Posts in Category: Loss control

Blog Post List

Employee education, multi-factor authentication are important defenses against online crime 

A PIN bulletin issued by the FBI reports cyber criminals are attempting to use social engineering and other schemes to bypass the multi-factor authentication security protocols commonly used by banks and other businesses. As "multi-factor authentication continues to be a strong and effective security measure,” a most important step to fortify defenses is to educate employees about the pervasive problem of online crime.

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Importance of Written Agreements in Preventing Wire Transfer Fraud 

Wire fraud losses continue to grow at astounding rates. It’s imperative that your staff understand the importance of your bank’s written agreements and following instructions and procedures in place. Taking shortcuts may cause claims.

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Prevent the ransomware epidemic from infecting your organization 

by Heather Wyson-Constantine, Vice President of Payments and Cybersecurity, American Bankers Association

By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.

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Court rules in bank’s favor in an account takeover case. 

What does this mean to you?

In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.

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SafeAlert: Phishing Schemes Show No Signs of Slowing 

Many electronic crimes begin with phishing emails used to induce individuals to divulge private information or to click on a malicious link that downloads malware onto a computer network. Often these emails are highly targeted and appear legitimate to even the most skeptical recipients. An effective cybersecurity strategy is critical to combat electronic crime.

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Cyber Insurance Webinar: What is your bank doing to manage risk? 

Replay of cyber risk management webinar

Cyber risk management webinar for banks and their agents: What are the latest and common online, email, or social media scams out there that your employees or customers may fall for, and what can you and they do to avoid becoming another victim?

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Social Media and The Workplace 

co-written by Marquerite Irefin and Jennifer H. Gorman, Esq., ABA Insurance Services

With social media everywhere, employers face unique challenges when it comes to their employees’ use and conduct. Not surprisingly, employees have been known to share information about their employers, including negative statements and damaging information, sometimes hurting the employer’s reputation; however, challenging employee social media posts can be tricky, difficult and potentially illegal.

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