Posts in Category: Banks

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ABMI announces 27th consecutive distribution to participating banks 

$82.7 million has been declared in total distributions since 1991

American Bankers Mutual Insurance, Ltd. announced a distribution for the 27th consecutive year. 1,037 members of the American Bankers Association (ABA) that have D&O, Financial Institution Bond and related insurance from ABA Insurance Services were eligible to share $1.5 million.

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Are your bank’s websites, Internet banking services accessible to the visually impaired? 

Be aware that plaintiffs’ firms are now targeting banks of all sizes for website accessibility.

Banks of all sizes nationwide are receiving demand letters from plaintiffs’ law firms on behalf of blind customers alleging inability to access Internet banking websites in violation of the Americans with Disabilities Act (ADA). The letters demand that the banks modify the websites to comply with proposed rules that won’t be enacted until 2018 and, of course, the firms are seeking attorneys’ fees.

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Take steps to prevent employee embezzlement of vault cash. 

Some thefts still do occur on the bank’s premises.

Over the past several years, we have seen an uptick in the number of reported claims involving employee embezzlement of vault cash. Be sure that prevention measures are in place and enforced in order to prevent employee theft.

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FBI issues bulletins on Dyre and Carbanak malware 

The FBI released several updates and bulletins to the banking industry regarding two different malware: Dyre and Carbanak/Anunak. The Dyre malware is being used with social engineering in order to get around two-factor authentication typically required by banks for large wire transfers.

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Standard wire verification templates can mitigate losses 

Fraudulent electronic transfers plague the banking industry. As criminals become more creative in how they target your customers, it is increasingly important for your staff to follow standard verification and documentation procedures. Implementing standard procedures should be followed for all transfers in an effort to prevent or mitigate fraud. Here, we present a template of one possible wire transfer verification form to use at your bank.

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Fleet-footed investigations and prompt remedial action: the new normal 

The following article by Philip Storm, Earl M. (Chip) Jones, III and Greg Keating is reprinted with permission from Littler Mendelson

Whistleblowing has really become a hot issue. In March 2015, the SEC issued a half million dollar bounty award to a whistleblower, serving as a huge reminder to employers–including community banks–to have protocols in place to investigate and respond to internal complaints and concerns. The national law firm of Littler Mendelson, experts in employment and labor laws, shares some insight to effectively address internal concerns to prevent (potentially embarrassing) escalations of situations.

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