Security risks in outsourcing bank back-office functions

First, US textile jobs were shipped to the Orient, then customer service call centers for American companies cropped up in Manila. Now the back office of the corner bank is being hauled to Bombay and Bangladore, India.

From SunTrust in Atlanta to Bank of America in Charlotte, N.C., banks are hiring overseas shops to stay competitive, be more efficient, and have access to cheap labor.

But as more accounting and investment banking is being sent overseas, the result is that Americans' personal bank accounts are increasingly susceptible to theft and fraud, some experts say.

'If you think about the scenario, you have the lowest-paid contractors furthest away from the main office all with access to sensitive data," says Paul Bilden, vice president at Covelight, an Internet security company in Cary, N.C. "It's an incredibly risky proposition."

As bank jobs go abroad, are records at risk? (Christian Science Monitor)