Jason Kratovil
Jun 17, 2022

Scams to boost scores cause significant losses for banks and consumers alike — and the financial system is ill-equipped to fix it.

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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