NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
The Experi-Metal Inc. vs. Comerica Bank case is just one of several high-profile incidents of corporate account takeover -- but it's the first to finally head to court.
The Federal Financial Institutions Examination Council is expected to issue new security guidance that revisits online banking and strong authentication, according to industry experts who have been involved in recent meetings with the FFIEC.
"This seems to have been possible by the lack of a secure online banking environment provided by our former bank," says Jim Payne, Choice Escrow's manager of business development.
Trade-based money laundering and electronic cash are two of the key topics that banking/security leaders should review in the FFIEC's newly revised Bank Secrecy Act and Anti-Money Laundering Examination Manual, according to anti-money laundering experts.
A review of the top news items you should be paying attention to this week, including:
Exclusive interview with former federal prosecutor Kim Peretti;
FFIEC issues revised AML/BSA exam guideline;
How to respond to vishing attacks.
Be sure to listen to this overview, and check out all of the week's news and...
The Federal Financial Institutions Examination Council (FFIEC) has released a revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual, including updates to several sections.
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