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Survey Securities brokerages follow FIs lead on fraud
ATLANTA (2/26/08)--Securities and brokerage firms are using lessons learned from the financial industry to fight online fraud and identity theft, according to a recent survey. Digital Resolve’s survey indicated that most securities and brokerage professionals (76%) believe their companies understand the seriousness of fraud and identity theft. About 80% of respondents said they had not experienced fraud or identity theft within their online channel. “In today’s rapidly changing online criminal environment, effective security cannot be a one-size-fits-all solution,” said Dennis Maicon, Digital Resolve executive vice president. “It’s important to implement technologies that address all of a firm’s top security concerns, while covering every customer touchpoint.” Because many financial institutions have strengthened their online security, criminals have moved to industries they perceive as more vulnerable, such as securities, brokerage, insurance and non-financial targets, according to George Tubin, TowerGroup research director. Besides regulatory compliance concerns, Digital Resolve survey respondents listed unauthorized systems access and customer data breaches as top security concerns. About 95% of respondents considered stronger log-in authentication beyond usernames and passwords to be an important security feature. A majority also said transaction monitoring, fraud research and reporting are the keys to business security. Digital Resolve, a business unit of Digital Envoy, provides anti-fraud solutions to financial institutions, including credit unions.


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