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In Banks’ Watch for Cybercrime, Smoke Usually Means Big Fire
By Kieran Beer
printIf you detect even one case of cybercrime at your bank, it's likely that you've only begun to uncover a larger cyberattack, according to panelists at an anti-money laundering conference. "Look for the collusive network" because "it involves a lot of work to take over one account and, well, usually it's not just one account," said Andrew Hodges, who is responsible for the anti-fraud strategy at Capital One Bank, during a panel at the 2012 BSA Coalition Anti-Money Laundering Conference hosted by the Federal Reserve Bank of Richmond last week. Cybercriminals often attack a bank on several fronts to affect...
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U.S. investigators are increasingly querying the nation's database of bank secrecy information for suspicious activity reports that include mentions of unusual Internet Protocol addresses, a federal official recently told bankers.
Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
Increasingly vulnerable to sophisticated computer hacking, community banks should reassess their defenses against cybercriminals, U.S. Treasury Department officials told bankers Tuesday.
Perhaps you occasionally heard of them in 2008 and 2009: an Internet community that counted among its members teenagers still in high school, and which made the nightly news from time to time because of pranks aimed at public figures and organizations.
Internet businesses that allow individuals to move money rapidly and with relative anonymity are likely to be exploited by traditional and trade-based money launderers, according to a report issued by the Paris-based Financial Action Task Force.
Russian police have charged three men with being members of a gang that allegedly extorted money from British online gambling companies by overwhelming their computers with huge amounts of e-mail and demanding money to relent.
As the use of the Internet continues to rise, criminals are increasingly using it as a vehicle to move their illicit funds to offshore financial centers while avoiding detection.