Many banks still do not have enough teeth to tackle fraud, which costs Asia around $1 billion a year, but social media could be a game changer due to the reputational risk, said a top official from complex event processing firm Progress Software.

Fraud cases include bank card skimming or copying of card data, security issues in Internet banking and theft of credit card details, Progress Software's deputy chief technology officer Giles Nelson told Reuters in an interview on Tuesday.

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