Ensuring compliance with BSA and AML mandates is always a priority for federal examiners, and that makes it a priority for banks, says Nancy O'Donnell of Thomaston Savings Bank.
Federal investigators say the two latest suspects, along with other accomplices, are suspected of being connected with Seattle-area debit- and credit-card skimming schemes that span at least six months.
The Dutch company that was deceived by hackers into issuing fraudulent digital certificates is liquidating its assets under the protection of a bankruptcy court in the Netherlands after failing to recover from the attack.
With the Swiss bank offering new details about the severity of its trading scandal, industry experts share insights on risk management and the failure of systems and staff to detect unauthorized trades.
Account takeovers are up, but losses are down. Doug Johnson of the ABA says that's because banks and their customers are catching and blocking suspect ACH transactions before they drains corporate accounts.
"We have this problem on the Internet, which is: How do I talk to someone I've never met before and know that they are who they say they are?" says Michael Smith of Akamai Technologies.
Risk management expert Frances McLeod says investment banks such as UBS struggle with balance between risk management and making money. "There is a bit of a conflict in the culture," she says.
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
From 2004 to 2010, Latesha Brown used her privileges to accept and submit forged birth certificates, pay stubs and other documents to obtain loans at several institutions. How did she go undetected for so long?
The financial system is in better shape than what it was in 2008 and 2009. But market volatility and regulatory reform could change everything, says former FDIC head William Isaac.
"You can't have someone arrested for violating your policies," says former Bear Stearns CISO Jennifer Bayuk. "The question is: What did he do, and was there a policy that would have prevented the activity?"
A new payment card breach, this time striking a company that supplies vending machines and games to entertainment venues, has reignited concerns about point-of-sale system security.
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
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