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.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
Industry insiders say card skimming incidents are growing and the ATM is the most-hit target, and a rash of targeted phishing schemes brings phishing attacks back to the fore.
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