In conjunction with the recent Identity Theft Red Flags Rule Roundtable webinar, we conducted an interview session with Evelyn Royer of Purdue Employees Federal Credit Union and Steven Jones of Synovus Financial Corp. Topics ranged from:
How has your institution tackled ID Theft red Flags Rule compliance?
What...
In discussing our current banking crisis with a colleague earlier this week, I was surprised by the level of cynicism he displayed towards the regulatory agencies and their efforts to govern the institutions they oversee. He's a practitioner like me, and I'd always thought of him as being of an equal mind on such...
It's officially the 11th hour.
The deadline for compliance with the Identity Theft Red Flags Rule is less than one month away, and financial institutions are scrambling to meet it.
Yet, a new study from Tower Group, the financial services research firm, predicts that less than one-third of institutions will be...
The Payment Card Industry (PCI) has released its newest version of its data security standards (PCI-DSS). The version is designed to help protect transmitted charge and debit card information, and spells out a comprehensive vulnerability management program.
While not a banking regulatory standard, PCI was...
We just saw banking history being created.
It isn't over yet, the reshaping of the U.S. financial services landscape, but when you look back on the seismic changes that occurred in September, you appreciate that we have indeed just experienced a series of events unlike any since the Great Depression. It seems every...
It used to be the mantra - "Bigger is Better" was the one thing that made sense when it came to risk management models. Goldman Sachs and Morgan Stanley's conversion into bank holding companies, allowing them to buy other retail banks and more readily borrow money from the Federal Reserve Bank, means that long-chanted...
I'll admit it, I've become an FDIC press release junkie. The past few weeks, nay, the past year, have given me a steady supply of news to keep my binge going. From bank closings to statements on conservatorships, this affair has been nothing short of spectacular.
The second conspirator/hacker in the biggest hacking case ever has been convicted of conspiring to electronically break into computer networks, steal credit and debit card information and sell it. He faces up to 22 years in prison and a $1 million fine.
Christopher Scott pled guilty to conspiracy, access device...
Leading Technology Vendor Discusses the Need for Vulnerability Assessments & Remediation Processes for Applications Whether Developed In-House or By a Third-Party
Application security is a key focus of regulatory agencies - ensuring that financial institutions pay as much attention to third-party applications as...
You know someone. Out of millions of Merrill Lynch customers, you should know at least one. Combine Bank of America's many more millions of banking customers, and you have to know someone. I know quite a few myself. All of these people are waiting to be absorbed into what is ultimately a new regime. This state of...
As regulators turn up the heat on banking institutions to improve vendor management, the industry's emerging standard assessment program has a new look and a new version set to debut this fall.
The Shared Assessments Program, formerly known as the Financial Institution Shared Assessment Program (FISAP), is promoted...
With all the focus on banks and credit unions' work to comply with the ID Theft Red Flags Rule, many in the financial services industry have forgotten that the largest share of entities impacted by this new regulation are non-banking institutions -- finance companies, automobile dealers, mortgage brokers, etc.
And...
To me, this is one of the sleeper stories of the year.
The ID Theft Red Flags Rule, Business Continuity and Anti-Money Laundering have dominated the headlines - and banking/security priorities. But recent attention paid to Application Security has the potential to fuel one major fire drill in 2009.
When I started this job a year ago and reached out to banking/security leaders, the overwhelming message I got was "Security awareness - we don't do it well."
For banking institution employees, maybe there was an information security training seminar when they first started. Or an occasional workshop on identity...
Everyone was watching the Olympics this past month and saw lots of records being broken. But there is one record no one want to be included in -- the record number of 449 data breaches that have happened (and been made public) and recorded by the Identity Theft Resource Center.
Unfortunately for some unlucky...
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