Comptroller of the Currency of the United States, Thomas Curry, said in a statement that financial institutions need to take care regarding the outsourcing of services to third parties.

The warning follows action by the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau, against Capital One Financial, over misleading practices employed by an external call centre employed by the company.

Mr Curry said: “"We have concerns regarding the quality of risk management on the growing volume, diversity and complexity of banks' third-party relationships, both foreign and domestic".

The warning was directed at contracts with third part vendors that lasted more than a year, with fears of a rise in complacency.

The OCC said that banks should move to implement a risk management and assessment plan when employing outsourced services.

Banking security is questioned after significant losses in India

New U.S. federal budget sees a decline in funding after inflation