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SWIFT distraction heist
Distraction scams or thefts – when a victim's attention is sidetracked while the thief or an accomplice does the dirty work – are the oldest tricks in the book. With the help of a malware program that was used to hit Russian banks in 2015, an attack was launched against Banco de Chile, the country's second largest bank. While the bank was responding to the malware attack, criminals pilfered about $10 million from the bank via fraudulent SWIFT wire transfers. Get the details at: Tech Talk.
Per FinCEN's final rule on customer due diligence, financial institutions must now obtain, verify, and record information about the beneficial owners of the legal entities they serve. Does your bank have a system in place to ensure compliance?
Track Beneficial Ownership Certifications
Global cyber sharing platform
Author James Michener once wrote, "We are never prepared for what we expect." With the exponential increase in cyber threats and sophisticated attack methods, no organization or sector can be prepared for what's coming next – making information sharing more critical than ever to combating cyber threats. The Financial Services Information Sharing and Analysis Center (FS-ISAC) has established a new forum for central banks and regulators to share information and intelligence on emerging threats. The Ceres (CEntral banks, REgulators and Supervisory entities) platform will facilitate secure sharing of information about threats, vulnerabilities and incidences to guard against attacks that could impact the global financial services sector. Get the details at: Tech Talk.
A payment security partnership
To help combat the ongoing battle against payment fraud, retail and payments industry leaders have joined forces to form the Secure Payments Partnership (SPP) to promote security and devise improvements for the U.S. card payment system. The group's emphasis will be on stronger user authentication, open standard setting and adoption, payment security innovation and network routing competition. Get the details at: Tech Talk.
Large-scale BEC sting
Business Email Compromise (BEC) schemes have cost victims billions of dollars in fraud losses over the last five years. A large-scale, coordinated global law enforcement effort dubbed "Operation WireWire" has resulted in 74 arrests (in the U.S. and overseas), the seizure of nearly $2.4 million, and the disruption and recovery of approximately $14 million in fraudulent wire transfers. On June 11, the FBI issued an alert with more information about BEC scams, steps BEC victim should take, how to mitigate these attacks, and more, that you can pass along to your business customers. Get the details at: Tech Talk.
Digital banking for SMBs
A financial institution's digital offerings have become an important consideration when small businesses (SMBs) decide where to take their banking business. In recent years, the lack of viable SMB payment options has driven many small businesses to non-traditional providers. Digital bank Radius Bank has teamed up with API-platform Treasury Prime on an innovative digital platform that will allow small business owners to open accounts, view account activity, deposit checks and pay bills online, and have a business debit card for purchases. Get the details at: Tech Talk.
Business identity theft
With increased sharing online, consumer identity theft has become more widespread than ever. What we don't hear about as often is small business identity theft – when identity thieves steal a business's identity to commit fraud. The National Cybersecurity Society (NCSS), a nonprofit group created to address small business cybersecurity, recently released a study that describes the types of business identity theft, how the crime is perpetrated, and identifies ways to better protect and assist victims. Get the details at: Tech Talk.
Digital disbursements to debit cards
Technology has not only changed the way we shop and pay for the items we want and need, it has also changed the way service providers and on-demand workers get paid. First Data and global payment network Mastercard have teamed up on a unique Disburse-to-Debit digital payments solution that disburses funds directly onto debit cards. Get the details at: Tech Talk.
Data-centric customer service
For today's digitally-connected consumers, instant notification and interaction with their financial providers is in high demand. From an operational and security standpoint, and to seize time-sensitive opportunities, it's vital that banks respond quickly to customer requests, operational performance issues, and security-related incidents. Real-time data is the key to discovering new revenue opportunities, reducing operating costs, mitigating fraud, and delivering an amazing customer experience. ATM Marketplace has more details and the link to a free whitepaper on "Enhancing the End-to-End Customer Experience with Real-Time Data." Get the details at: Tech Talk.
Roadblocks to blockchain
While there has been increased interest in the application of blockchain's distributed ledger technology (DLT) in the financial services sector, many security professionals see regulatory complexity as the biggest roadblocks to widespread adoption of the technology. DLT payment network Ripple's chief cryptographer cites lack of scalability and privacy issues as two major considerations that prevent banks from using DLT to process cross-border payments. Get the details at: Tech Talk.
See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum
Beneficial ownership rules impact our business account procedures. During this program we will focus on all the business account types and add the beneficial ownership procedures to those standards. You will look at CIP documentary and nondocumentary procedures for business accounts. We will also map some complicated business structures and talk more about drilling down. This program will include IRS reporting rules, exemptions and when to use SSN or EIN on some types of accounts.
Order the CD ROM of the program now.