How identifying bogus checks at M&T Bank is a lot like hunting cybercriminals
It turns out the crimes of yesteryear are being thwarted with some of the same tools that stop today’s criminal activity. Until recently, the process of detecting check fraud at M&T Bank involved a team of 15 employees who manually looked through physical checks or scanned documents, trying to trace how scammers had attempted to fleece the financial institution. For M&T, it could take up to 900 man-hours to investigate a check-fraud campaign, according to chief information security officer David Stender. “In the typical old-school check fraud world you’d look at hundreds and hundreds of checks until you found the one that was fake,” he says. “People still rob banks. Even if it doesn’t yield much money anymore, they still do it. And people still write bad checks.” High-profile financial crimes these days typically include some breakdown in cybersecurity, like business email compromise, ATM jackpotting attacks, or fraudulent money transfers made possible by advanced malware. […]
The post How identifying bogus checks at M&T Bank is a lot like hunting cybercriminals appeared first on CyberScoop.
Continue reading How identifying bogus checks at M&T Bank is a lot like hunting cybercriminals