CoNetrix

Blog: Financial Institutions

The following Special Alert was released by the FDIC concerning e-mails being sent that claim to be from the FDIC.  These e-mails are attempting to trick recipients into installing unknown software on personal computers. The subject line of the messages is: "Funds wired into your account are stolen." Here is a copy of the FDIC's Special Alert: [more]

The FDIC is aware of e-mails appearing to be sent from the FDIC that ask recipients to open and review an attached file. Currently, the subject line of the e-mail states: "Funds wired into your account are stolen." The e-mail is fraudulent and was not sent by the FDIC.

The fraudulent e-mail tells the recipient that proceeds from identity theft crimes have been wire-transferred into their bank account. The e-mail then directs the recipient to open and review an attached copy of their bank account statement and to contact their bank account managers.

The attached file is actually an executable file containing malicious code or software. Recipients should consider the attached file as a malicious attempt to collect online banking credentials or other personal and confidential information that could be used to gain unauthorized access to on-line banking services or perpetrate identity theft and other criminal activities.

Recipients of the fraudulent e-mail should not reply and should not attempt to open the attached file. According to reports received by the FDIC, many antivirus software programs have been detecting and removing the malicious attachment before the e-mail is delivered. However, if a recipient does open the attachment, the FDIC recommends updating anti-virus software patches and performing a complete scan of the computer and network, if applicable. If a computer becomes infected and the user encounters difficulties removing the malicious code, users should contact their anti-virus software vendor. The FDIC highly recommends using anti-virus software.

For additional information about safe online banking and avoiding online scams, visit http://www.fdic.gov/consumers/consumer/guard/.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2008/index.html.

Financial Institutions, Security and Compliance, SPAM, FDIC,
 

The Dallas Region of the FDIC conducted a conference call today (October 8, 2008) entitled "ID Theft Responsibilities - FACTA Red Flag Guidance."  The call consisted of a presentation including an overview of the regulation and guidelines, exam procedures, and what examiners will be looking for, followed by a question and answer session.  The FDIC presenters were:

  • James Brignac, Regional Office IT Examination Specialist - Risk Management
  • Jeff Kopchik, Technology Supervision Branch Senior Policy Analyst

The call was not recorded, but attached you will find a copy of the PowerPoint slides used during the call in Adobe pdf format.

FACTA ID Theft presentation.pdf (165.52 kb)

Financial Institutions, Security and Compliance, FDIC, Identity Theft Prevention Program, Red Flag,
 

CoNetrix is pleased to announce the CoNetrix Identity Theft Prevention Program online solution is a candidate for the BankNews 2008 Innovative Solutions Award.

The Innovative Solutions Award, sponsored by BankNews, recognizes companies that have introduced or enhanced a product or service designed to help banks better serve their customers.  Entries are divided into four categories:

  1. Architectural/Equipment Solutions
  2. Consulting/Outsourcing/Training Solutions
  3. Management Software Solutions
  4. Online/Remote/Mobile Solutions

CoNetrix solution "Identity Theft Prevention Program" is listed under category 4 "Online/Remote/Mobile Solutions".

To vote now, go to  http://surveys.verticalresponse.com/a/show/180223/f7c379558a/0

To learn more about the Innovative Solutions Award, visit  http://www.banknews.com/

 

Financial Institutions, General, Security and Compliance, Identity Theft Prevention Program, Red Flag Compliance, Red Flag Program, Identity Theft, Red Flags, Red Flag,
 
 

The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for assembling or providing financial records pursuant to RFPA.  These proposed amendments update the fees to be charged and takes account of recent advances in electronic document productions.

Comments must be submitted on or before September 29, 2008.

To read the Press Release from the Board of Governors of the Federal Reserve System, visit http://www.federalreserve.gov/newsevents/press/other/other20080813a1.pdf

 

Financial Institutions, Security and Compliance, REPA, Reg S, FRB,
 

The OTS presented a live, ninety-minute, telephone briefing today (Monday, August 11, 2008) beginning at 2:00pm Eastern Time on the new Identity Theft Rules and Guidelines that go into effect on November 1, 2008.  The presentation went through a review of the rules and guidelines, exam procedures, and answered questions.  Below are links to two of the PowerPoint's used during the briefing:

 

Financial Institutions, Security and Compliance, OTS, Identity Theft, Red Flag,
 

A new Bill, H.R. 6312: Credit Union, Bank, and Thrift Regulatory Relief Act of 2008, was introduced June 19, 2008, and passed by the House on June 24, 2008.  The bill has now been sent to the Senate and awaits a vote. [more]

The Short titles of the new Legislation include:

Title I – Credit Unions

Sec. 101. Investments in securities by Federal credit unions.
Sec. 102. Increase in investment limit in credit union service organizations.
Sec. 103. Member business loan exclusion for loans to nonprofit religious organizations.
Sec. 104. Authority of NCUA to establish longer maturities for certain credit union loans.
Sec. 105. Providing the National Credit Union Administration with greater flexibility in responding to market conditions.
Sec. 106. Conversions of certain credit unions to a community charter.
Sec. 107. Credit union participation in the SBA section 504 program.
Sec. 108. Amendments relating to credit union service to underserved areas.
Sec. 109. Short-term payday loan alternatives within field of membership.
Sec. 110. Credit union governance.
Sec. 111. Encouraging small business development in underserved urban and rural communities.

Title II – Savings Association Provisions

Sec. 201. Restatement of authority for Federal savings associations to invest in small business investment companies.
Sec. 202. Removal of limitation on investments in auto loans.
Sec. 203. Repeal of qualified thrift lender requirement with respect to out-of-state branches.
Sec. 204. Small business and other commercial loans.
Sec. 205. Increase in limits on commercial real estate loans.
Sec. 206. Savings association credit card banks.

Title III – Notice Provisions

Sec. 301. Exception to annual privacy notice requirement under the Gramm-Leach-Bliley Act.

Title IV – Business Checking

Sec. 401. Short title.
Sec. 402. Interest-bearing transaction accounts authorized for all businesses.
Sec. 403. Interest-bearing transaction accounts authorized.
Sec. 404. Rules of construction.
Sec. 405. Consumer banking costs assessment.

Financial Institutions, Bank, Bill, Privacy, GLBA,
 

The FFIEC released the new Business Continuity Planning (BCP) IT Examination Handbook this month.  The prior BCP IT Examination Handbook was released in March, 2003.  A few new key areas include:

  • Pandemic Planning
  • More emphasis on:
    • Business Impact Analysis (BIA)
    • Risk Assessment
    • Testing

The new BCP IT Examination Handbook has been greatly expanded - to give you an idea, the old BCP booklet (March 2003) was only 57 pages, and the new booklet (March 2008) is 132 pages - more than twice the size - this should also give us an indication of the new importance & emphasis placed on Business Continuity.  

To view the new BCP IT Examination Handbook, go to http://ithandbook.ffiec.gov/it-booklets/business-continuity-planning.aspx.  You can also check out our BCP Software offering.

Financial Institutions, Security and Compliance, Bank, FFIEC, BCP,