The financial sector continues to be a prime target for highly sophisticated, customized attacks. The SWIFT money transfer system recently came under attack resulting in an $81 million heist of the Bangladesh Bank. This number pales in comparison to an estimated $1 billion stolen from over 100 banks worldwide by the...
Same-day Automated Clearing House (ACH) payment processing became a reality. While this represents a terrific opportunity for banks to be responsive to their customer's requirements for faster ACH payments, plus the ability to attract new customers from banks who choose not to offer the same level of responsiveness,...
Who's responsible for the 12 percent uptick in financial fraud losses absorbed by U.S. banks? The American Bankers Association points to retail breaches. But one observer thinks "the ABA has its head in the sand." Read other reactions to the ABA's fraud report.
Financial losses tied to fraud against bank accounts increased about 12 percent from 2012 to 2014, but banks are not to blame. To the contrary, the ABA argues that banks are actually making significant strides in their fraud prevention efforts.
Sophisticated phishing campaigns, increasingly targeted because of social media, are fueling business email compromises - a growing wire fraud scheme that is attacking businesses worldwide, says Jim Hansen of PhishMe.
FBI Special Agent Charles Gunther says collaboration with FinCEN, international law enforcement and U.S. banks has helped the FBI recover millions of funds stolen from customers via emerging wire fraud schemes.
A $46.7 million fraud scheme that hit Ubiquiti Networks Inc. shows the new & improved face of wire fraud - and just how easy it is for cybercriminals to fool employees into helping to pilfer their own enterprises.
Wire fraud perpetrated via business email compromises has quickly become a top concern for banking institutions. Now one bank fraud executive predicts this type of fraud could exceed $1 billion this year.
Choice Escrow is seeking a bench review of a recent appellate court ruling, which favored its former bank in an ACH fraud dispute. The firm argues the court set a bad precedent for future disputes by limiting Uniform Commercial Code protections.
FFIEC guidance and case law are helping banks define what constitutes "reasonable security." In a panel discussion, three experts debate the long-term impact of two recent account takeover fraud cases.
A bank's $350,000 settlement with a California oil company should serve as a reminder that reasonable security measures offered by banks are increasingly critical to the outcome of account takeover disputes.