Federal Deposit Insurance Corp.’s Cyber-Fraud and Financial Crimes Section chief Michael Benardo says banks and credit unions can soon expect more scrutiny about the due diligence and background checks they conduct on third-parties, especially payments processors and merchants. Benardo: Banks need to be on the lookout for a high rate of return on products. Payment processors are not conducting adequate due diligence, at least not across the board, he says. The FDIC says transactions conducted for telemarketers, online businesses and others pose unique security challenges and risks.”]
Source: https://www.bankinfosecurity.com/key-traits-risky-transactions-a-4522