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Fraud & Cybersecurity
CBA supports strong national data protection and consumer notification standards with effective enforcement provisions that are applicable to any party with access to important consumer financial information. CBA members are already subject to robust data protection and notification standards and these requirements must be recognized. Inconsistent state laws and regulations should be preempted in favor of strong Federal data protection and notification standards. CBA firmly holds that all parties must share in protecting consumers and, as such, the costs of a data breach should ultimately be borne by the entity that incurs the breach. Protecting consumer data is a shared responsibility, and merchants must have the same tough data security standards as financial institutions to thwart hackers as well as the ability to accept chip-based cards.
- May 11, 2022 - 2:00PMPastMay 5, 2022 - 2:00PMPastApril 26, 2022 - 12:00PMPastMarch 29, 2022While the financial services industry is nearly unanimous in acknowledging mules are central to the fraud supply chain and disrupting mule activity would deal a damaging blog to global financial crime, the road to get there is not quite as easy. The bad news is that robust networks of mule accounts were created during the pandemic to move money from global systems designed to provide economic...March 29, 2022Despite the latest fraud controls, financial scammers continue to get ahead. This was accelerated by the pandemic as the use of digital channels for everyday banking grew significantly, while other services including digital payments, contactless and cashless payments, and buy now pay later (BNPL) services were embraced by consumers around the world. Not to mention government stimulus programs...