DoD Cyber: A Conversation with Melissa Vice, COO for DoD’s Vulnerability Disclosure Program
On June 14, 2024, President Biden declared June 15th World Elder Abuse Awareness Day. In honor of the day, the Financial Crimes Enforcement Network (FinCEN) reminded financial institutions (FIs) to remain vigilant in...more
The fintech revolution has reshaped the financial world, creating new opportunities to borrow, save, transact, and invest like never before. With no signs of slowing, fintech revenues are projected to grow sixfold from $245...more
Pursuant to President Biden’s October 2023 AI executive order, the US Department of Treasury (Treasury) released a report on cybersecurity risks in the financial services sector in March 2024. While recognizing the...more
Strategies for Mitigating Unseen Threats and Managing 4th- and Nth-Party Risk in Your Modern Business. Organizations today have transitioned from using on-site server rooms to relying on third-party services and cloud...more
Malicious Android Apps Used to Target Iranian Banks - An ongoing Android malware campaign targeting users of Iranian financial institutions has expanded to include new abilities to target an even greater number of people...more
On January 25, FinCEN's acting Deputy Director, Jimmy Kirby, spoke before the Identity Policy Forum regarding digital identity threats, stating that FinCEN is “pragmatically focused” on protecting the U.S. financial system...more
On January 13, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling along the...more
At the end of last week, the Federal Reserve Board (“FRB”) issued its semi-annual Financial Stability Report. In a statement issued with the report, FRB Vice Chair Lael Brainard stated that over the past six months,...more
On November 10, 2022 the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin (“bulletin”) that provides an analysis of consumer complaints the CFPB has received from October 2018 to September 2022...more
Recently, Ally Bank customers have been reporting a significant increase in the number of incidents involving unauthorized activity on their debit cards. While the company has yet to confirm any type of data breach, an Ally...more
The regular “Weekly Update” email from the Financial Industry Regulatory Authority (“FINRA”) had an eye-catching warning February 16, urging broker-dealer member firms to heed the “Shields Up” cyber threat warning from the...more
On November 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to require banking...more
This month’s coordinated U.S. multi-agency enforcement action against online broker Interactive Brokers (IBKR) signals authorities’ ongoing concerns about anti-money laundering/combating the financing of terrorism (AML/CFT)...more
You receive an email saying that due to COVID-19, a number of regularly scheduled meetings are moving to new dates and times. While hovering over the conveniently provided email link to your calendar, you notice the email...more
The Financial Services Information Sharing and Analysis Center (FS-ISAC) has warned that financial services firms, and in particular smaller ones, are being attacked at an increased rate during the coronavirus pandemic....more
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more
On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to...more
On Dec. 19, 2019, the Financial Stability Board issued a report titled “Vulnerabilities Associated with Leveraged Loans and Collateralised Loan Obligations”. The Financial Stability Board (FSB) coordinates at the...more
Growing Chinese illicit finance threats, vulnerabilities, and exposure are combining to increase illicit financing risk in the international financial system, judging from a series of recent advisories, sanctions actions,...more
The Federal Reserve and the Financial Crimes Enforcement Network, or FinCEN, both recently issued reports addressing worrisome trends in technology-assisted financial fraud. The reports to engage the financial services...more
KrebsOnSecurity recently reported a vulnerability found in perhaps little-known but widely used financial services software which powers the websites of thousands of banks. The exposure allowed even a mildly clever user to...more
Banks and other financial institutions rely on a relatively small number of core service providers to process customer personal and financial information. The National Association of Federally-Insured Credit Unions (NAFCU)...more
President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more
It’s been almost a year since the New York State Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500) came into effect. Since that time, a series of key dates have marked the implementation of...more
Last week, the OCC released its semiannual risk report highlighting credit, operational, and compliance risks to the federal banking system. The report focuses on issues that pose threats to those financial institutions...more