Fraud Expert Details What Must Be Done To Protect Business Accounts

By Linda McGlasson, Managing Editor

What can - and should - a banking institution do to help protect its business customers?

Mike Urban, senior director of Fraud Solutions at FICO, has studied this question and offers his observations on how institutions and customers can fight back against the risks of online fraud.

"Really, the problem is that ACH fraud can be as lucrative or even more than physically breaking into a retail establishment and stealing card data," Urban says. "It can really be lucrative for a one-time hit on a business." This puts institutions and their business customers in a "Catch-22" position, because small and medium businesses want easy access to their accounts, and institutions look at fraud detection on these accounts as an added expense. "But somehow institutions and businesses have to get closer to the middle and strike the right balance," Urban says.

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