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Cyberfraud/ID Theft - Banking Exchange
Pseudo-anonymity and decentralization are main characteristics of cryptocurrencies
Fraud cases increased by 343 between 2020 and 2021
Other risks changing client practices raising visibility risk and cybersecurity risks among banks and third-party providers
There was a major increase in the sophistication and quantity of attacks targeting individuals, organizations, and critical infrastructure in the first six months of 2021
Money laundering and other types of financial crime have plagued the financial industry for years
Fed flags cybersecurity and operational resilience as priorities for large banks
OCC, Board, FDIC will require banks to report incidents within 36 hours
Financial institutions and the businesses they serve need to add an additional layer of technology and step up their strategy
Trade body newsletter says remote working and digital channels in financial services have led to heightened security concerns
Groups claim the legislation would hinder, rather enhance, current efforts toward cybersecurity
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