(PRWEB) August 28, 2013
A report by bankinfosecurity.com dated July 13th 2013 (http://bankinfosecurity.com/blogs/survey-says-ach-wire-fraud-growing-p-1509) says despite increased investments in antifraud solutions and technologies, banking institutions continue to struggle with losses linked to ACH and wire fraud.
The report adds that according to the survey done, it shows that despite the investments these institutions made in security controls recommended by the Federal Financial Institutions Council in its updated authentication guidance, such as dual-customer authorization, fraud detection and monitoring, enhanced customer education and IP reputation-based tools, nearly half say those controls have not reduced the number of account takeover incidents these institutions suffered in the last 12 months.
According to the survey the respondents ranked ACH and wire fraud as the fourth greatest fraud threat they continue to face with payment card fraud, phishing attacks and check fraud ranking high up the online scam ladder.
The survey further explained that over the past year the vast majority of institutions surveyed said financial losses to online fraud have either increased or remained steady. Forty-six percent of the surveyed said despite the controls they’ve invested in they’ve not seen any reductions in the number of account takeover incidents suffered in the last 12months, while 43 percent said those controls have not reduced fraud losses at all.
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