UBS says it lost $2.3 billion, not $2 billion, as a result of “unauthorized speculative trading” A 31-year-old UBS director has been arrested, charged with fraud by abuse of position and false accounting. Banks need to be more vigilant, especially when it comes to basic in-house practices, expert says. Automation of fraud detection helps, but it’s no silver bullet, experts say. Whistle-blowing should provide a safe-haven for people to tell things when they think something is odd.”]
Source: https://www.cuinfosecurity.com/ubs-losses-worse-than-reported-a-4070