Do People Trump Tech in Fraud Fight?

From, @AmerBanker:

While banks continue to take steps to strengthen security, hackers continue to up their capabilities and can outmatch banks’ best efforts to deter them, experts say.

Hackers “are certainly more sophisticated, it’s certainly not the 14-year-old sitting on his dad’s PC writing a virus,” says Mike Whitt, BBVA Compass’ chief information security officer. “This is a business for these guys, and it’s really a business that runs in kind of parallel to the legitimate market, so the actors can be anyone from organized crime, or even terrorist organizations, even state-sponsored attacks.”

According to Whitt, banks have an especially tough job because they are not security companies and have limited resources to devote to thwarting attacks, while attackers have “somewhat unlimited” resources “because most of the money that they are using is through ill-gotten gain.”


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