Now that the FFIEC's updated online authentication guidance is out, banking institutions need to move forward in preparation for 2012 compliance, says Julie McNelley, banking fraud analyst for Aite Group.
"Our role is changing in the fact that we see fraud being perpetrated in a new manner everyday via malicious software, banking Trojans and online theft," says Jean-FranÃ§ois Legault, senior manager of forensics and dispute services at Deloitte.
Fraud today is global. The same problems happening in the U.S. are simultaneously occurring in other parts of the world. For interested job seekers, there's never been a better time to enter the fraud examiner profession.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Insider fraud expert Shirley Inscoe says Citi is not the only financial institution that's doing a poor job of keeping up with employee misconduct. Few banking institutions grasp how damaging inside jobs actually are.
The use of social media raises risk management issues, and education is the key to overcoming the common misperception that "you can say anything you want on social media and not have any consequences," says compliance specialist Roy Snell.
Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
Major U.S. card issuers continue to get poor marks when it comes to steps they take to prevent card fraud. In fact, according to research released by Javelin Strategy & Research, prevention measures for the last three consecutive years have continually declined, despite exponential increases in fraud.
"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.