News & Resources

Fraud prevention is an important element of business

Jan 17, 2011 Brian Bradley

One of the biggest issues facing companies all over the United States is fraud prevention. It can be difficult for small and midsize companies to do as thorough of a job in detecting it as they should. According to experts, more must be done in order to make fraud detection more thorough by using available technology and the skills of knowledgeable professionals. In a recent interview with, Matthew Speare, who runs security for M&T Bankcorp, said that industry members needed to work together to help catch those trying to conduct illegal activity. "Demanding from them more robust fraud-detection technology and processes that can stop fraud mid-stream, versus waiting for it to show up at one of the banks, is something we should focus on going forward," said Speare in an interview with the site. "I think that is where we need to push most as an industry, to have them help us." Security of financial information is a rising concern for institutions everywhere. The Identity Resource Center recently reported that data breaches in 2010 were up 33 percent from the year before.