Adam Elliott
Apr 16, 2021

Being a part of a nationwide collaborative network is like having thousands of expert investigators to protect their own bank or credit union.

Distributed denial-of-services (DDoS) attacks against banks grab headlines, but so far, most of the estimated $110 billion annual cost from cyber crime seems to come from other schemes.

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Fraud is endemic to the global payments system and the tools financial institutions have historically used to fight it are marginal at best.

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As fast as banks plug the holes in their security dams, criminals are finding alternative ways to take over customer accounts.

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Cybercrooks are stealing as much as $1 billion a year from small and mid-sized bank accounts in the United States and Europe, according to Don Jackson, a security expert at Dell SecureWorks.

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