This lengthy, high profile case highlights a growing problem being addressed by the FBI through new initiatives. Rapid technological advances and customer demand for quick and easy access to financial information are revolutionizing the banking industry. As banks begin to focus on these interactive Internet delivery systems, the threat of high-tech fraud becomes more real. The FDIC recently identified over 700 banking web sites. As early as 1994, a RAND Corporation study indicated that from a simple statistical viewpoint the danger of cyber attacks against any institution, financial or not, was steadily increasing with the spread of computers and the growth of the Internet.
Identity theft poses significant risks to financial institutions and individuals alike.
The Internet is also engendering other bank-related frauds. A goal of the group is to ensure that adequate fraud prevention measures are implemented to assist in the detection, investigation and prosecution of individuals attempting to defraud the cyberbanking system. Although serious cyber attacks on banks are still not common, we believe existing guidelines for reporting these new types of crime are in need of revision. The SAR form serves not only as a means to report crimes perpetrated against banks, but also as an investigative tool to assess current and anticipated crime trends. The addition of computer fraud to the SAR will enhance law enforcement's response and crime assessment capability.