It’s only natural for businesses and institutions to remain vigilant for the unexpected. Recent years have highlighted the market’s susceptibility to unforeseen events, from pandemics to geopolitical upheavals. As such, it’s prudent to evaluate the potential challenges and opportunities that unexpected events and wild cards might present to your organization.
For those working in the information security and cybersecurity industries, the technical impacts of a data breach are generally understood. But for those outside of these technical functions, such as executives, operators and business support functions, “explaining” the real impact of a breach can be difficult. Therefore, explaining impacts in terms of quantifiable financial figures and other simple metrics creates a relatively level playing field for most stakeholders, including law enforcement.
New data from the Federal Trade Commission shows a massive increase in the amount of money consumers report losing to scammers involving Bitcoin ATM machines. Since 2020, the amount consumers reported losing has increased nearly tenfold to over $110 million in 2023.
In May, the Consumer Financial Protection Bureau (CFPB) introduced a new “interpretive rule” that subjects certain short-term lenders to the same rules credit card companies follow, allowing consumers to dispute charges and receive refunds. Leo Patching, CEO of Kompliant, a banking and payments compliance provider, explores the new rule and how it will impact the Buy Now, Pay Later industry.
This episode features a discussion with Nick St. John, Director of Federal Compliance at America’s Credit Unions. We discuss the Notice of Proposed Rulemaking (NPRM) issued by FinCEN and federal banking regulators regarding the enhancement and modernization of anti-money laundering/countering the financing of terrorism (AML/CFT) compliance programs under the Bank Secrecy Act (BSA).
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