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Banks 'systematically understating' level of customer fraud

James Titcomb  

The Daily Telegraph

5 November 2014 

Dr Alastair MacWillson, an adviser to PA Consulting Group, is quoted in an article, in The Daily Telegraph, on how banks are being accused of “systematically understating” exactly how much money fraudsters are stealing from customers’ bank accounts. 

Alastair explains that banks often do not assess how much they should invest in security because “the cost of breaches is a very grey and difficult area”.

However, Alastair goes on to say that banks are becoming more alive to the dangers posed by hackers: “There is a change in awareness which is changing that behaviour.”

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