Fundtech Ltd. FNDT -4.18% , a market leader in global transaction banking solutions, today released a new white paper investigating the widespread cyber crime challenges faced by banks and how to fight them. The white paper includes insights from fraud and cyber crime experts from the FDIC, FBI, M&T Bank and NICE-Actimize.
Entitled "Fraud: A 360(TM) View," the white paper looks into the increasing occurrence of wire transfer fraud across banking channels. While cyber fraud losses from all sources have been on the decline since first peaking in 2006, online wire transfer and ACH fraud is still climbing -- with 2010 seeing $87.5 million in losses, according to David M. Nelson, Specialist in the FDIC's Cyber Fraud and Financial Crime Section. Notably, this type of fraud is increasingly occurring across a variety of channels: from bank account infiltration (24%), via call center and fax communication (26%), as well as in-branch (15%). A recent Fundtech survey revealed that the majority (66%) of bankers believe that cyber crime will never get under control.
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