>"User names" and passwords should be supported in Internet banking transactions with new and better ways of identifying real customers from fraud artists trying to "highjack" bank accounts, according to an update on identity theft from the Federal Deposit Insurance Corporation (FDIC)."Identity theft, particularly...
Since 1998, when identity theft first became a federal crime, a number of statutes and regulations have clarified impermissible use of personal information and offered greater tools to law enforcement. However, no law or regulation is focused solely on account hijacking. These changes in federal law have either...
Successful frauds tend to be replicated until they no longer work. Financial institutions can help reduce identity theft, including account hijacking, by encouraging information sharing so that identity theft frauds are thwarted sooner. A number of such information-sharing efforts are noteworthy including those...
Following a public comment period, the Federal Trade Commission has issued final summaries of identity theft and general consumer rights and revised furnisher and user notices under the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act of 2003 (FACTA). Consumer reporting companies are...
The Check Clearing for the 21st Century Act (Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The law facilitates...
This policy issuance alerts all financial institutions to the importance of strategic information systems planning and its role in overall corporate management and planning. It identifies management's responsibilities in preparing strategic plans for their information systems requirements.
BACKGROUND
Information...
NCUA Annual Performance Budget 2005
Message from the NCUA Chairman
I am pleased to present the National Credit Union Administration’s Annual Performance Budget 2005. You will notice that it is called a performance budget and not a plan. It was developed to serve as an element of budget development and...
The National Credit Union Administration (NCUA) Office of Inspector General (OIG) Annual Performance Plan for 2005 delineates those audits that would most benefit the NCUA. In formulating this Plan, we considered:
• The agency’s strategic and annual performance plans;
• Pertinent legislation,...
The federal bank, thrift and credit union agencies today announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as “phishing.†The term is a play on the word “fishing,†and that’s exactly what Internet thieves are...
This guidance identifies risks associated with public Internet instant messaging (IM)1 and how they can be mitigated through an effective management program. Public IM may be used by employees both officially and unofficially in work environments. The use of public IM may expose financial institutions to security,...
Fight Back: What You Can Do about Identity Theft If you think your identity has been stolen, here's what to do now:
Contact the fraud departments of any one of the three major credit bureaus to place a fraud alert on your credit file. The fraud alert requests creditors to contact you before opening any new...
This advisory letter highlights issues regarding bank electronic record systems in light of the E-SIGN Act. 15 USC 7001, et seq. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems. BACKGROUNDFederal legislation changed the...
The Federal Trade Commission today said that provisions of the recently enacted Fair and Accurate Credit Transactions Act will help reduce identity theft and help victims recover. In testimony to the House Ways and Means Committee’s Subcommittee on Social Security, Howard Beales, Director of the FTC’s...
You are receiving this information because you have notified a consumer reporting agency that you believe that you are a victim of identity theft. Identity theft occurs when someone uses your name, Social Security number, date of birth, or other identifying information, without authority, to commit fraud. For example,...
This advisory letter informs national banks about two areas of consumer bank fraud—identity theft and pretext calling—and advises them about measures to prevent and detect these types of fraud. The Gramm–Leach–Bliley Act (GLBA),
enacted in 1999, directs the federal banking agencies (the...
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