byNicole Reyes
Over the years, fraud has been given many names and has taken on several different forms.
In2010, the top threats consumers, merchants and financial institutions (FIs) were talking about were malware attacks, phishing, vishing, skimming and whaling, SQL injections and insider fraud.
In2011, we were talking about internal fraud, ATM and debit card fraud and cross-channel fraud.
This year, skimming, data breaches and mobile hacking have dominated fraud news.
Fraud may seem to have many faces, but no matter what form it takes or how sophisticated the attacks have become, fraud is still fraud.
In response, FIs have spent valuable time and resources refining their internal processes to implement new security practices, as well as to invest in new technologies like EMV. Yet, FIs must continue to invest, as the war against fraud intensifies with each passing year.
