Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more
10/23/2015
/ Bank Fraud ,
Bank Security Procedures ,
Banking Sector ,
Commercially Reasonable Efforts ,
Cyber Attacks ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
FFIEC ,
Financial Institutions ,
Fund Transfer Controls ,
Popular ,
Security Risk Assessments ,
Service Agreements ,
Transaction Monitoring ,
Uniform Commercial Code (UCC)
On March 30th, the Federal Financial Institutions Examination Council (FFIEC) issued two Joint Statements on behalf of its members to warn financial institutions about the threats posed to various credentials by cyberattacks...more