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Cybercrime Poses New Risks in Commercial Banking

This article discusses the handling of electronic fund transfers under the Uniform Commercial Code, online banking customer authentication methods, and recent litigation between banks and small and medium-sized businesses that were victims of cybertheft.

33 minute read April 29, 2010 at 12:04 PM
By
Richard Raysman and Peter Brown
Cybercrime Poses New Risks in Commercial Banking

A recent report calculated that small and medium-sized businesses and local government institutions are losing, on average, $100,000 to $200,000 per day to cybercriminals who perpetrate fraudulent electronic funds transfers.

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