ABA Banking Journal - December 2013 - (Page 18)

tech topics FRAUD WATCH More channels, more fraud risk criminals exploit the tension between providing anytime/anywhere service, and maintaining security C ross-channel fraud is the term of the moment describing how sophisticated criminals take advantage of the increasing number of avenues available to them to carry out their illicit schemes. Crooks have always worked hard to find gaps in bank defenses to exploit, but with so many ways for retail and business customers to conduct their banking business now, there are more gaps than ever. Fighting cross-channel fraud involves a two-pronged approach. 18 | ABA BANKING JOURNAL | december 2013 First, efforts are needed to provide greater education and awareness of fraud dangers to customers and bank employees. Second, increasingly sophisticated technological tools are needed to improve authentication and otherwise deter cyberthieves. Views of the threat Catherine Lew, vice-president of GlobalVision, ticks off a sobering list of frauds banks face. It includes check kiting as well as check, deposit, ATM, ACH, wire, debit card, credit card, identity, online, loan, employee, and accounting fraud. The list, of course, could go on much longer. All a potential thief really needs to steal are a legitimate customer's user ID and password-and sometimes not even those. Once in a customer's online banking account, they could access that person's home equity line of credit, for example, transfer funds to the customer's checking account, and then surreptitiously withdraw them from an ATM. Cross-channel fraud can be highly Photos: shutterstock.com By John Ginovsky, contriButinG editor http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - December 2013

Chairman's View
Editor's Column
Bank Notes
Picture This
Is wealth management a good fit?
Tech Topic
What's Ahead?
New diversity standards cover workplace and suppliers
Compliance Inbox
ABA At Your Service
Legal Issues
First Person

ABA Banking Journal - December 2013

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