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.
The Government Accountability Office has issued a report chastising the Centers for Medicare and Medicaid Services for delays in fully implementing its Integrated Data Repository used to crack down on fraud.
"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.
Despite the latest $200,000 fraud spree in Florida, industry experts say pay-at-the-pump skimming incidents still account for a relatively low percentage of card compromises. ATMs remain the No. 1 target.
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.