As fraud continues to evolve and affect financial institutions, careers are plentiful for fraud-fighting professionals, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"I don't think there's any connection [to] the investments banks will make in fraud prevention," says Doug Johnson of the ABA. "It's not about making budget cuts; it's about protecting the customer relationship and ensuring security."
When economists dissected July's 0.1 point drop in overall unemployment, to 9.1 percent, they attributed the decline mostly to fewer people seeking work. But that's not the case for IT security professionals. There are few discouraged workers in the information technology occupation categories these days.
"The need for fraud-prevention tools increases during times of recession," says Aite Group's Julie McNelley, who does not believe this week's economic shockwaves will hurt organizations' security priorities.
Looking at the international stock market crash and the impact it's likely to have on future investments in fraud detection and prevention, how much can banks and credit unions reasonably afford, when economic stability is shaky and the financial future uncertain?
United Nations Federal Credit Union says member satisfaction and acceptance of the chip card have been contagious, since the bank launched the chip option last summer. The chip-card portfolio has proven to be the credit union's most successful.
No two fraud incidents may be exactly alike, but a fraud investigator's approach can still be very consistent and precise, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."