The Top Ten Fraud Threats in Payments Exposed

Electronic payments bring new threats while some old ones remain — like check fraud.

As fast as financial institutions develop fraud detection and prevention systems, fraudsters find new ways to exploit weaknesses in the payments system. Author Shirley Inscoe of Memento Inc. presents the ten top threats facing banks today, including identity theft, check fraud, wire fraud, credit card "bust–out" fraud and ACH fraud.

Tough economic times and turmoil in the banking industry are forcing all of us to work harder and smarter than ever – which includes our efforts to fight fraud. In the face of these unprecedented challenges, fraud attempts on banks are accelerating rapidly and the types of fraud are becoming more diverse and sophisticated. Consider that fraud crossing multiple channels now accounts for 35% of all deposit account fraud at the largest U.S. banks, according to the most recent Deposit Account Fraud Survey of the American Banker’s Association (ABA)...
BAI: The Top Ten Fraud Threats in Payments Exposed