Citi Case Exposes Insider Risks

[InfoSec News <alerts () infosecnews org>]

http://www.bankinfosecurity.com/articles.php?art_id=3818

By Tracy Kitten
Managing Editor
Bank Info Security
July 5, 2011

On June 26, federal authorities arrested a former Citigroup executive 
for allegedly embezzling more than $19 million from Citi and its 
customers.

Gary Foster, who worked in Citi's treasury finance department, was 
arrested by the Federal Bureau of Investigation at John F. Kennedy 
International Airport, just as he returned from a trip to Bangkok.

The United States Attorney for the Eastern District of New York has 
charged Foster with bank fraud. If convicted, he could be sentenced to 
30 years in prison.

The Foster embezzlement charge marks the second public blow Citi has 
taken in less than a month. Also in June, the bank revealed that its 
online banking platform, known as Citi Account Online, had been 
infiltrated by hackers. Personally identifiable information about 
hundreds of thousands of Citi customers was likely exposed.

[...]


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