INFORMATION

Site Map - Banking/Financial Services

Dynamiting Phishers

- A financial services research organization has launched a new initiative to address the phishing problems that have been plaguing the sector. The three-phase project, to be conducted with the collaboration of other industry groups, will first look at technical requirements for counterphishing solutions and consider and test plans. The second phase will be used to implement pilots, assess results, and provide recommendations for the most promising solutions. The third and final phase will be dedicated to implementing these recommendations.

Dynamiting Phishers

- A financial services research organization has launched a new initiative to address the phishing problems that have been plaguing the sector. The three-phase project, to be conducted with the collaboration of other industry groups, will first look at technical requirements for counterphishing solutions and consider and test plans. The second phase will be used to implement pilots, assess results, and provide recommendations for the most promising solutions. The third and final phase will be dedicated to implementing these recommendations. 

Money laundering

- A global anti-money-laundering survey conducted by KPMG suggests that money laundering has captured bank executives' attention because of potential impact on profits. Anti-money-laundering (AML) "has become a key issue for senior management because the possibility of an AML-related failure now poses significant potential reputational risk, both domestically and for banks' international operations," says the report. Attention to AML measures has increased even as the cost of complying with money-laundering regulations has jumped by 61 pe, bankrcent over the past three years, according to the survey, with most of this increase devoted to transaction monitoring and staff training. Two-thirds of the 209 responding banks, representing 41 countries, indicated that they have generated more suspicious activity reports over the last three years. "This can be attributed in part to increased use of electronic monitoring systems," say the report's authors, "suggesting that the marked investment in these tools has proved beneficial; it also confirms the benefits accruing from the increased investment in training confirmed by the survey." Find the 51-page report on SM Online.

DHS

- GAO examined progress made by the financial markets in improving disaster preparedness. Improvements included greater protection of networks from hackers, geographically removed backup facilities, creation of a private network for routing data between broker-dealers and various markets, and the issuance of business continuity guidelines.

Adapting to Automated Fraud

- Fraudsters are using technology to automate the fraud process, and financial institutions must prepare for these challenges.

Money laundering

- The Office of the Comptroller of the Currency (OCC) has issued guidance to financial institutions about when OCC will cite banks for violations or take other enforcement actions against them to prevent money laundering. @ The guidance is available through SM Online.

Quick Bytes: ID theft

- With identity theft costing Americans billions of dollars each year, financial institutions are under pressure to make account information more secure. The Federal Deposit Insurance Corporation (FDIC) has issued a study of ID theft and account hijacking in which it outlines technological tools and other recommendations designed to mitigate this threat. @ Putting an End to Account-Hijacking Identity Theft is available via SM Online.

Quick Bytes: Business continuity partnership

- The financial services industry in Chicago is collaborating with city, state, and federal officials to create a regional group that will work together on disaster recovery plans. The initiative, which others can use as a model, is described in a new report by the U.S. Department of Treasury: Improving Business Continuity in the Financial Services Sector: A Model for Starting Regional Coalitions. @ Visit SM Online or the full report.

ID theft

- With identity theft costing Americans billions of dollars each year, financial institutions are under pressure to make account information more secure. The Federal Deposit Insurance Corporation (FDIC) has issued a study of ID theft and account hijacking in which it outlines technological tools and other recommendations designed to mitigate this threat. @ Putting an End to Account-Hijacking Identity Theft .

Business continuity partnerships

- The financial services industry in Chicago is collaborating with city, state, and federal officials to create a regional group that will work together on disaster recovery plans. The initiative, which others can use as a model, is described in a new report by the U.S. Department of Treasury: Improving Business Continuity in the Financial Services Sector: A Model for Starting Regional Coalitions. @ Visit SM Online for the full report.

Worth a Look

- The art of phishing has become not only widespread but increasingly sophisticated as well. These scams can bring unwary surfers to identical versions of their online banks that at a casual glance are impossible to tell from the real thing. @ Find out how to get the Netcraft Toolbar at SM Online.

Worth a Look

- The art of phishing has become not only widespread but increasingly sophisticated as well. These scams can bring unwary surfers to identical versions of their online banks that at a casual glance are impossible to tell from the real thing. @ Find out how to get the Netcraft Toolbar at SM Online.

The Cost of Complying with Sarbanes-Oxley

- Sarbanes-Oxley may help the public reclaim its confidence in Corporate America, but it’s costing corporations plenty, according to a survey of chief financial officers (CFOs) by Financial Executives International (FEI), a professional organization of CFOs and other senior financial executives. Costs for complying were estimated at $4.36 million, 39 percent more than the $3.14 million they expected to pay (based on a July 2004 estimate from a previous FEI survey).
 




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