Compliance

Researchers may now have more leeway in helping banks uncover vulnerabilities to their systems, but legal gray areas remain.

Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.

A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.

The company, which enjoys a large market share as a data aggregator to fintechs and banks, is adding account onboarding, identity verification and fraud detection to the array of services it offers.

A clear, cross-agency regulatory framework is needed to help the industry embrace the promise of this new financial services paradigm.

David Reilly oversaw cybersecurity efforts at the bank for years and has learned how employees with access to sensitive information can be flipped, conned or extorted into cooperating with hackers.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

While some American lenders have started to exit the region, the overall impact on their operations has been moderate, the central bank said in its semiannual Supervision and Regulation Report.

Financial institutions need to begin sharing profiles of fraudsters posing as legitimate customers. The technology to do it securely is already available.

Cryptocurrency firms, armed with cash and in need of regulatory experience, are poaching U.K. cybercrime cops with offers of double or triple pay.