Check 21, which will increase the speed of check handling and collection, becomes law on October 28. But experts worry that it may have unintended security consequences.
Check-fraud versions of phishing scams are a possibility once Check 21 becomes law. According to a recent study by Surrey, U.K.-based Next Generation Security Software, nine out of 10 financial Web sites contain security flaws that could expose them to phishing attacks.
A white paper authored by three fraud experts describes the emerging risks of using check-scanning and storage technology in the financial services industry, and details the potential for a new wave of fraud.
Some experts consider insiders more of a threat than hackers though. Learn more by reading the complete SearchSecurity.com article by clicking here