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ANZ Bank security chief ties uptick in fraud to downturn in economy

July 26, 2012

Australia's ANZ Bank is concerned that a weak global economy is prompting cyber thieves to target bank accounts with skimming and related fraud operations.

According to a story by CIO, the bank's head of group security, Damian McMeekin, told an audience at the Security 2012 conference in Sydney that Romanian gangs had entered the country and carried out skimming operations in that city and Melbourne.

Additionally, he said that ANZ's stated goal of expanding into distant markets and its decision to off-shore certain operations increased the risk of cyber attack. The bank was responding with increased security, the report quoted McMeekin as saying.

"People rob banks because they have money so we have invested millions of dollars in security. This security has displaced a lot of the [cyber crime] issues but they haven't gone away."

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