Ocean Bank failed to implement an effective BSA/AML Compliance Program, with internal controls "reasonably designed to detect and report money laundering and other suspicious activity in a timely manner," regulators say.
As social media continues to evolve and new threats continue to emerge, organizations must constantly re-evaluate their policies and conduct risk assessments, says Andrew Kennedy, who heads up social media policy for BITS.
The PCI Security Standards Council's new guidance for tokenization offers clarification and recommendations for merchants struggling to determine which tokenization solution is best, especially where compliance with the Payment Card Industry Data Security Standard is concerned.
As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
A new twist in the ongoing online security battle between banks and their commercial customers was reported this week after a corporate account in Omaha, Neb., was hit with thousands in fraudulent ACH transactions.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
Australian authorities this week said two more arrests have been in connection with an international POS skimming scheme that targeted merchants in the United Kingdom, mainland Europe and North America. So far, 27 people have been charged.
"Organized crime sees that this is a good business to come in, exploit and take advantage of the loopholes," says L.T. Lafferty, criminal defense attorney and mortgage fraud expert, on the schemes that cost banks billions each year.
Debit fraud and skimming are growing problems, and they're why California-based Fremont Bank is switching from mag-stripe to chip-based debit cards, says Chris Olson, the bank's chief operating and enterprise risk officer.
A months-long investigation led Australian investigators to more than 50 stolen POS terminals, dozens of card skimmers and more than 18,000 blank and counterfeit cards. So far, 25 people have been arrested and charged for their parts in the alleged scheme.