The American Bankers Association released a report on fraud losses in the U.S. in 2014. The report largely blames retail breaches for the 12 percent uptick in financial fraud losses. The finger-pointing is further evidence that the battle between banking institutions and retailers over cybersecurity responsibility remains alive and well. ABA’s senior vice president of payments and cybersecurity policy says losses linked to online banking and wire and ACH transactions accounted for only 2 percent of the banking industry’s overall fraud loss. Some readers say banks have failed to implement mobile payment systems that offer relatively strong authentication.”]
Source: https://www.inforisktoday.com/blogs/readers-on-fraud-aba-has-head-in-sand-p-2051