Late last week, the Texas Department of Banking (DOB) issued Supervisory Memorandum 1029: Standards for the Risk Management of Corporate Account Takeovers.
The Memorandum, along with extensive “Best Practices”, provides banks with a roadmap and tools to counter the increasing occurrence of this type of cybercrime. The materials were developed by a Task Force comprised of representatives from the DOB, U.S. Secret Service, SWACHA and the banking industry. Additional information regarding the Task Force, process and related resources are available online.
Additionally, the FFIEC Supplemental Guidance on Multifactor Authentication was effective January 1, 2012. The goal of the Supplemental Guidance is to prevent identity theft and financial fraud from the misuse of online banking applications.
Regardless of your charter type, we encourage you to review the materials on the DOB’s website, and to join in a webinar on January 25 at 3:00 PM for a thorough discussion of this important issue. A recording and collateral materials will be available online shortly after the live webinar.