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Financial Services Law Insights and Observations

CSBS Joins with Federal Authorities to Combat Corporate Account Takeover

CSBS Privacy/Cyber Risk & Data Security

State Issues

On December 7, the Conference of State Bank Supervisors announced a joint effort with the U.S. Secret Service (Secret Service) and the Financial Services-Information Sharing and Analysis Center (FS-ISAC) to assist financial institutions in adopting best practices to reduce the risks of corporate account takeover, a form of identity theft where cyber criminals gain control of a business’ bank account by stealing credentials and then initiate fraudulent wire and ACH transactions. The recommended practices were developed by a task force formed by the Texas Banking Commissioner and the Secret Service. Using in part the contributions from leading data security and audit firms that serve the community banking industry, the practices expand upon the “Protect, Detect, and Respond” framework developed by the Secret Service, the FBI, the Internet Crime Complaint Center, and FS-ISAC.

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