Oklahoma Bankers Association We make bankers better!
In This Issue…
- From Adrian’s desk …
- Banking agencies seek comment on regulatory burden
- One-time password bots responsible customer account takeovers?
- OBA education corner …
From Adrian’s desk …
By Adrian Beverage
OBA President & CEO
Just some random tidbits that might be of interest to our bankers this week!
• • •
Just a short message “from my desk” today, as I’m actually in Washington, D.C., for summer meetings with the ABA. I always enjoy these meetings, as it’s a bit of the “calm before the storm” at both the state and federal levels for many of us.
• • •
OK, someone obviously sacrificed a live chicken in Milwaukee as the Brewers haven’t lost in a couple WEEKS! Thanks to an 11-game winning streak, Milwaukee has overtaken my Cubbies and even have the best record in baseball! Lotta time left and should be a good, old-fashioned division battle the rest of the way … definitely enough to keep my interest as college football begins to loom!
Banking agencies seek comment on regulatory burden
The Federal Reserve, FDIC and Office of the Comptroller of the Currency published on Monday the fourth in a series of requests for public comment on reducing the regulatory burden for financial institutions.
The first three requests were published last year.
The Economic Growth and Regulatory Paperwork Reduction Act requires the Federal Financial Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions. As part of a two-year review, the agencies divided their regulations into 12 categories. For the fourth and final round, the agencies are soliciting comments on regulations in three categories: Banking operations, capital and the Community Reinvestment Act.
The public has 90 days from publication of the notice in the Federal Register to comment on the relevant regulations.
One-time password bots responsible for customer account takeovers?
Oklahoma bankers are reporting an increase in account takeover losses.
One-time password bots may be to blame. These bots are a form of crimeware-as-a-service that are used to bypass two-factor authentication on victim accounts with the intention to commit account takeovers. They are operated through dark web channels, easy to use, completely customizable and are sold in exchange for cryptocurrency.
The bots facilitate a spoofed phone call impersonating a victim’s financial institution, typically claiming there is potential fraud on the account that needs to be verified and disputed. During the call, the bot deceives the victim into divulging their OTP, which is then passed back to the bad actor and ultimately input in conjunction with the email and password of the victim to gain access and take over the victim’s account.
As these frauds become more sophisticated, it may be time to review your customer authentication practices? Drop the OBA’s resident fraud expert, Sharon Lewis, a line with any questions!
OBA education corner …
R.I.P to the Prince of Darkness, the one-and-0nly Ozzy Osbourne. Whether you were a fan of his music, his reality show or, honestly, neither, you can’t deny he was one of the most influential artists in rock music history. Take a listen to his most accessible solo album, 1991’s No More Tears, and also keep up to date with what’s happening on the continuing education front, including the following:
- Navigating New RTP and FedNow Rules, July 30, webinar — This session will break down critical changes, including On-Behalf-Of (OBO) payments, new rules interpretations for Requests for Payment (RFPs), and other key RTP rule updates.
- Unclaimed Property Compliance for Financial Institutions, July 30, webinar — This webinar will focus on the complex state unclaimed property reporting requirements and the unique challenges facing financial institutions.
- Best-Ever Compliance Checklists for Consumer Loans, July 31, webinar — This webinar will guide lenders and processors through easy-to-use checklists that will clarify and simplify the compliance requirements for consumer loans.
- Reg O and W: Dealing With Insiders, Aug. 6, webinar — This webinar will detail the many requirements of Regs O and W and provide tips to assure effective compliance management practices.
- Problem Loan Work-Out In Today’s Market, Aug. 8, webinar — Attend this webinar to learn how to better manage “problem loans” and protect the rights of your institution in today’s market!