Glen Fest |
Online Authentication: Multifactor Race Nears Finish Line Nearly a year after half of all U.S. institutions missed the deadline to adopt stricter FFIEC guidelines for online authentication, analysts say that banks have finally, and almost universally, put their multifactor and other risk-mitigation layers in place.  |
Bank Systems & Technology December 1, 2003 Jim Middlemiss |
Fifth Third Stays Seven 'Steps' Ahead of Fraud Bank implements seven new fraud-detection systems to fight check and ID fraud.  |
U.S. Banker July 2005 Holly Sraeel |
Want to Make a CEO Wince? Talk About Fraud. When bankers refer to fraud in public, it often comes off as if the theft does not involve a human being. Behind the financial losses and data breaches are people-on both sides of the problem.  |
Bank Technology News January 2006 Glen Fest |
Data Breach Notification: States Differ On When To Sound The Alarm Legislative action on how and when banks should sound the alarm when there's been a data breach has lagged on the federal level, leading to a broad mix of state measures.  |
InternetNews February 1, 2005 Sean Michael Kerner |
FTC: Identity Theft, Fraud on the Rise A new report by the FTC finds increases in fraud and identity theft. E-mail and the Web were fraud tools of choice on the Internet.  |
InternetNews March 30, 2006 Roy Mark |
Data-Breach Disclosure Bill Passes House Panel A House panel approved a bill requiring data brokers to inform consumers of breaches when reasonable risk of ID theft exists.  |
Bank Technology News August 2006 Glen Fest |
Multi-Factor Authentication: Two-Factor Timing Twists Up Bankers The FFIEC's guidelines for adopting multi-factor authentication includes a hard deadline with apparently soft parameters. But will haste end up producing waste?  |