US panel targets online bank fraud
May 19, 2010
Total Loss:
$700 Million
US regulators are drafting plans to force banks to protect their customers better from a surge in online account fraud, officials told the Financial Times.
While banks are not obliged to disclose the extent of fraud to customers or investors, figures they provided to federal examiners showed aggregate losses from computer intrusions and falsified electronic transfers of $120m (EUR97m, GBP82m) in the third quarter, more than triple the level of two years ago. Overall identity fraud at banks is costing the system about $700m per quarter, according to the Federal Deposit Insurance Corporation.
Source:
Financial Times
Posted in:
Deposit Account Fraud