In a letter to the Federal Financial Institutions Examination Council earlier this month, ABA and the Bank Policy Institute offered feedback on the FFIEC Cybersecurity Assessment Tool, a voluntary tool developed in 2015 to help financial institutions assess their cyber risk and preparedness.
More than half of mobile subscribers reported losing money to phone scam calls in a recent survey on the prevalence of the problem, with young people the most likely to fall for the scams.
A majority of data breaches during 2021—73%—were perpetrated by external actors, according to findings from Verizon’s latest global data breach investigations report.
ABA and a coalition of financial services groups today called for extensive changes to a proposal by the Securities and Exchange Commission that would create new requirements for public companies regarding the disclosure of cybersecurity incidents.
The American Bankers Association Foundation and the Federal Trade Commission released an infographic with information to help consumers protect themselves when using mobile payment apps and services.
The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against Hydra Market, the world’s largest and most prominent darknet market, for being responsible or complicit in cyber-enabled activities against the United States.
The pandemic has created many new challenges and changed the fraud risk landscape—perhaps permanently. It has also provided a training ground for a new generation of fraud attackers.
Among the ways banks can respond to today’s quickly changing criminal activity is by incorporating flexible fraud-detection controls that allow them to create or adjust rules on the fly.
Speaking on a virtual panel at FT Live’s Global Banking Summit Wednesday, ABA President and CEO Rob Nichols addressed top risks and challenges facing the banking industry, including the shifting regulatory and policy environment.