Which Fraud Controls Are Right for Your Bank?

Krebsbach, Karen
October 2004
Bank Technology News;Oct2004, Vol. 17 Issue 10, p22
Trade Publication
The article provides information on methods by which banking industry can control frauds. Identity theft is relatively new and still considered an emerging threat, but banks forget how many traditional types of frauds have actually dropped in the last decade, thanks to good fraud-detection products. Many financial services institutions estimate that fraud losses are manageable when they average between four and 10 basis points of new income. Traditional fraud-prevention products have focused on point-of-service detection and post-service transaction monitoring. Six main categories on which banks need to focus on to control this problem are: access control; authentication tools like biometrics and tokens; physical security of data centers and laptops; encryption of data storage and communication; and intrusion detection or system logging and data analysis for monitoring policy compliance.


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