Thursday, March 28, 2013

BITS: Top Fraud Threats to Banks

What's the top threat banks and their customers face in 2013? Nancy Guglielmo, VP, Fraud Reduction Program for BITS, shares her insights.

"The greatest challenges in the coming year are income tax fraud and identity theft. It's really amazing how much this type of fraud has grown in the last few years, and the IRS is really struggling with this issue, too. This is part of the reason we've seen an increase in identity theft, which I consider to be the No. 1 issue for fraud at this time."

"...income tax fraud and identity theft...the IRS is struggling with this issue, too. This is part of the reason we've seen an increase in identity theft, which I consider the No. 1 issue for fraud."
- Nancy Guglielmo, VP, Fraud Reduction Program, BITS
Ms. Guglielmo's views are consistent with recent reports of identity theft involving insiders who steal patient or customer information and use or sell it to file fraudulent tax returns.
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Sources:
(a) BITS on Top Fraud Threats to Banks - CUInfoSecurity.com, 03/15/2013

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