Banks plagued by fraud

Inefficiency in banks' anti-fraud divisions is leaving the industry open to a new swathe of financial crime, according to a report by analyst Datamonitor, reports Management Consultancy.

And a new wave of financial mis-statements, account manipulations and internal fraud could be exacerbated by the economic crisis.

“Financial crime is no longer simply about the laundering or theft of money. It is about high-profile issues such as customer data theft, financial misreporting, and many others,” said Jaroslaw Knapik, financial services technology analyst at Datamonitor and the report's author.

TripleTree, an independent middle-market investment bank, has introduced an award programme in conjunction with the Wireless-Life Sciences Alliance (WLSA), writes The Earth Times.

The awards will recognise companies delivering 'disruptive' technologies and services reducing healthcare costs and improving healthcare outcomes for consumers.

The I3 awards have been created to showcase solutions that demonstrate innovation, insight, and initiative in the wireless life sciences sector. Twelve finalists will be selected from the applicants by a panel of judges and be invited to attend and present their solutions.

Yucheng Technologies, a provider of IT solutions and services to China's banking industry, introduced Phase II, which expands the scope of Bank of East Asia's personal e-banking services to enhance the customer experience, says FoxBusiness.

Phase II builds on standard capabilities, such as wire services and account management, to add a new level of functionality. Online bill pay, a critical new feature, offers users the first convenient payment method and replaces the need for in-person payments at a bank or vendor.

Scheduled fund transfers and fixed-term savings options, similar to CDs, allow users to actively manage their use of savings products to maximise returns while meeting financial commitments. Phase II also includes a preliminary mobile payment system enabling users to send payments and fund transfers to other BEA customers via text message.