The growth in checking accounts, together with widespread consolidation in the industry and the merging of smaller banking into larger banking units, have been highly beneficial trends for both banks and their customers. But it has also produced an Achilles Heel in the banking system by creating the precise conditions in which organized criminal gangs involved in card fraud like to operate.
Banks need to act now before this crisis of confidence engages customers en masse. Measures need to be set in place now which will deal with the card fraud problems before the fraudsters become a major threat to customer trust.
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The growth in checking accounts, together with widespread consolidation in the industry and the merging of smaller banking into larger banking units, have been highly beneficial trends for both banks and their customers. But it has also produced an Achilles Heel in the banking system by creating the precise conditions in which organized criminal gangs involved in card fraud like to operate.
