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  • Private Collection of Federal Taxes Could Be a Concern To Your Staff

    The IRS will begin contacting some taxpayers whose overdue federal tax accounts are being transferred to private collection agencies. But watch out for scammers who might claim to be associated with the program. Starting this month, the Internal Revenue Service will begin sending letters to a relatively small group of taxpayers whose overdue federal tax […]

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  • Social Media Guidance

    Do you use Facebook or other social media to attract and interact with customers? The use of social media by a financial institution to attract and interact with consumers can impact a financial institution’s risk profile. The increased risks can include harm to consumers, compliance and legal risk, operational risk, and reputation risk. The FFIEC recently […]

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  • The Path of Least Resistance

    There appear to be significant decreases in reports of counterfeit card use due largely to chip card technology. However, despite all our best efforts… online fraud continues to increase! For example, as ATMs were equipped with additional security features, fraudsters altered malware intended to illegitimately instruct ATMs to dispense cash! Another new fraud challenge is […]

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  • Your Customers’ New Protections Against Telemarketers

    It’s becoming a familiar subject… scammers want your money, but they don’t want to get caught taking it. That’s why fraudulent telemarketers ask people to pay with systems that deliver a quick, anonymous cash payout like cash-to-cash transfers or cash reload card PINs. However, it’s now illegal for telemarketers to ask for payment by: cash-to-cash […]

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  • Re-evaluate Your “Cost of Doing Business” Practices

    Some financial institutions do NOT research or resolve EVERY deposit discrepancy and regard it as “a cost of doing business”. If that is your institution, then you may want to RE-EVALUATE your position. Research and resolution of deposit errors can be more costly and time consuming than accepting minor discrepancies. However, The Consumer Financial Protection […]

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  • No Rest for the Weary Compliance Officer

    In just the last two weeks… FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. […]

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  • Department of Labor Releases Fiduciary Rule for Banks

    ERISA safeguards plan participants by imposing trust law standards of care and undivided loyalty on plan fiduciaries, and by holding fiduciaries accountable when they breach those obligations. However, this final rule will extend those standards to cover an adviser who can be an individual or entity who is, among other things, a bank. The final […]

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  • How Can I Steal Your Information?

    There’s a new twist on tech-support scams — you know, the one where crooks try to get access to your computer or sensitive information by offering to “fix” a computer problem that doesn’t actually exist. Lately, we’ve heard reports that people are getting calls from someone claiming to be from the Global Privacy Enforcement Network. […]

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  • FTC Amends Telemarketing Rule to Ban Payment Methods Used by Scammers

    The TSR changes will stop telemarketers from dipping directly into consumer bank accounts by using certain kinds of checks and “payment orders” that have been “remotely created” by the telemarketer or seller. These two payment mechanisms make it easy for unscrupulous telemarketers to debit accounts without consumers’ permission, and can make it difficult to reverse […]

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