Tuesday, April 01, 2008
Fraudsters are becoming increasingly adept at sharing invaluable knowledge and tips online that will help them steal more and more money from financial institutions and their customers. There are forums and social networking sites designed to share the information needed to undermine banks’ risk management systems. However, while fraudsters have been sharing information and growing their sizeable profits through activities such as phishing, money laundering and ultimately, in some cases, identity theft, financial institutions have failed to follow their example and take a more collaborative approach to fraud prevention and detection. As the seamless movement of money cross-border becomes a reality with SEPA, banks must address their current fraud strategies and begin to work together in the fight against the crime.
Thursday, March 27, 2008
The New York payment software provider ACI Worldwide Inc. said it has agreed to outsource some of its technology services to International Business Machines Corp.
Tuesday, March 25, 2008
The financial services industry is facing greater scrutiny from shareholders, customers and regulators as a result of the credit crunch, and the subsequent losses reported by the majority of the big financial institutions across Europe. What isn’t yet known is where the inevitable budget cuts will have the greatest impact. One area that has been under discussion in the press is banks’ investments in IT.