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Wednesday, December 10, 2008

10 Faces of Fraud: The Greatest Risks to Banks in 2009

From Hannaford Brothers to Countrywide, this year has been full of stories of criminal activity on the Internet, with hackers and phishers wreaking havoc on computer systems and consumers, causing credit and debit fraud numbers to soar.  What does next year hold for fraud against financial institutions?  Here are 10 of the new and old ways criminals will be looking to commit fraud in 2009.

1. ATM Network Fraud

According to Paul Kocher, president and chief scientist of Cryptography Research Institute, the number one area that institutions will see fraud growing over the next year is in ATM networks.


Check Fraud

The area of check fraud is also becoming continuously more sophisticated, and the underlying technological systems haven’t kept pace with the sophistication of the adversaries, says CRI’s Kocher.


‘Laser-Guided’ Precision Strikes

The organization and sophistication of criminals is increasing, and so is the sophistication of their attacks.

4. Phishing Attacks To Continue In 2008, the financial services industry has seen an increase in the numbers of phishing attacks that are expected to continue into 2009, including sophisticated spear phishing and Rock Phish attacks.


Check Image Fraud

Traditionally, after a successful phishing attack, the criminal would extract the needed information and go onto the online account and remove the victim’s bank funds.


Zero Day Attacks

Another area that financial institutions will need to keep an eagle eye on is the shift in the way financial fraud is happening.


Low ‘N Slow Attacks

Imagine having the best firewalls, intrusion detection systems and an unbeatable monitoring system installed, says eIQnetwork’s Rothman.


Drive-By Attacks Deliver

Institutions need to educated and warn customers and employees to beware the online look-alikes and infected websites, says Tom Wills, Javelin Strategy Research’s Senior Analyst for Security & Fraud.


Phones Will Be Ringing

All institutions need to keep a close ear and eye on their phone channel, says Wills.


Insider Threat

This is one of the most important issues that financial institutions are going to face in the coming year, says Jody Westby, Adjunct Distinguished Fellow at Carnegie Mellon University’s CyLab and CEO of Global Cyber Risk, a Washington, DC-based cyber intelligence firm.

Posted on 12/10