Tech makes fraud easy

Because of technological advances, fraud has grown into the number one crime in the US, and is becoming more prevalent, says Westport Minuteman.

Fraud has quickly become "the" crime of the future, according to Chris Gallo, CPA and principal of Nishball, Carp, Niedermeier & Pacowta PC, in Shelton and Waterbury. Technology has enabled employees and individuals to commit fraud more easily and often go undetected.

The following tech devices have become the tools for crooks: The Internet (creates the atmosphere for identity theft), colour copiers and scanners, credit card devices, ATMs, "ghost" employees, false insurance or medical claims and complex accounting transactions.

Bank of America today recognised four technology associates for outstanding individual contributions, by naming them Bank of America technology fellows, reports CNNMoney.com.

The bank's technology fellow programme is designed as an annual award to honour exceptional individuals whose career accomplishments in technology have helped drive business growth.

The first honourees are: Peter Buchhop, a senior technology manager in the Network Computing Group; William "BJ" Fesq, a senior architecture manager in capital markets and wholesale banking technology and operations; Tim Guerry, an architecture executive in consumer and corporate staff technology; and Tony Flora, a technology business executive in Network Computing Group.

Bank of Ceylon (BOC) has deployed an advanced identity protection software from Indian-based VeriSign to fight Internet ID theft, phishing and online financial fraud, says Daily News.

VeriSign VP Shekhar Kirani said this has laid the foundation for Sri Lanka to gain Internet security, which is the best technology, with the increase of Internet banking.

Under this system, BOC customers can use a single security token to authenticate themselves across any VIP-enabled online commerce Web site, including leading online commerce sites such as eBay and PayPal.