Cyber Attacks Compromising Credentials

731px-US-FFIEC-Logo.svgOn Monday, the Federal Financial Institutions Examination Council (FFIEC) released a statement warning and advising financial institutions about hacking and phishing that is leading to stealing credentials to bank accounts, credit card accounts and other financial accounts. This is an issue that has been around a while but the advice has generally been going to consumers. This message was to institutions. There was a special note for community banks. Rightfully so since community banks tend to have less resources available to protect themselves from these attempts. The attempts are not being made to the institutions, but it is still in their interest to protect their customers as best as they can. Detecting fraudulent transactions early will mitigate risks, reduce liabilities and keep insurance premiums down.

The highlights can be found HERE and the full statement can be found HERE.

About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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