This week's top news and views: Wire fraud costs a Missouri escrow company $440K, internal auditors add risk-management value.Here's a list of some of this week's most compelling content on BankInfoSecurity.com:
- Escrow Company Lost $440,000 After Banking Credentials Stolen. A Missouri-based escrow sues its bank, after losing $440,000 in a case of wire fraud. Choice Escrow's suit alleges that it fell victim to what appears to be a Zeus attack, because its bank did not implement "commercially reasonable security";
- Internal Audit: The 2011 Agenda. Richard Chambers, president of the Institute of Internal Auditors, says internal auditors possess an almost inherent understanding of key risks within a company, and many corporate boards and managers are turning to internal auditors to better manage security risks and expenses;
- Financial Fraud Crackdown Brings Swift Justice. This week, the Department of Justice said it has charged more than 300 people --189 of whom are now facing civil penalties -- as part of the first wave of investigations conducted by the Financial Fraud Enforcement Task Force, a fraud-fighting entity created in 2009; and
- Top 3 Payments Trends for 2011. A look ahead to 2011 and the payments innovations that are expected to have the greatest impact on the financial industry over the next 12 months. The top three? Payments facilitated through social networks, partnerships between financial institutions and innovative non-financial vendors, and investments in new options and technology for mobile transactions and the Automated Clearing House.
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