July 26, 2010
In a BankInfoSecurity article, “Fraud Cases: Black Eye for Banking?” associate Chris Loeffler was quoted on lawsuits involving banking customers. The article discussed recent rulings in fraudulent bank transaction cases. Chris noted that when the fraud involves an isolated incident rather than a widespread data breach, especially when customer error is involved, current customers are unlikely to switch banks. "'Of course, with each new case, customers and banks become more aware of the need to actively examine the steps taken to prevent fraud,' he said.
"'Because customers are now able to choose from any number of banks across the nation and world, not just those located in the customer's hometown, banks must compete not only on the services and rates they provide, but also the security they provide,' Chris said."