Poor passwords drive online banking fraud

More than 1.7 million people are at risk of falling victim to Internet fraud because they use exactly the same password every time they go online, a new report warns, according to Telegraph.co.uk.

The latest research by insurer CPP reveals many people admit to using use easy-to-guess passwords, such as memorable dates, the names of their children or pets, and share them with partners, friends and colleagues.

But with a big increase in phishing and smishing attacks and malicious software, where fraudsters try to gain access to consumers' bank account details, passwords and PIN numbers, the use of inappropriate and insecure passwords is putting people at risk from identity fraud and other forms of criminal activity.

Optimising data and cash are significant mandates for tier one institutions, as banks weather the remaining recession and position for recovery, writes Bank Technology News.

IBM's offer to buy Chicago-based predictive analytics giant SPSS for $1.2 billion reveals Big Blue's efforts to gain share by helping banks save money while making the most of the endless data pouring into banks' marketing, risk and fraud operations.

"At the highest level what we know is in all industries the amount of information is growing, and continues to grow at an exponential rate," says Eric Yau, VP of business intelligence and performance management at IBM. "And of course we know data does not equal useful information."

Bridge Bank has gone live with SunGard's Sierra system for FX trading delivered on an application service provider basis, states Banking Technology magazine.

The platform was implemented to help Bridge Bank streamline operations in its growing international banking division, which provides the bank's customers with foreign exchange, trade and global cash management services.

As its clients' volumes of foreign currency payments and receipts have increased, Bridge Bank has been using Sierra to help streamline its foreign currency processing.