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
In recent regulatory and enforcement developments, the California Privacy Protection Agency (CPPA) proposed a regulatory framework for automated decision-making technology (ADMT) and revisions to the California Consumer...more
CYBERSECURITY - CISA Launches Cybersecurity - Public Awareness Campaign To kick off the twentieth annual Cybersecurity Awareness Month, the Cybersecurity and Infrastructure Security Agency (CISA) has announced that CISA and...more
The information you provide to your tax preparer is as sensitive as it gets. The assumption is that the tax preparation company is only using your data to prepare your taxes. In an enforcement action against Beneficial Corp.,...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
As the 118th Congress prepares to take office, those who may be targets of a new congressional agenda emphasizing government investigations should assess and address their vulnerabilities. Top industry targets for...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
Decentralized finance platforms (DeFi) are designed to operate in a decentralized manner primarily through the utilization of smart contracts. Smart contracts are simply a name given to small “if/then” statements written in...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
On July 18, 2022, the FBI issued an Alert advising consumers that fraudulent cryptocurrency apps have caused more than 244 victims to lose nearly $43 million. The fraudulent apps that cyber criminals used to steal funds...more
In its April 27 Weekly Update, the Financial Industry Regulatory Authority’s (“FINRA”) National Cause and Financial Crimes Detection program urged FINRA member firms to review a cyber-threat alert arising from Russia’s...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
Capital One Required to Produce Forensic Report in Class Action - As a litigator, when responding to any security incident, thoughtful consideration is given to the possibility that the security incident may wind up in...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
Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more
Three million fraud cases were reported to the FTC in 2018, and 444,602 of them involved identity theft. These reported cases (just think of how high the statistic would be if all cases were reported) amounts to the third...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
Equifax has agreed to pay $575 million to settle consumer as well as state and federal regulatory claims for its 2017 data breach. This is the largest data breach settlement to date. ...more
Fiat Chrysler and struggling post-Ghosn French automaker Renault are in talks to complete a merger of equals that could “reshape the global automobile industry.” If a deal is reached the combined company would be the third...more
Experian’s Data Breach Resolution group has released its Data Breach Industry Forecast 2019 Report, which provides predictions for data breaches in 2019, and outlines staggering statistics of data breaches that occurred in...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
We reported last week that a spyware maker recently compromised users’ and victims’ sensitive information. Since that time, another spyware maker, mSpy, which holds itself out as having over a million users employing its...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