AML concerns heat up, as FinCEN warns U.S. institutions to scrutinize accounts held by foreign political figures. And the unofficial release of an FFIEC draft about online authentication guidance opens regulators to more feedback and criticism.
Mobile banking, social media, cloud computing. These all are part of the global banking landscape today, and with these innovations come new expectations, says Alessandro Moretti of (ISC)2 and UBS Investment Bank.
Visa says a move toward EMV can help merchants cut PCI compliance costs, and SWIFT says globalization, regulation and the introduction of new services from non-financial providers will set the tone for payments 2011.
Regulators are sending a message to U.S. banking institutions: AML practices and due diligence, especially when dealing with foreign customers and correspondents, must be priorities.
Consumer fraud trends suggest banking institutions will lead the fight against ID fraud, and international regulators are taking closer looks cross-border payments and money laundering.
Cyberthreats stem from the malware, but monetary losses stem from money mules. I've decided to coin a new term: eFraud. I cannot think of a better way to describe the wave of fraud incidents the financial industry is facing. It's electronic.
When it comes to fraud prevention, things are going to be different in 2011. It's clear that fraud in the United States has reached a tipping point, and financial institutions are at the center of it all.
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