Data and information management

Fraud has evolved to defeat existing federal Customer Identification Program requirements. It’s time for regulators to modernize them.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.

Younger people can lose thousands of dollars when they fall victim to fraud. Their ties to the digital world are both protective and compromising.

Banks report cyber events to their boards and regulators more than twice as often as they notify their customers and the general public, according to a recent survey. New reporting requirements could change the equation.

The bank's CEO, Mike Butler, finds signs of fraud using software from FiVerity that identifies suspicious behavior patterns across its client network.

The federal agency says the company’s products are a threat to national security.

The suspects, ages 16 to 21, were apprehended in connection with an investigation into a hacking group called Lapsus$, which has said it’s responsible for a rash of recent cyberattacks against companies including Microsoft and Nvidia.

The identity management company, which has many bank clients, said it learned the extent of a January breach five days before hackers told the world about it.

The cybercriminal group N4ughtySecTU claimed to have stolen 54 million personal records from the credit bureau and demanded $15 million.

When the U.S. announced sanctions against Russia two weeks ago, many feared U.S. banks would bear the brunt of a payback cyberattack. Experts disagree on why that hasn't happened and whether the danger has passed.

PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

The omnibus legislation includes two measures that affect the banking industry: a cyber incident reporting requirement and Libor transition fix.

The data aggregator and challenger bank have formed a partnership to let customers of Green Dot’s mobile banking app use any of the 6,000 fintech apps in Plaid’s ecosystem.

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.

The legislation by Sens. Rob Portman and Gary Peters has bankers worried about burdensome reporting requirements.

Early Warning Services, which operates the Zelle peer-to-peer payments network, is working to educate consumers about common scams, but it faces criticism over how its banks respond to victims.

The hacker group is threatening to publish personal data from multiple U.S. financial institutions and using known vulnerabilities to get into their systems.

The impact of U.S. sanctions against Russia on U.S. banks has so far been limited. But further escalation could lead to anti-money-laundering compliance challenges and invite cyberattacks, among other consequences.