The Fraud Fight That Never Ends
How to keep your customers' financial data safe in an increasingly unsafe environment
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Since late 2009, law enforcement officials have been seeing an increase in attacks by fraudsters attempting to target the transaction data of small to midsize companies, stealing everything from business account numbers to customers' credit card information. John Bonora, vice president and compliance officer at Fairfield County Bank in Ridgefield, Conn., works with his customers to employ better safety precautions. In addition to concerns about financial losses, Bonora says, companies should be concerned about potential liability for breaches of customers' data.
"At a minimum, you need to know the basics about your state's laws and what the security expectations are," he says. "What a lot of states are doing now is building laws about safeguarding customer information and including the business' civil liability right in the law."
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