Compliance

Fraudsters sometimes target customers of credit unions and smaller banks because the institutions lack the cybersecurity resources of larger players.

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

A recent survey indicated banks and other firms continue to grapple with the cybersecurity challenges of remote work. To defend their data, they’re looking far beyond the traditional VPN.

Codat, a software startup that connects small businesses with financial institutions, raised $100 million in an equity funding round led by JPMorgan Chase’s growth-equity arm.

A recent campaign targeting Quickbooks users claimed customers had their accounts suspended because of problems verifying their business information. It’s the latest example of scams that slither through multiple lines of defense.

The credit union’s members are disproportionately targeted by cybercrime. Password managers are critical to helping them protect themselves, said data security chief Mike Newborn.

Widespread sharing of financial and other data creates enormous privacy risks for consumers, many of whom have no real understanding of the danger.

Banking groups are concerned that their long-fought-for Office of Supervisory Appeals Committee was disbanded without public comment.