So they catch an embezzler in Orlando and decide to outsource the fraud department?
Former SunTrust executive pleads guilty to embezzlement
A former SunTrust Banks Inc. loan executive in Orlando has pleaded guilty to the theft of more than $200,000 from the bank, federal prosecutors said Tuesday.
Sharon Williams, 51, faces a maximum sentence of 30 years in federal prison. She was vice president of real estate construction administration from October 2004 to October 2011.
According to the plea agreement, she used her position to steal money from various accounts by fabricating debit tickets to make it appear the money was going to a commercial client. Instead, the funds were transferred to her personal accounts. Williams hid the theft by approving the transactions herself, designating them as disbursements to pay certain fees.
Another bank employee discovered one of the transactions last October and reported it to the bank, which dismissed Williams, prosecutors said.
http://www.orlandosentinel.com/business/os-ex-suntrust-executive-guilty-theft-20120925,0,783096.story
AND
SunTrust's overseas outsourcing of fraud-detection work raises security issues
In a cost-cutting move, SunTrust Banks Inc. plans to farm out some of its transaction-fraud-detection work to an overseas company, eliminating nearly 20 high-tech jobs in Orlando by the end of the year.
SunTrust, the largest bank in Central Florida, stands to benefit financially from having lower-wage workers abroad monitor customers' debit- and credit-card purchases for potential fraud. But some experts are warning that the "offshoring" of such computerized monitoring could place customers' personal information at greater risk of being stolen.
"Anytime you outsource personally identifiable information to a third party, whether abroad or not, you raise the risk of that data being misused," said Ed Mierzwinski, Florida program director for the Public Interest Research Group, a consumer-advocacy group based in Washington. "Banks have a fiduciary duty to protect your data, but you have to wonder what measures SunTrust is taking to do that."
Atlanta-based SunTrust, in confirming the outsourcing and the loss of local jobs, insists the change will not endanger customers' account security or their privacy. The bank indicated last week that it has taken all the steps required by federal bank regulations to verify the safety and soundness of its third-party vendors.
http://www.orlandosentinel.com/business/os-suntrust-offshoring-local-jobs-20120925,0,5326984.story
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