Banks take the initiative in fight against fraud!Identity Theft . Law Enforcement . News
Banks to blacklist rogue workers in fraud fight. I can already see the law suits from the fraudsters! But at least it is a positive move to stop these lowly criminals…
Major U.S. financial institutions are working to set up a new defense against insider fraud: a database of employees who are known to be scam risks. Banks and similar organizations already run reference and background checks on new employees, but an extra security measure is needed, according to BITS, a consortium of 100 of the largest U.S. financial institutions. The new database, announced Wednesday, October 26, will list information on employees at financial institutions who were fired because they compromised customer data or knowingly caused financial losses, the group said. “There is a phenomenon of people being able to literally walk down the street to another financial institution and get hired,” said Cheryl Charles, a senior director at BITS. In one case, the same scammer was hired by three institutions, she said. “This new database is going to help prevent that kind of thing,” said Charles. Reports of insiders attacking financial services systems are on the increase. In a 2004 Deloitte survey of IT security in the industry, 35 percent of companies said they had come under an attack from an internal source. That’s up from 14 percent in 2003.
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