3 ms·
UBS Says It Had $2B Loss From Unauthorized Trading
- jonah 15y agoSo do they tell their traders "We only authorize you to make profitable trades."? In seriousness, it boggles my mind that institutions of this size don't have automated monitoring systems in place to keep an eye on their employee's activities.
- teyc 15y agoA fraud, electronic or not, is a hack on a system. It gets interesting when the monetary costs are so high and quantifiable. Perhaps someone who knows how investment banks work could tell us how they do threat modelling against fraud. What lessons from everyday embezzlement by bank staff could have been applied to prevent these?