Internet Banking Fraud – Clive Peeters Case
•the amount of the fraud is always larger than expected. The estimates of the Clive Peeters fraud went from $2 million to $7 million to $20 million. •the fraud was conducted over a longer period than expected. The current estimate is that the fraud was operating for 18 months. It is vitally important where a business is using internet banking that a two signatory approval for any payments or transfers is put in place. The standard internet banking software provided by the banks is inadequate for business use because it lacks the necessary internal controls. Speak to your bank about obtaining the higher security, multiple signatory version of internet banking. Unfortunately, in our experience, it is not easy to obtain and you have to speak to many people in the bank before you get someone you knows anything about it.
Please join StudyMode to read the full document