Can Technology Prevent Wells Fargo-Style Account Fraud?

As reports have rolled in that Wells Fargo employees opened more than 2 million fake accounts to meet sales goals or secure bonuses, and that 5,300 workers were fired, personal failings and human judgment have been at the heart of the debate. Regardless of where the fault lies — with branch employees or upper management — the failure of humans to act with honesty and integrity raises an oft-repeated question these days: Could technology have prevented the problem? It certainly could have helped Wells put checks in place that would have ensured employees could not set up bogus accounts — and could help other banks from following in its footsteps, tech experts say. “Systems that are used to detect fraudulent account openings and transactions can be adapted to detect internal…

Link to Full Article: Can Technology Prevent Wells Fargo-Style Account Fraud?

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