Scams that start on social media have been increasing for years and climbed from $134 million total reported losses in 2019 to $117 million in just the first six months of 2020, the Federal Trade Commission said today.
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The Basel, Switzerland-based Financial Stability Board today issued a toolkit of 49 cyber incident response and recovery practices for financial institutions.
The Treasury Department issued a pair of advisories today as part of Cybersecurity Awareness Month, to help combat ransomware as attacks increase.
The American Bankers Association, together with nearly 1,500 banks serving the vast majority of retail bank customers in the U.S., today launched a first-of-its kind, industry-wide campaign to educate consumers about the persistent threat of phishing scams.
With the Federal Trade Commission estimating that American’s lost $1.48 billion to phishing scams in 2018, ABA Vice Chairman Scott Anderson, president and CEO of Zions Bank, urged consumers to be vigilant and protect themselves when browsing online.
The coronavirus pandemic response has demonstrated the need for banks to take an “all-hazards approach” when designing a comprehensive operational resilience framework, said Kevin Greenfield, the OCC’s deputy comptroller for operational risk policy during the ABA Risk and Compliance Virtual Conference today.
The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to several types of cybercrime and cyber-enabled crime connected to the coronavirus pandemic.
The Financial Crimes Enforcement Network today warned financial institutions about a recent high-profile scam through which fraudsters exploit prominent Twitter accounts to solicit virtual currency payments from victims.
The Commodity Futures Trading Commission today highlighted a number of available standardized tools that derivatives markets, clearing organizations and swap data repositories could use to assess and improve their level of cybersecurity preparedness.
Financial institutions will need to break out of old paradigms and adopt improved information sharing strategies that enable more efficient criminal investigations.