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Financial Institutions Must Improve the Reg E Resolution Process

Compliance with Reg E is important, but so is ensuring your members are receiving proper credit as required by law.

By Lori Moore | Updated on March 22, 2018
CUs must stay on top of regulations and compliance.

According to the Identity Theft Resource Center and CyberScout, the number of data breaches in 2017 reached a record high of 1,579. This is a 44% increase over the previous record-setting high in 2016. The good news is, financial institutions did not top the list when it comes to the type of entities that were breached. The bad news is, the likelihood that your financial institution, regardless of size, will be impacted by these breaches is high.

Unfortunately, there is more bad news that increases the odds. ATM malware first surfaced in 2009 and, in 2017, we saw the emergence of a new form of cybercrime – ATM malware-as-a-service. As this evolves, experts are indicating that in 2018 we could the see full automation of ATM malware attacks. By using a mini-computer automatically attached to an ATM, fraudsters can install the malware and collect card data in a very short period of time.

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