Cybersecurity

Task Force Assessments on ‘Faster Payments’ Due Mid-2017

The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January.

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Visa: EMV-Enabled Merchants Seeing Just Half of Previous Fraud

A year after the liability shift for card fraud based on readiness for chip card or EMV capability, merchants that had completed the transition to chip card terminals saw 47 percent less counterfeit fraud in May versus a year earlier, according to figures released today by Visa.

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OCC Flags Supervision Priorities for 2017

The OCC today released its bank supervision operating plan for fiscal year 2017, identifying what each of the agency’s supervisory operating units will focus on for the new federal fiscal year starting on Oct. 1.

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FSSCC Makes Recommendations to Presidential Cyber Commission

The American Bankers Association, in partnership with the Financial Services Sector Coordinating Council, offered five recommendations last week to the Commission on Enhancing National Cybersecurity aimed at mitigating the increasingly advanced threats related to cyber crime.

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FinCEN Issues Advisory on Email Compromise Fraud

With email compromise schemes -- in which criminals fraudulently persuade individuals and companies to transfer funds -- on the rise, the Financial Crimes Enforcement Network issued an advisory to financial institutions today to help them identify and prevent these frauds.

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