Last week, Brian Krebs broke news that the first “jackpotting” attack had been confirmed in the United States. In July 2016, hackers in Taiwan managed to steal more than $2 million using the malware to manipulate ATMs into spitting out money. The scheme quickly spread across parts of Asia, Europe and Central America. In November 2016, the FBI issued a warning regarding the targeting of the United States financial sector using the malware “jackpotting” theft.
We are frequently asked about recommendations for diligence in screening third parties, along with a slew of questions regarding insurability of third parties and exposures third parties may create. While the list of hypothetical questions could never end, the best advice is a strong process at the outset of engaging third parties and a strong vetting that should include incorporation of enterprise risk management practices through vendors.
LexisNexis outlines a good process for evaluating and monitoring third-party risk. From beginning to never-ending, the process they propose offers nine steps that include evaluation of objectives, compliance, screening, assessment, and ongoing auditing and review. While many financial institutions conduct due diligence because it’s compulsory, the exposure presented by third parties should be reason enough to make due diligence a serious undertaking to any organization.
The cornerstone to advertising through social media is the ability of the advertiser to reach the intended audience. In terms of selling, this is a great feature. A financial services firm, for example, can shape advertisements to a demographic that has more personal appeal, increasing the opportunity for a click-through and purchase or engagement. The same can be true for hiring. Looking to bolster the workforce and hire young, eager job seekers? Social medial advertising may help.
Towson, MD – September 20, 2017 – Berkley FinSecure, a Berkley Company®, announced today that Stephen Scott Mynatt has joined the company as Southeast territory director. In his role, Mr. Mynatt will focus on promoting Berkley FinSecure to financial institutions through agents and brokers in the territory that will include Georgia, Florida, North and South Carolina, Mississippi, Alabama, Tennessee and Kentucky.
Resources and Communications
The breach revealed and confirmed by Equifax on September 8, 2017 leaves many questions for consumers and businesses. At this point in time, additional information continues to become available which we will monitor with regard to our insured institutions.
Avoid The Drive By –
Get Out And Inspect, Inspect, Inspect
In the business of lending, not all loans will perform. When this happens, the financial institution eventually becomes the owner of real estate, whether wanted or not. Taking possession of real estate exposes the owner to risks and opportunities for loss, even if being prudent and careful. Often times, it’s easy to forget to take steps in securing property or having an established policy and process for such foreclosed property, especially if it’s not a frequent occurrence.
All Things Roof Related
We use windows and doors, flooring, plumbing fixtures and electricity daily. The roof just hangs out. It seems deserving then that roofs have their own week, and this is it: June 4-10, 2017 is National Roofing Week.
Where Everybody Wants Your Name (and Date of Birth and Social Security Number and …)
Identity theft or identity fraud, the terms commonly used to refer to criminal activity in which someone wrongfully obtains and uses another person’s personal data, continues to rise. Continue reading
Don’t Let a Disruption Cause a Catastrophe
At the core, a disruption to business is just that, a disruption to what is supposed to be happening. It’s far too easy to be distracted by excuses to make a continuity plan, or believe that a business may be too small to benefit from one. Continue reading
Manage Funds Transfer Exposures and Fraud
Your financial institution clients have significant risk exposure when conducting funds transfers. Criminals prefer easy methods to conduct fraud that moves money quickly and makes it difficult to get back. Continue reading