It's always sitting there like the 800-pound gorilla in the room - the upcoming IT Audit at the institution. No one asks if it's still there, because we all know it is. We've all gone through at least one IT audit, some successfully, others of us have been handed a list of recommendations from our auditors. One of the...
Common sense is something all bank directors are expected to possess, bank directors with years of experience seem to be brimming with it. But if you’re a new, or relatively new appointment to a board of directors at a bank,
As the Sarbanes Oxley (SOX) compliance challenge continues for financial services organizations, automated data auditing has become a priority. But how can you design data auditing systems and processes if you’re not sure what auditors are looking? Or what controls you need in place to satisfy requirements or how to...
Given the high cost of containing information security breaches, financial institutions have invested lots of time and money into developing incident response programs. But how do they know if their program is working properly?
The line forms on the left, as state banking associations representing banks from three New England states have filed a class action lawsuit against TJX Companies Inc., in response to the company’s credit and debit card breach in which more than 45 million cards may have been compromised. More banks are...
Lessons learned from TJX and previous data breaches to improve data protection
Outline data protection regulations financial institutions face
What regulators expect financial institutions to have in place for data protection
Best practices in data protection from a regulator, banker and processor
One of the recommendations from the President’s Identity Theft Task Force: Decrease the unnecessary use of social security numbers in the public sector by developing alternative strategies for identity management.
Deborah Platt Majoras, Chairman of the Federal Trade Commission and co-chair of the Identity...
The release of the President's Identity Theft Task Force report on April 23 with its 31 recommendations has implications for financial institutions.
While the report also focuses on increased law enforcement crackdowns on identity theft and the prosecution of the criminals who perpetrate this crime, the need for...
The best offense is a good defense, is the adage. For financial institutions part of the defense to protect your customers from becoming victims of identity theft is educating them.
When identity theft occurs, 9 times out of 10 the source of where the person’s identity was taken is never fully found. Trust and money are the two things financial institutions have as their products. Once a customer loses trust in your institution’s ability to protect their personal financial...
When it comes to compliance with the FDIC’s recent Supervisory Letter on Identity Theft, financial institutions need to “beef up†their consumer education programs, along with looking more closely at their existing risk assessment programs to mitigate current and potential areas of vulnerabilities.
Identity theft can strike anyone. Unfortunately, even BankInfoSecurity.com’s staff have been past victims of identity theft. Luckily, the two stories have been resolved. Read on to hear first-hand, the pain of identity theft, and what lengths victims have to take to resolve the crime and restore their identity....
On the heels of a recently released supervisory letter from the FDIC on Identity Theft comes the strategic plan from the President’s Identity Task Force, released on April 23. Less than 190 pages are contained in the main and supplemental report, but the plans are clearly drawn and tasks for each industry are...
A recent survey of banking executives showed the overwhelming majority plan to increase spending on automated Anti-Money Laundering (AML) transaction monitoring and on staff to help strengthen their compliance programs.
Darren Donovan, head of KPMG’s Forensic Services said the survey, administered by KPMG...
As an active job seeker you may post your resume in several job boards providing personal contact information including your social security number and more... speak with innumerable recruiters discussing potential job opportunities revealing more information about yourself. Chances are you don't give this everyday...
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