UBS's $2 billion loss to rogue trading provides lessons for all banks. What's missing in today's financial institution culture is a balance between profits, ethics and governance, says risk management expert Frances McLeod.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
Bank of America says weekend problems with its website were not related to any online breaches or attacks, although one analyst called the timing "curious" - coming one day after the bank announced new debit card fees.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is designed to significantly transform the way the financial system operates. The large scale of the law has slowed the detail and clarity that is expected with this reform. The act needs the guiding hand of a systemic approach to help with the...
Elayne Starkey recently gave up her BlackBerry for an iPhone, and uses the Apple mobile device for personal and work doings, securely connecting to the computer system of her employer, the state of Delaware.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.