FinCEN: You better watch out for imposters!
Fraudsters are impersonating the federal agency responsible for safeguarding the financial system from illicit activity. FinCEN has issued an alert warning the public about fraud schemes that misuse FinCEN's name, insignia, and authorities for financial gain. These scams include exploiting beneficial ownership information reporting, misusing FinCEN's Money Services Business Registration tool, and impersonating agency employees, reports FinCEN has the details.

Making a cyber response plan and checking it twice
The CISA has released its updated National Cyber Incident Response Plan (NCIRP), a national strategic framework for coordinated response to cyber incidents. The NCIRP outlines four tiers — asset response, threat response, intelligence support and affected entity response — as a means of planning ahead for potentially destructive cyberattacks by foreign adversaries against banks and other critical U.S. infrastructure. Infosecurity has the details.

Safeguarding the spirit of faster payments
In a recent interview with Finextra, the U.S. Faster Payments Council (FPC) emphasized that while fraud concerns in instant payments are valid, they should not hinder progress, calling on proactive strategies to manage risks and enhance security. The FPC has released a report that provides an in-depth analysis of global strategies to combat fraud in faster payment systems. The report identifies six key mitigation strategies and offers actionable recommendations to strengthen fraud prevention in the U.S. payments landscape. Read more at Finextra.

Fraud is up on the operational risk list
As evolving cyber threats continue to target the financial services industry and their key service providers, advanced technology, such as AI, and increased reliance on fintech and other third parties is elevating operational risk. The OCC released its Semiannual Risk Perspective for Fall 2024, highlighting a notable increase in external fraud activities targeting both consumers and the federal banking system. Get the details at OCC.

Unwrapping community bank challenges
Community banks in the U.S. are facing a convergence of challenges, including escalating cybersecurity threats, increased regulatory burdens, and rising funding costs. The 2024 Annual Survey of Community Banks conducted by the Conference of State Bank Supervisors highlights an industry navigating a delicate balance between adopting innovation and addressing significant risks. The Financial Brand has the details.

Naughty GenAI fueling fraud
The rise of Generative AI (GenAI) is fueling a new wave of sophisticated fraud, transforming the financial services landscape. Experian's 2024 Global Identity & Fraud Report highlights the challenges businesses face and emphasizes the need for a multi-layered approach to combat fraud effectively while maintaining seamless digital experiences for consumers, reports Finextra.

'Tis the season to follow trends
The start of a new year inspires us to take the opportunity to reflect on the past year and establish new goals and objectives. As old models of differentiation erode, forward-thinking financial institutions are exploring fresh strategies to remain relevant and competitive in the rapidly evolving digital banking landscape. Finextra has seven key digital banking trends that are poised to redefine financial brands beyond 2025.

• Payments Dive: Visa spots tripling of fraud over holiday weekend
• Forbes: 5 AI scams set to surge in 2025: What you need to know
• Finextra: HSBC sued for failing to protect customers from scams
• Banking Dive: Ex-TD employee charged in money laundering case
• Infosecurity: All major European financial firms suffer supplier breaches
• Cybersecurity Dive: CISA’s pre-ransomware alerts nearly doubled in 2024
• Bleeping Computer: New fake ledger data breach emails try to steal crypto wallets

Visit the Scams page for more scam, malware, and breach alerts.

• US-CERT: Current Activity
• Infosecurity: U.S. organizations still using Kaspersky products despite ban
• Cybersecurity News: CISA warns of 4 new vulnerabilities exploited in the wild
• Security Week: Chrome 131 update patches high-severity memory safety bugs
• Forbes: New Microsoft Windows Security deadline-CISA says update before Jan. 6

Visit the Tech Alerts page for more updates, patches, and alerts.


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