OLYMPIA, Wash. - (12/20/05) -- Rather than play defense, officialsat Washington State Employees CU decided to take the offensiveagainst a series of phishing attacks. After the credit union wasalerted to a phishing email that linked members to a phony website, the credit union began inundating the fake web site with baddebit card numbers, hoping that the criminals would be confused andunable to distinguish between the fake numbers and any real onesmembers may have been fooled into sending them. They also contactedthe Internet service provider in Lithuania that was hosting thefake web site. It took about a day and half to shut down the phonyweb site.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27