Wells Fargo's shares declined on Thursday after the bank reached a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its financial crime risk management and anti-money laundering (AML) controls.
Mastercard has announced a significant expansion of its cybersecurity services by acquiring global threat intelligence company Recorded Future for $2.65 billion from Insight Partners. This move aims to enhance the tools and insights necessary to secure the digital economy, not just within the payments ecosystem but across various industries.
Cryptocurrency-related complaints made up just 10% of all financial fraud reports to the FBI last year, with 69,000 complaints. However, these cases accounted for a staggering 50% of the total financial losses.
In late July, the FDIC, along with the Office of the Comptroller of the Currency and the Federal Reserve, raised concerns about banks' account reconciliation practices. They issued specific guidance requiring all banks under their jurisdiction to monitor and regularly reconcile any accounts they manage, regardless of the source or type of relationship. This action came after persistent issues with partner bank account reconciliation, which left thousands of clients unable to access hundreds of millions in third-party account balances following the bankruptcy of a fintech intermediary in April.
The Council of Europe has introduced a groundbreaking AI Framework Convention, signed by the UK, US, EU, and several other nations, to establish a legal foundation for the ethical development and deployment of artificial intelligence.
In response to the fallout from the Synapse Financial Technologies bankruptcy, federal regulators, including the FDIC, Office of the Comptroller of the Currency, and Federal Reserve, have issued joint guidance aimed at reinforcing reconciliation responsibilities for banks in fintech partnerships.
The White House’s cybersecurity office is urging network operators to bolster the security of the Border Gateway Protocol (BGP), a crucial yet vulnerable technology that routes internet traffic.
In a startling development in the cybersecurity landscape, researchers have uncovered a highly sophisticated malware campaign, aptly named "Voldemort," that has already compromised over 70 organizations worldwide. This campaign, distinguished by its advanced techniques and stealthy execution, is believed to be primarily focused on espionage and intelligence gathering rather than financial theft.
