Technology News

Published July 18, 2008, 1:10 p.m. EDT

Updated August 27, 2020, 1:08 a.m. EDT

1 Min Read

Getting Ready For Red Flag

Processing Content

WASHINGTON–The CUNA Technology Council is reminding credit unions that NCUA and other federal financial regulators are expected to issue guidance on the so-called “Red Flag Rules” soon.

The guidelines are for examiners as they gear up to review compliance with the Red Flag Rules surrounding identity theft compliance under the Fair and Accurate Credit Transactions Act.

NCUA’s Red Flag Rules go into effect Nov. 1 and apply to federally charted credit unions. State charters come under the Federal Trade Commission’s version of the Red Flag Rules, which are essentially the same, CUNA said.

Beware Of Zeus Trojan

NEW YORK–The RSA Anti-Fraud Command Center (AFCC) reported it is keeping a “vigilant eye on the increased use of the Zeus Trojan in attacks against financial institutions worldwide.” The Zeus Trojan, considered the latest step in the evolution of financial crime ware, “can be easily controlled by unsophisticated users, and is indicative of the newest type of attack threatening businesses and users across the globe–an attack that’s creation and deployment is easier than ever before,” RSA said.

Among the other findings from AFCC’s report:

* U.S. banking brands continue to lead the pack, with 62% being subjected to online phishing.

* Though the number of attacked brands held a slight decrease from March, the month of April contained the second highest number of phished brands in the last year with a total of 215, showing a continued trend of increasing attacks across the globe.

* RSA detected that over 30 new financial entities were subject to phishing attacks in the month of April alone.

* Though the U.S. continues to lead the way in hosting the largest number of phishing attacks, China was re-introduced as a major host as well, appearing in second position with 19% of all hosted attacks. This dramatic increase is contributed to the rise in Rock Phish and Fax-Flux domains registered in the region during the month, RSA said.