New Article Provides Update on Fraud Prevention
October 29, 2018
A new article in the ABA Banking Journal looks at the latest trends in payments fraud and methods for fighting it. Traditional methods of fraud -- like phishing, business email compromise, wire scams and check fraud -- are still in play and growing more targeted and sophisticated. But technology is also giving rise to all-new types of fraud the industry hasn’t seen before.
Banks are responsible for safeguarding massive amounts of customer data, with varying degrees of value and sensitivity level. And as fraud tactics continue to evolve, keeping it safe is becoming increasingly difficult.
The article explores the reality that most companies at some point will be confronted with some type of data breach. For banks, that means acknowledging the fact that it’s not a question of “if” but “when” and planning accordingly. Reid Sawyer, SVP for credit, political and security risk at risk management firm JLT Specialty says, “We need to shift the mentality from ‘we cannot fail’ to ‘how can we fail safely?’” Read the article.