CSBS Joins With Federal Authorities To Combat Corporate Account Takeover

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On December 7, the Conference of State Bank Supervisors announced a joint effort with the U.S. Secret Service (Secret Service) and the Financial Services-Information Sharing and Analysis Center (FS-ISAC) to assist financial institutions in adopting best practices to reduce the risks of corporate account takeover, a form of identity theft where cyber criminals gain control of a business’ bank account by stealing credentials and then initiate fraudulent wire and ACH transactions. The recommended practices were developed by a task force formed by the Texas Banking Commissioner and the Secret Service. Using in part the contributions from leading data security and audit firms that serve the community banking industry, the practices expand upon the “Protect, Detect, and Respond” framework developed by the Secret Service, the FBI, the Internet Crime Complaint Center, and FS-ISAC.

 

Topics:  Corporate Account Takeovers, Cybersecurity, Fraudulent Wire Transfers, Identity Theft, Secret Service, State Bank Supervisors

Published In: Administrative Agency Updates, General Business Updates, Finance & Banking Updates, Privacy Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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