Every year the Anti-Money Laundering/Bank Security Act (AML/BSA) Examination Manual undergoes revisions. This year's revisions expand the discussion on providing banking services to money services businesses (MSBs).
Now reality sinks in.
With last week's long-awaited release of the federal ID Theft Red Flag rules, financial institutions nationwide are starting to figure out "What next?"
Many executives are still absorbing the information. Others are actively working on adding the new requirements to their compliance efforts.
The new Identity Theft Red Flag regulations announced last week are intended to make life tougher for criminals, but they are also expected to seriously complicate compliance efforts, according to financial industry experts.
By this time next year, all U.S. financial institutions will be required to have implemented an Identity Theft Prevention Program.
This is the mandate from Washington, D.C., where six federal agencies this week issued the Final Rules on Identity Theft Red Flags and Notices of Address Discrepancy. These final rules...
The Financial Crimes Enforcement Network (FinCEN) has announced changes to its Secure Information Sharing Systems so that financial institutions can more easily show their compliance with law enforcement search requests.
Betsy Broder offers practical advice for financial institutions on best practices to protect their customer information, and explains the federal government's efforts to address ID theft. She also addresses possible legislation that could affect a financial institution's data security and identity theft prevention...
Sometimes a Breach is as Simple as Walking in the Front Door Chris Koger is not an actual identity thief, but he may play one soon at a bank branch near you.An Atlanta-based “ethical hacker” and information risk assessor, Koger specializes in human, operational and physical weaknesses of small- to...
To safeguard digital customer files and stymie potential identity thieves, Brintech’s Chris Koger has a quick list of tips for bank officers. They’re based on the most common errors that risk assessors come across
Credit Unions, Smaller Institutions Now Phishing Targets EBay and PayPal are no longer the primary targets of phishing emails; the phishers have cast their lures at customers of smaller businesses, including credit unions and other institutions, according to security vendor Sophos.
Vulnerable Web Servers Are More Quickly Identified By Fraudsters The news from the crimeware front isnâ€™t good. The research team at RSA Security reports the discovery of a tool that fraudsters are using to automatically trace vulnerable web servers, allowing them to quickly launch multiple phishing attacks.
Private Data Vulnerable to Armies of Rogue PCs One hacker armed with one computer isn't going to make a dent in most financial institutions' network security perimeters. But imagine a faceless army of thousands of compromised PCs outside the walls of your institution. They are computer robots programmed to obey the...
New ID Theft Scam Targets the Really Big Fish Phishers are now setting their hooks on high-income individuals, and the term that information security researchers are using is “Whaling” -- or spear-phishing that really big fish.
FinCEN and OCC Assess Civil Penalties Against Union Bank in Deferred Prosecution Agreement Union Bank of California, N.A., a wholly-owned subsidiary of UnionBanCal Corporation, based in San Francisco, earlier this month entered into a deferred prosecution agreement regarding charges of failing to maintain an effective...