[ISN] Bank Fraud Continues To Plague Businesses, Study Says

From: InfoSec News <alerts_at_private>
Date: Tue, 5 Apr 2011 01:26:47 -0500 (CDT)

By Tim Wilson
April 04, 2011

Business banking fraud -- particularly in small and midsize companies -- 
is still causing major problems for both the businesses and the banks 
that serve them, according to a study published today.

The "2011 Business Banking Trust Study," a follow-up to a similar study 
conducted last year, was written by Ponemon Institute and sponsored by 
Guardian Analytics. This year's numbers suggest that the banking fraud 
situation has not improved since 2010.

"The industry has not moved the needle in addressing the corporate 
account takeover and fraud plaguing SMBs and their financial 
institutions," the report states. "The data shows that fraud is still 
pervasive, money is leaving accounts unnoticed at an alarming rate, and 
businesses will leave their banks because of it."

Fifty-six percent of businesses experienced fraud in the past 12 months, 
according to the study. Of those that experienced fraud, 61 percent were 
victimized more than once. Seventy-five percent of the victims 
experienced online account takeover and/or online fraud. These figures 
are nearly the same as last year's, the researchers say.


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Received on Mon Apr 04 2011 - 23:26:47 PDT

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