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Wednesday June 23, 05:43
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Bank Account Hijacks Are A Fast-Growing Fraud
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Banks’ systems for detecting checking account fraud lag those for credit card fraud detection, which is a serious shortfall with Gartner reporting bank account theft to be second only to physical credit card theft in growth terms. New account fraud, unauthorized access to checking accounts, illegal card purchases and fraudulent credit card cash advances were profiled in Gartner’s latest report on bank account security. Banks urgently need stronger access controls for electronic systems, given the use of phishing and spyware by scammers to obtain customers’ details.
In most cases of account takeover, says Gartner director, Avivah Litan, the thieves “likely stole account numbers and passwords to get into accounts online or via telephone banking services”. Spyware hidden in a web page is a particular threat to the security of bank customers’ online access data, as clicking on a pop-up ad can trigger the capture of an ID and password without their knowledge. In the past year, 44 per cent of account takeovers had occurred, versus 34 per cent of illegal credit card purchases, and 29 per cent of fraudulent credit card cash advances.
Thirty per cent of the 5,000 individuals affected by account hijacking in Gartner’s survey, knew how the thieves had accessed their accounts, with 17 per cent reporting their access details to have been stolen via the Internet. Ten per cent suffered losses from their checking account after the theft of a wallet, another 10 per cent after the theft of papers, and 7 per cent, due to the theft of mail. Until banks put robust anti-fraud protection in place against online fraud, Litan sees shared-secret authentication, or something the bank and customer both know, as a short-term solution.
(TechWeb)
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