Legal issues and news

Remote learning and work heightens the security risk, says Pulse Secure's Mike Riemer.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

The agency said it may exempt certain institutions from having to file suspicious activity reports if they have “innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively." But in those circumstances, law enforcement may still require SARs.

Manual transaction monitoring doesn't scale to the acceleration of online activity, leading to many potential false negatives, and reduced efficiencies as teams demand quick growth and analysts take time to train properly, says Acuant's Jose Caldera.

Bansley & Kiener, without admitting wrongdoing, agreed to pay $2.5 million to address allegations that lax oversight contributed to the 2017 collapse of Washington Federal Bank for Savings.

A co-founder of a cryptocurrency firm was sentenced to a year in prison after pleading guilty to tricking investors out of more than $25 million in an investment scam promoted with the help of celebrities including Floyd Mayweather and the musician DJ Khaled.

Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.

Tokenization, click to pay and other advancements boost efficiency and safety, says the Electronic Payments Coalition's Jeff Tassey.

Paying on delivery with tokenization, biometric fingerprint cards, vein scanning or phone-to-phone with a variety of card payment options helps create a universe of consumer choice, convenience, personal preference and better fraud protection, says Radar Payments' Jane Loginova.

Global collaboration among researchers creates a network effect to share resources and spot threats, says Bugcrowd's Casey Ellis.

The e-commerce expansion borne out of the pandemic heightens the balancing act between security and user experience, a challenge Forter and Nuvei hope to address through a mix of data analysis and an expansive network of merchants.

The defense spending bill includes language requiring businesses to report their owners to Fincen.

It's important that breach mitigation strategies take younger people, gaming and school into account, says ForgeRock's Ben Goodman.

“If you get your credit decisions right and you manage fraud well, you can run a very efficient bank. That’s an area where AI is very applicable,” Toronto-Dominion Bank's chief AI officer says.

A defense spending package includes a measure requiring new businesses to report their beneficial owners directly to the Financial Crimes Enforcement Network, shifting the burden away from banks.

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by their Manhattan counterparts.

Crooks are hiding payment skimmers within plain sight on retailer websites, using social contact buttons in a way that's hard for security protection to spot.

A trial to get underway this week over one of the biggest banking errors in recent memory will be closely watched on Wall Street, and its outcome could have a significant impact on the industry.

Improving data management can also help future-proof data infrastructure and put the appropriate protections in place before it’s too late, says Cohesity's Michael Letschin.

AI can add an extra layer that's hard for fraudsters to beat, says Nuance Communications' Simon Marchand.