Thomas Hill

The Consumer Financial Protection Bureau #CFPB has recently focused on creating a new rule based on Section 1033 of the Dodd-Frank Act, which unlocks the potential of #openbanking by mandating the sharing of #financial data with consumers and third-party providers in a secure, permissioned, and automated manner. This development will result in the development of more #APIs, which begs the question that Michael Smith, CISSP-ISSEP, CISM poses in his latest Vercara blog: How does this surge in API creation and increased API functionality translate to real-world applications, and does it come with unmitigated risks?       Let’s break it down.       Open banking paves the way for a wide array of services that cater to diverse consumer needs, enhancing both the functionality and accessibility of financial ecosystems. However, increases in functionality can unfortunately increase exposure and risk as there is more surface available for bad actors to attack.       This is where solutions like Vercara’s #UltraAPI comes in. As a comprehensive solution designed to manage the security of financial APIs in an open banking world, UltraAPI empowers teams to deliver sophisticated financial services that are both accessible and impenetrable. It arms financial institutions with the tools to not only meet the demands of CFPB’s section 1033 and open banking, but also carve out a competitive edge in the evolving landscape of financial openness and innovation.       Michael Smith, CISSP-ISSEP, CISM dives deeper into the many capabilities of UltraAPI and how it can empower organizations in his blog. Check it out here: https://lnkd.in/em26xP4r

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Why should community bankers come to NYC next month?
 Because NICE Actimize just added 3 new sessions to Engage 2024 about some of the most frequently asked about topics we’ve encountered this year: 
 🔍 CHECK FRAUD: What’s Old is New again. Check fraud remains a significant concern with reported losses totaling $21 billion in the Americas in 2023. It’s an age old problem, but we have some incredible speakers from SQN & US Bank coming in to talk about it with us. 
🏦 NACHA 2024 - What you need to know: New Nacha rules will require risk-based ACH transaction monitoring by both originating and receiving financial institutions by 2026. We’ll be discussing what these rules mean in practice, and how to prepare for them. 
 🚨 REGULATORY UPDATES It goes without saying that regulations and threats are continually changing. The only way to stay ahead is by understand the government strategy and what new threats law enforcement are seeing. Stop by to hear from government and law enforcement agencies like the US Treasury, SEC, & more on what’s happening in the world of FinCrime. 
Link to register posted in the comments! #engage2024 #NiceActimize #Fraud #AML #fincrime #compliance

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This proposed new rule from the U.S. CFPB should be interesting. Some would argue "that horse left the barn" a long time ago. Foreign national intelligence organizations have been harvesting content on citizens and residents of the U.S. and other Five Eyes countries for a very long time. And those that have not, were just put on notice to go buy as much of the latest data as they can get their hands on, prior to mid 2025 when that source of "open source intelligence" could be going away. Which all leaves the proposed new rule as primarily of value to those who have not been born yet. #consumerprivacy #databrokers #cyberthreat #cyberrisk #privacy #dataprotection #nationalsecurity #dpo https://lnkd.in/eXYQNZF6

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⚖️ 💸 FCK : Will new AML rules expose NYC as the Ozarks? Friday Compliance Knowledge Jointly proposed FinCEN and SEC AML rules could modify the definition of "financial institution" under BSA. As highlighted in the linked factsheet provided in the comments, there are number of changes that are on the docket. Verification of customer identity with expanded requirements and procedures is top of the list. #AML #compliance #SEC #proposedrulemaking #BSA

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Breaking News: CFPB Sues Zelle Operator and Major Banks Over Fraud Failures #CyberThreats 🚨 Today, the CFPB filed a lawsuit against Early Warning Services (Zelle’s operator) and major banks—Bank of America, JPMorgan Chase, and Wells Fargo—for allegedly neglecting consumer safeguards, leading to over $870M in fraud losses since Zelle's 2017 launch. CFPB Director Rohit Chopra: "The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle. By failing to put safeguards in place, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves. Key issues include: Weak fraud prevention: Zelle's design left users vulnerable to scams. Neglected complaints: Consumers were often denied assistance or asked to contact fraudsters. Lack of accountability: Banks ignored red flags and didn’t share fraud data across the network. Legal violations: Failure to investigate complaints under Regulation E. The CFPB aims to halt these practices, secure redress, and impose penalties. 💡 Consumers and whistleblowers can report scams or misconduct to the CFPB. Stay vigilant, especially during the holiday season! 👉 Learn more and take action: CFPB Resources #ConsumerProtection #CFPB #Zelle #Banking

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Another tragic example of how all of the protections and safeguards our trusted FIs put in place to protect Americans from criminals can fall short when a well-engineered scam is executed. Well executed social engineering can short circuit common sense in anyone if it strikes at the right time in their life and exploits the right belief systems. No one is immune. Data sharing and closer collaboration between FIs and Law Enforcement, speedier investigations and aggressive prosecution are needed to change the criminal's calculus. As long as criminal manipulation of people at vulnerable times in their lives continues to yield high profits with little risk of significant consequences to the criminal, this problem will not go away. https://lnkd.in/gjDgcwTg

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U.S. investment firms and credit lenders now lose nearly an extra dollar for every $1 of #fraud loss compared to last year: $4.45 in 2023 versus $3.49 in 2022, representing a 9% year-over-year increase, which was notably higher than U.S. banks and mortgage lenders.

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Kicking off Tuesday with an extremely popular Finextra webinar on #payment #scams and fraud, focused on changing bank behavior and regulatory frameworks, including Outseer, LHV Bank and Thistle Initiatives. There's still time to register: https://lnkd.in/gxzCaMBH

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A blog post I wrote for Vercara about the increase in APIS due to open banking and new rules from the Consumer Financial Protection Bureau around section 1033 of the Dodd-Frank Act. As Spiderman said once: "With great functionality comes great attack surface." #openbanking #apisecurity #apiprotection #applicationsecurity https://lnkd.in/eB32W2B6

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The size and complexity of modern applications makes managing their risk daunting and difficult. Luckily, there are solutions out there that can simplify risk identification and remediation to make securing your applications a manageable task. Find out how Veracode is doing this in their recently released article.

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Theta Lake and Zoom are teaming up to bring you an exclusive Financial Services virtual Tech Talk on June 13th. Join your peers and industry experts to learn how to unlock the full potential of the Zoom platform while staying compliant. We’ll dive into: 🔑 The hidden risks of feature disablement 🔑 Compliance best practices for FINRA, SEC, and more 🔑 Effective management of electronic communications (video, audio, chat, etc.) 🗓️ Save your spot today:  https://lnkd.in/eBTEqpdh #FinancialServices #UnifiedCommunications #Compliance #Zoom #ThetaLake

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As the frequency and sophistication of ransomware attacks escalate, identity has emerged as the primary target for cybercriminals.  Our co-authored white paper with AIG provides insight into how attackers are exploiting gaps in identity and access management (IAM) strategies, This paper discusses challenges organisations face in implementing MFA, such as difficulties with legacy systems and the use of outdated authentication protocols... https://lnkd.in/g_AHqpDs

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Ensure your compliance with regulatory requirements; non-compliance is never the right option. #FIDUSCYBER #cyber #security #cybersecurity #risk #resiliency #consulting #advisory #GLBA #compliance

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GREAT discussions happening at Wealth Management EDGE yesterday including a panel discussion I participated in on cybersecurity for RIAs and the related U.S. Securities and Exchange Commission regulations that we will likely see finalized soon...

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Check out what Chartis had to say about #Quantexa and our newest feature Q Assist. It is a game changer.... cant spoil too much but remember the days of trying to find the needle in the haystack during your investigations. Well Q Assist does exactly that. Just ask, oh did I mention it creates narratives, reports and basically super charges your investigations! https://lnkd.in/eBWVFPzV

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Fake ID data can be accurate data. In case you missed it...in our August #FreedomFromFraud episode https://okt.to/UfShI5 reformed fraudster Alexander Hall explained the important difference between implied and authoritative accuracy in identification data. And if you like this one, tune in on Sept. 26 for a new episode all about protecting your banking customers from fraud. Register early here: https://okt.to/kULQyb #freedomfromfraud #dataprotection #fintech #banking #fraudprotection

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