US Panel Targets Online Bank Fraud
Joseph Menn at the Financial Times reports US regulators are drafting plans to force banks to protect their customers better from a surge in online account fraud. While banks are not obliged to disclose the extent of fraud to customers or investors, figures they provided to federal examiners showed aggregate losses from computer intrusions and falsified electronic transfers of $120m in the third quarter, more than triple the level of two years ago. Overall identity fraud at banks is costing the system about $700m per quarter, according to the Federal Deposit Insurance Corporation. (Free registration)
