The Inside Threat

It seems that almost every time we talk to a bank that is dealing with a substantial account takeover issue – it usually comes back to an internal compromise. This is typically some fraudulent employee who has access to account level information.

When you think about this – it makes perfect sense. To successfully takeover an account is not trivial. Not only do you need customer information and account numbers – but also things like Pins and security codes. You typically don’t find this out in cyberworld. To get at this – requires internal access.

Of course, once the information is compromised, the typical next step if to change the address on the consumer account and then requests the checks and cards to complete the crime.

With the economic meltdown in full swing, we are estimating that we are going to see a substantial increase in account takeover fraud in 2009. People with access to internal information that normally wouldn’t have thought about committing fraud – are much more susceptible to committing fraud as their financial situation rapidly deteriorates.

I hope I’m wrong.

Date Posted: December 10, 2008 Author: Category:   IDI Blog

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