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#MeToo and You--The Movement's Impact in the Workplace

The #MeToo and #TimesUp movements demonstrate that sexual harassment is no longer tolerated or ignored. Employers should look to improve their culture, review policies, and ensure a harassment-free workplace for everyone.

ABA Insurance Services Cares: Cleveland Kids' Book Bank

ABA Insurance Services enjoyed volunteering at the Cleveland Kids' Book Bank.

American Bankers Association announces new Cyber policy, resources from endorsed provider, ABA Insurance Services

The American Bankers Association today announced that its endorsed insurance provider, ABA Insurance Services, has introduced a new cyber liability and privacy insurance policy and significant data privacy and breach response resources.

ATM crime continues to proliferate

Criminals are targeting ATMs at an alarming pace across the country. In 2022, nearly 50 ATM claims were reported. In comparison, < 10 were reported in 2020. What can be done to protect ATMs?

BakerHostetler selected to provide security incident response and preparedness services as part of cyber insurance program for banks

ABA Insurance Services has selected BakerHostetler's award winning Privacy and Data Protection team to be the premier legal services provider as part of our new Cyber Insurance program for banks.

Be aware of emerging Ransomware ruses hitting the banking industry

Ransomware trends are emerging that distinguish the current threat landscape from the environment of only a few years ago. Here are some best practices that may mitigate a bank's exposure.

Be aware of liability when serving alcohol at company-sponsored functions

Owners and managers should recognize the liability associated with providing alcohol at company events that is not entirely unlike the risks borne by local bars or taverns.

Be sure that BYOD protocols are in place

BYOD policies can add another layer of protection to your systems, enhance data security, and protect your own employees’ devices and information. Remind employees that if they are using their personally-owned systems or devices for business purposes, they may be subject to the same controls that apply to your organization’s owned devices.

Be vigilant against rapidly evolving fraud schemes

Among recent claims noted by the FBI are schemes involving banks and their customers, PPP loans/funds, advanced fees and business email.

Carefully review your third-party service provider contracts-don't just accept, negotiate!

Using third-party service providers may boost confidence and capacity for financial institutions, but a breach at a third-party vendor may create havoc for any bank that hasn’t considered the risks in advance.

Check Writing Decreased, yet Check Fraud Increased

Check use has dropped 82% over the past 30 years, yet check fraud remains a very popular form of criminal activity. It is low-tech, presenting a huge pool of victims with over 11 billion checks written each year.

Continuity of Operations Planning

How quickly a bank can recover after an emergency, such as a tornado, fire, or flood, often depends on pre-emergency planning.

Counterfeit check schemes continue to tick up

Counterfeit check fraud continues to rise. Nearly half of the bond claims submitted in 2022 (so far) are related to counterfeit checks claims.

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

An appellate court ruled in favor of the defendant/bank rather than the plaintiff/the bank’s customer in an account takeover claim dispute.

Crime Involving ATMs Shows No Signs of Slowing

With the significant increase in ATM smash and grab style claims, there are some preventative steps a bank can take to mitigate exposure to ATM crime.

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

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. A most important step to fortify defenses is to educate employees.

Encryption Prescription

What is encryption and why should your bank use it?

Financial Fraud Kill Chain may be used to recover fraudulent international wire transfers

Created by the FBI, the Financial Fraud Kill Chain may help your financial institution in preventing the successful withdrawal of funds by criminal actors.

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

Whistleblowing has really become a hot issue. In 2015, the SEC issued a $500,000 bounty award to a whistleblower, serving as a huge reminder to employers to have protocols in place to investigate and respond to internal complaints and concerns. Littler Mendelson's employment practices legal experts share some insight to effectively address internal concerns to prevent potentially embarrassing escalations of situations.

Fraud involving HELOC loans shows no signs of slowing

Criminals are finding new ways to target banks and their customers through HELOC loan fraud. See suggested steps to take to help mitigate HELOC-related fraud.

How cyber intelligence and security automation can better protect banks from cyber threats

Banks continue to have their hands full battling cyber attacks: ransomware, phishing, malware, and account takeover are just a handful of the threats that bank security teams grapple with every day. Amidst the pandemic, financial institutions experienced a 238% increase in cyber attacks, with 86% of breaches financially motivated.

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.

In Your Space: Considerations in Lobby and Work Environment Configurations

The COVID-19 pandemic has forced banks and businesses to critically review their physical work environments, leading to an array of layouts in order to safely and practically accommodate employees and customers while maintaining “normal” business functions.

Is your bank prepared for a systems breach or other cyber-related crime?

You and your staff should be reviewing your bank’s security processes and protocols to help mitigate risk and losses in order to protect your bank and your customers.

Know Your Cyber Threats

Every business that uses the Internet, accepts credit cards, or uses a system network should be aware of these prevalent dangers that can threaten your business.

Pandemic Preparedness and Financial Institutions

We review key points of the FFIEC's "Interagency Statement on Pandemic Planning," which provides guidance on business continuity management plans and identifies specific actions that a financial institution should take to mitigate the effects of a pandemic.

Preventing Distracted Driving May Save Lives

20% of all injury crashes are related to distracted driving.

Ransomware attacks are becoming more prolific

The threat of ransomware is nothing new; however, attacks are evolving to become more disruptive and payment demands more consequential. Ransomware is no longer simply a "nuisance."

Social Media and The Workplace

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.

Steps to encourage a harassment-free work environment

Workplace harassment takes on many forms, making it difficult to tell the difference between normal office banter and offensive or unlawful behavior. Most of us agree that we want our workplace to have a friendly and enjoyable environment. There are some practical steps a business owner or manager can take to encourage a harassment-free environment and protect the company from claims and lawsuits.

Steps to Take in the Event of a Loss

Experiencing a potential insurance loss is a stressful experience. To help minimize the loss and ensure a smooth insurance claim process, there are some best practices you can follow in the event of a loss .

Bank Wire Fraud Statistics and Prevention Advice

The Impact of Wire Fraud Loss: By the Numbers

ABA Insurance Services shares statistics about wire fraud loss, including the anatomy of wire fraud, what are the facts, what is the cost, where is it being reported, and what is a bank's best defense to prevent fraudulent wire transfer loss.

The Impact of Wire Transfer Fraud and Prevention Best Practices

Our webinar recording focuses on critical best practices that bank staff can take to actively protect their bank's customers’ identities, accounts and funds.

The importance of a company employee handbook

Having an employee handbook helps build and foster relationships amongst employees, managers and owners, and is one of the most important steps for a thriving business.

The invasion of Ukraine has raised concerns about potential cyber-attacks

The current crisis unfolding in Ukraine has universal ramifications: Cyber security experts and bank regulatory agencies are warning of the potential for a worldwide increase in disruptive cyber activity.

Top 10 best practices to help avoid wire transfer fraud at your bank

It's critical that banks undertake best practices and loss control steps to prevent wire transfer fraud, including training and educating front line personnel, who are in the best position to spot and prevent wire fraud.

Top 10 Ways to Avoid Employment Related Problems

More often than not, employment-related lawsuits are difficult to deal with emotionally, mentally and financially. Our ten tips may help reduce employment-related issues in your business and strengthen your defense if an action is brought.

Transgender in the workplace

Given the EEOCs heighten focus on transgender issues and the increase in administrative claims, an influx of private lawsuits is sure to follow. It is important to have an anti-discrimination/harassment policy that includes gender identity and sexual orientation in conjunction with an EPL policy to mitigate exposure in a claim.

Verisk Report (2Q 2022) Reconstruction costs continue to be on the increase

Verisk's 360Value Quarterly provides reconstruction cost trends at the national and state levels.

What is “Negligent Entrustment” and what does it mean for your bank?

The number of negligent entrustment suits and verdicts is increasing, with large settlements being common and judgments often including punitive damages. The costs of developing and implementing a safety and risk program are minimal compared to the emotional and financial costs of negligent entrustment.