E-Commerce Op Risks Could Be A 'Nightmare', Warns Regulator
ELECTRONIC BANKING
FRANKFURT AM MAIN, GERMANY -- The world's banking system could face a nightmare if there were a failure of the common technology often used by banks in their online and electronic banking services, a senior international banking supervisor told bankers and academics here in late January.
Andrew Crockett, general manager of the Bank for International Settlements (BIS), said there is a risk many large institutions could be simultaneously subject to a common shock because they use the same software
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