Dear all ,

The more this High tech gifts us with new inventions , the More Loop holes we find in the banking industry.
Cyber laundering is already taking place here and there among the banking sector.and E-crimes are already making advantage of New internet banking and other E- banking sevices that banks are almost fighting to reach and deliver to customers.

I hope that the banking sector is well prepared for this challange.

p.s : I am very proud to say : CONGRATUALTIONS to BankersOnline and To Ms MB Gaurd on this excellent web site.

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Hussam Al-Abed
Amman - Jordan

You're exactly right. New technologies, new ways for criminals to steal. In the recently released publication on Suspicious Activity Reports, one of the things they talked about was the fact that they are seeing a continuing trend in suspicious transactions in which funds are wired to/through a U.S. financial institution from a foreign source and then withdrawn in cash in a third country using ATMs. Amounts up to several hundred thousand dollars have been withdrawn over several months using this method.

In August, three men attempted to rob an online bank in England called Egg, PLC, by trying to fraudulently obtain bank and credit-card loans. According to media reports, they used a security loophole at Egg that allowed users to open multiple accounts using the same user information.

Just goes to show that when you are employing any new technology, you really have to think through its implications from the viewpoint of criminals who might be looking to exploit it.

Thanks so much for the information. It was very helpful.