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Nebraska Federal Court Refuses To Dismiss Suit Claiming Breach Of Contract, Violation of State Law for Unauthorized Credit Card...

On August 20, the U.S. District Court for the District of Nebraska denied motions to dismiss filed by a Nebraska bank and two credit card processing companies in response to a purported class action filed by a merchant...more

Mobile payments update

Any mobile payment this summer? As you probably know, this is an ever growing market. According to a study of the Politecnico of Milan, the new “Mobile and App Economy” was worth 25.4 billion euro in 2013 and can reach...more

New Data Disposal Law in Delaware Requires Action by Impacted Businesses

While the federal government continues its inaction on data security bills pending in Congress, some U.S. states have been busy at work on this issue over the summer. A new Delaware law H.B. 295, signed into law on July 1,...more

Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert...more

Cybersecurity: How well are Latin American banks protected against cyber attacks?

Inter-American Dialogue's Latin America Advisor asked Marcela Cristina Blanco, associate attorney in Diaz Reus’ Bogota, Colombia office: How Well Do Latin American Banks Protect Against Cyber Attacks?...more

Privacy Tuesday: August 2014 #2

There is another retail data breach to talk about in this Privacy Tuesday post – privacy & security bits and bytes to start your week....more

New Guidance for Merchants on Ensuring that Service Providers Share Security Responsibility

For merchants, long gone are the days of using a card reader with a dial-up connection to their payment processor. Today’s omni-channel retailers rely on multiple third party service providers to complete payment card...more

Data Breach Litigation – A New Wave of Class Actions by Financial Institutions

Rarely does a day go by without news of a data security breach. According to the Identify Theft Resource Center, there have been a total of 447 data breaches to date this year, which represents a 20.5% increase over the same...more

New York Becomes First State to Propose Virtual Currency Regulations

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

Payment Cards Security Standards Organization Publishes Third-Party Security Assurance Guidance

On August 7, the PCI Security Standards Council (PCI SSC), the open global forum responsible for setting payment security standards, published an information supplement titled “Third-Party Security Assurance Guidance,” which...more

Dutch court rules that asking clients to share their personal banking security credentials is unlawful

On Wednesday 30 July 2014, the District Court of Midden-Nederland ruled in preliminary relief proceedings (kort geding) that AFAS Software B.V. (AFAS) is acting unlawfully and must desist from asking customers of ING Bank...more

FTC Examines Pre-Download Consumer Disclosures of Mobile Shopping Applications; Makes Recommendations Applicable to All Consumer...

Continuing its examination of consumer protection issues in the mobile payments sphere, on August 1, 2014, the FTC released a staff report examining the pre-download disclosures of mobile shopping applications to evaluate the...more

Cybersecurity as an Investment Risk

PricewaterhouseCoopers LLP (PwC) and Investor Responsibility Research Center Institute (IRRCi) have weighed in on the cybersecurity issue from an investor’s point of view in their paper called What investors need to know...more

Mobile Application: Security Best Practices

The industry for mobile applications is growing rapidly. As companies and independent developers look to gain—or strengthen—footholds in this competitive space, the Federal Trade Commission (FTC) asks, “… is security keeping...more

Global Boardroom Risk Solutions Newsletter

Now more than ever, there is a need for risk solutions in the boardroom. Any organization can be faced with a significant crisis, whether a fraud investigation, a regulatory infringement, allegations of anticompetitive...more

Honing in on the new rules for the transfer of personal data outside of the EEA

Although no major legislative milestones for the EU Data Protection Regulation have occurred since March 2014 (see status update here), there has been some progress over the late spring and early summer of 2014. One key item...more

Secretary of the Treasury Lew Urges Financial Institutions to Enhance Their Cybersecurity Defenses

Secretary of the Treasury Jacob J. Lew presented remarks at a conference hosted by CNBC and Institutional Investor in which he urged financial institutions to increase their cybersecurity defense efforts because cyber...more

What’s Old is New Again—Insecure Remote Access

When a merchant is suspected of being the victim of an account data compromise event, they are often required by the card brands to hire a Payment Card Industry Forensic Investigator (PFI). The PFI provides a report on the...more

Goodwill Investigating Possible Data Breach

Yesterday it was announced that a number of financial institutions reported tracking what could be a series of credit card breaches involving various Goodwill locations nationally. Goodwill operates more than 2,900 stores...more

CFPB and federal banking regulators increase focus on cybersecurity

As part of their increased focus on cybersecurity, the CFPB and federal banking are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions...more

Federal Bank Regulators Increase Focus on Cybersecurity

As banking regulators increase their focus on cybersecurity, they are taking steps to raise financial institutions’ awareness about the need for preparedness. On June 24, 2014, the Federal Financial Institutions Examination...more

Proposed CFPB Rule Would Allow Online Posting of GLBA Privacy Notices

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with initial and annual notices of their privacy policies, including whether they share consumers’ non-public information with third...more

Bank Customer – Not the Bank – Liable for Fraudulent Wire Transfer

Recent security breaches have focused attention on the allocation of risk associated with fraudulent payments. The recent U.S. 8th Circuit Court of Appeals decision in Choice Escrow & Land Title, LLC v. BancorpSouth Bank...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

FFIEC Increasingly Focuses on Cybersecurity Awareness

The Federal Financial Institutions Examination Council (FFIEC), under the leadership of its Chairman Thomas J. Curry, is increasingly focused on cybersecurity risks to financial institutions. At the end of June 2014, the...more

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