FFIEC Cybersecurity Webinar
Press Release December 7, 2012 - State and Federal Authorities Compat Corporate Account Takeover
Businesses across the United States have suffered large financial losses from electronic crimes through banks of all sizes. These thefts have ranged from a few thousand to several million dollars. Along with the financial impact, there is a very high level of reputational risk for financial institutions, which can undermine confidence in the banking system.
Extensive Best Practices for reducing the risks of these Corporate Account Takeovers thefts have been developed by task force of bankers while working with the US Secret Service’s Dallas ECTF office and the Texas Department of Banking. These “industry developed” Best Practices have been in use in Texas since January 2012, where they have been extremely well received and welcomed by the banking industry, and where they have already helped prevent millions of dollars of losses.
The Conference of State Bank Supervisors (CSBS) and the FS-ISAC have joined with the US Secret Service and Texas Department of Banking to make the practices for mitigating the risks of Corporate Account Takeover available to financial institutions nationwide.
Benefits the Financial Industry
Because the financial losses of many of these crimes are quietly settled between the bank and the corporate customer, there is very limited awareness within the banking industry of the extent of the crimes. No other guidance on this topic or with this level of detail has been made available to the banking industry for preventing these crimes. Implementing the Best Practices will increase awareness of the risks to bank employees and bank customers and provide actions that bank employees and customers should take before thieves further expand this threat. This will help prevent the large financial losses that are occurring and help prevent loss of confidence in your bank.