Fraud prevention in banking has struggled to keep pace with criminal methods, tracing back to the inception of the national banking system established by Lincoln in 1863.
Despite the intention to create a singular regulatory framework, the dual banking system emerged, leading to competing interests between state and federal banks.
Regulators have responded to banking fraud in a piecemeal fashion over the years, akin to a game of regulatory whack-a-mole, often failing to address systemic issues.
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