The massive "Panama Papers" data leak apparently was enabled by a law firm failing to have the right information security defenses in place. The breach calls attention to the need for all organizations to encrypt sensitive data, use access controls as well as monitor access patterns for signs of data exfiltration.
If you cast the Panama Papers leak in terms of class warfare, this isn't the first time that a faceless few have acted for what they perceive to be the good of the proletariat, in a bout of hacker - or insider - vigilantism.
Financial crime control is a chief priority for most financial institutions around the world, as they continuously evaluate the best ways to safeguard their systems, their data and, ultimately, their clients. Indeed, fraud and cyber security are on the formal management committee agendas at least quarterly for 80...
Growing worries about the use of the U.S. financial system to launder funds for terrorists has spurred proposals for new state and federal regulations aimed at tightening money-laundering controls. Attorney Lauren Resnick explains steps banks are taking to help detect suspicious activity.
Synthetic identity fraud is more pervasive than most people are aware. Synthetic identities are used to obtain financial services, medical benefits, insurance and rental housing, among other things. Additionally, organized crime and terrorist groups are realizing the benefits that the anonymity of synthetic identities...
After nearly a generation of prodding, not a week goes by without the continued assertion that banks have failed to respond to digital-savvy customers demanding anytime, anyplace, anywhere services through digital and mobile channels. But how can banks respond to the digitized offerings from "born in the cloud"...
Cyberattacks against U.S. banks will continue to increase in 2016, making cybersecurity oversight and AML enforcement focal points for regulators, says Walter Mix, a former commissioner of the California Department of Financial Institutions.
Financial crimes are growing in frequency and complexity with advances in technology providing malicious insiders and organized criminals more opportunity to commit crimes. Furthermore, the drumbeat to remain compliant continues. New regulatory guidelines continue to arise with increased scrutiny and complexity, so...
The use of Bitcoin poses big cybersecurity and money-laundering concerns for banks. But the transaction infrastructure used by cryptocurrencies offers many features that banks should put to use, says former FBI Special Agent Vince D'Agostino.
Heightened money laundering risks are posed globally by individuals who are considered to be Politically Exposed Persons (PEPs), but how can you best assess how relations with PEPs could impact your organisation?
The latest whitepaper from LexisNexis Risk Solutions is designed to clarify the due diligence...
Instead of hacking into trading platforms, prosecutors say a gang stole confidential press releases, enabling traders to illegally earn $100 million. Security experts say it's time to review the "information supply chain."
The U.S. Department of Justice has announced charges against nine people suspected of running an international insider-trading and hacking scheme predicated on stealing confidential press releases before publication.
Fraud, money laundering and other financial crimes are a thorn in the side of every financial institution. These activities can cut into profits, damage public trust and expose banks to massive regulatory penalties if found to be out of compliance with governmental regulations. Many organizations simply accept...
Banking institutions' technical and procedural shortcomings pose increasing risks to the nation's critical infrastructure, two banking regulators note. Learn why they say more transaction monitoring and information sharing are needed.
For the first time since 2010, the FFIEC has released updated guidance about Bank Secrecy Act compliance requirements and money-laundering risks. As a result, a fraud expert says banks should brace for more regulatory scrutiny in early 2015.
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