University helping major companies fight fraud

CHARLOTTE, N.C. — The White House wants every retailer in the nation to follow new federal requirements to combat cybercrime.

The push comes after Target announced plans Tuesday to spend $100 million to revamp its system and accept chip-based credit cards.

Last year, Target’s massive breach impacted over 100 million shoppers.  This year, consumers could be hit with more than $1 billion in fraud, and companies could lose trillions.

Just this week Target leaders apologized to federal lawmakers and promised to incorporate more secure cards.

Dr. Patrick Malloy teaches financial fraud programs at Pfeiffer University.

The undergraduate program launched last year, and a master’s program just started last month.

The courses focus on addressing specific and immediate needs companies have.

Malloy said the college works with banks, law enforcement, and the IRS.  He also works with Grant Thornton, a major accounting and consulting firm.

“We see it as a real opportunity to bring real-world experience into the classroom and to develop the next generation of forensic accountants that we will be hiring from,” said Erik Lioy with Grant Thornton.

Rick Thompson works as a fraud investigator with a major Charlotte bank and just started Pfeiffer’s program.  Thompson will be taking courses in everything from computer forensics to examining the legal elements of fraud.

Thompson already works to protect consumers on a daily basis, but says this added knowledge will give

him a leg up on criminals.

“Stopping the fraud, I don’t think you’re going to do it.  But I would like to be a part in saying I was able to slow it down.” said Thompson.

Pfeiffer University also offers fraud information and education seminars for businesses.

To request a fraud education seminar from Pfeiffer University, click here.

WSOC