California's Financial Abuse Reporting Act, SB 1018, which requires employees of banks and credit unions to report suspected financial elder abuse, recently saved some seniors in the San Jose area a lot of financial loss.
The Catholic Diocese of Des Moines, Iowa, fell victim to a $600,000 ACH fraud theft and becomes another in the growing list of businesses and entities that have suffered huge losses as a result of these crimes.
There have been roughly 40 incidents of skimming or POS attacks reported so far in 2010. They range from tried-and-true ATM skimming to insider crimes and the troubling new trend of pay-at-the-pump thefts.
The move by Bonneville Bancorp to block signature-based debit transactions in California, Georgia and Florida shows that banking institutions have recourses to pursue in their fight against card fraud.
A working group created by the Financial Services Information Sharing and Analysis Center is honed in on developing best practices for institutions and their customers to help fight corporate account takeover.