Telephone Fraud Fears Bigger than PC Fraud

Posted by John B. Frank Thursday, April 23, 2009

Banking / Finance News
Source: PCWorld
Complete item: http://www.pcworld.com/article/163741/forget_computers_phone_crime_is_worrying_banks.html

Description:
Computer fraud may be a big problem for banks today, but the telephone is becoming a critical tool for fraudsters, bank executives say.

In addition to calling customers about suspicious transactions, banks use SMS (Short Message Service) to request that customers contact them. So, fraudsters have begun using a variety of techniques to try to trick the banks into thinking they're communicating with legitimate customers via the telephone. "Call-center authentication is, to me, the biggest pain point right now," said Stan Szwalbenest, remote channel risk director with JP Morgan Chase, speaking at the RSA conference in San Francisco this week.

Editor's Note: HomeATM has developed an outstanding application whereby a mobile user can connect our PCI 2.0 certified device to ANY mobile phone, swipe their card, enter their PIN "ONE TIME" disconnect our device and the phone can then be used as a "secure" payment device henceforth. More on this later...

E-Secure-IT
https://www.e-secure-it.com

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