SC banking group hopes to stop fraud on accounts
Thu, 24 Jan 2013 21:25:02 GMT —
The president of the South Carolina Bankers Association says his group has created a way to detect fraud on customers' bank accounts following last fall's hacking of taxpayers' filings with the Department of Revenue.
Fred Green told a House panel on Thursday the network should be in operation by month's end.
The stolen data included 3.3 million unencrypted bank account numbers. Green says 1.1 million of those are in-state and active.
Banks received the checking account numbers through a court order last month. Green says knowing precisely which accounts were compromised allowed banks to eliminate some customers' unnecessary anxiety, as well as flag impacted accounts.
If a customer reports or a bank detects fraud on a flagged account, banks across the state will be alerted to hopefully stop similar attempts.