Reading Into Payments Fraud
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Cybercrime is justifiably getting a lot of media attention these days. From industry advisements, FBI operations and plenty of cases in the news – it is easy to see why it’s a hot topic.
Brian Krebs, the author of Krebs On Security does a particularly good job of delving into the details of many of the ACH and Wire fraud cases. His previous job as a reporter with the Washington Post is evident in the well-researched and thorough summaries provided on the site. Some of the recent cases recently profiled include the Brigantine Township (Sept. 2010) and Catholic Diocese (Aug. 2010).
The details of these events remind me of another case between Experi-Metal Inc. and Comerica. Reading some of the court documents, you get the sense of why this is a difficult problem to solve. Both parties have roles to play in making sure that account takeover doesn’t turn into ACH and Wire fraud. The court documents and many cases of fraud are evidence that frontline defenses like authentication and session monitoring are just one piece of the defensive infrastructure required to prevent these crimes.
I recently moderated a discussion with several industry experts about how ACH and Wire fraud requires a layered defense strategy – one that not only secures the front-end but monitors transactions and prevents fraud on the back end. I recommend listening to the archive.