ABA Risk and Compliance
 
 
 
 
June 9, 2023
Synthetic identity fraud: Can your team recognize it?
Thomson Reuters®
Synthetic identity fraud is a relatively new phenomenon, enabled by an increasingly digital and mobile financial landscape that remains easy to exploit. One of the reasons synthetic ID fraud is so hard to detect, is that the scammers are as familiar with Know Your Customer (KYC) protocols as banks are. How do synthetic ID fraudsters get away with it, and what can banks do to protect themselves?
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Features
Algorithms such as the one driving ChatGPT that can quickly produce slick new content, whether text, images or other simulations, are now readily available at no cost, a development that should give every banker pause.
Security leaders need proven methodologies to secure safe flow of unstructured data, closest to where the data is accessed by users or applications.
SYSTRAN
Thomson Reuters
Many banks focus on adopting the latest data platform or pushing a leading-edge application feature — without building the culture to sustain seamless, end-to-end value creation.
Ncontracts Launches Nstitute: An Online Training Program to Earn Nstitute Certified Vendor Management Professional (NCVMP) Certification
Ncontracts®
Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount. 
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The OCC released a revised policies and procedures manual detailing actions OCC examiners may take against banks with "persistent weaknesses."
The cost of regulatory compliance will likely drive an increase in merger and acquisition activity among community banks, with new regulations regarding Section 1071 and the Community Reinvestment Act being a major concern, members of the Community Depository Institutions Advisory Council told the Federal Reserve.
ABA and three financial sector trade associations submitted two joint letters urging the Securities and Exchange Commission to reconsider proposed rules governing how certain businesses handle cybersecurity incidents.
Fenergo
Winnow Solutions, LLC
Federal banking regulators issued long-awaited joint guidance for financial institutions when managing risks associated with third-party relationships, including relationships with technology providers.
The CFPB warned financial institutions that they are legally obligated to "competently interact with customers" about financial products or services even if those interactions occur through chatbots powered by artificial intelligence.
The Commodity Futures Trading Commission announced it is seeking public comment on potential amendments to the risk management program, or RMP, requirements applicable to swap dealers and futures commission merchants.
Unveiling the Future: The Data Breach Industry Forecast is Here!
Experian Partner Solutions®
Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.
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Training

June 13 - 16
Conference: Risk and Compliance Conference
Henry B. González Convention Center, San Antonio, TX

June 14
Webinar: Ways to Recognize and Combat Elder Financial Exploitation

June 20
Webinar: Identify, Assess, and Streamline Section 1071 Integration with Predict360

June 27
Webinar: Complaints and UDAAP – Why You Should Increase Your Testing and Monitoring

July 19
Webinar: Regulatory Updates and Compliance Challenges in 2023 — Part 3

July 31 - August 3
School: Risk Management School – Advanced
Hyatt Regency Reston, Reston, VA

July 31 - August 4
School: Risk Management School – Foundational
Hyatt Regency Reston, Reston, VA