FBI issues alert on mobile banking app cybersecurity threats

first_imgThe FBI released an alert to warn the public about anticipated exploitation of mobile banking app platforms as in-person access to financial institutions has been limited amid the coronavirus pandemic.“Americans are increasingly using their mobile devices to conduct banking activities such as cashing checks and transferring funds,” the FBI noted in the alert, issued last week. “US financial technology providers estimate more than 75 percent of Americans used mobile banking in some form in 2019.”The alert warns against app-based banking trojans, which are “malicious programs that disguise themselves as other apps, such as games out tools,” and fake banking apps, which are designed to impersonate the real apps of major financial institutions.In addition, the FBI provides tips to protect both consumers and financial institutions from these threats, including: continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

New networks provide added coverage

first_imgOver the last six years, the USC women’s soccer team has had a game shown on television exactly six times. Two of those games came during the Women of Troy’s run to a national championship in 2007, and two more came against high-powered UCLA teams.National attention · Junior midfielder Autumn Altamirano and the Women of Troy stand to benefit from the Pac-12 Networks’ coverage. – Daily Trojan file photo The last time a USC soccer game was showcased on television was in 2009 — an away game against No. 3 UCLA. Not even the Women of Troy’s 2010 game against UCLA, played at the Coliseum in front of 8,527 fans, managed to crack the airwaves.But with the Pac-12 Networks’ debut last Wednesday, the Women of Troy will be featured on TV nine times this season alone, each time reaching a larger regional audience than their previous local telecasts did.For the players, TV exposure is rewarding and exciting. Families can now watch certain road games and players can watch their friends on other teams (and scout them, too) and have the chance to be seen by a broader audience.And for coaches, the possibilities are endless: recruiting, scouting, building an identity for the program, recruiting again.“The more visibility you have, the more kids are going to be enticed to come play,”  USC coach Ali Khosroshahin said. “Unfortunately, we don’t have lights here, so it’s hard for people to get out here and see us play. I think the network will allow a lot more people to see us that normally don’t get the opportunity to.”From the pure excitement the current USC players have when talking about the chance to play on TV regularly, it’s obvious that that opportunity will be a big plus to recruits.“It has a huge impact [on recruiting],” said junior midfielder Autumn Altimirano. “Having a network that people can watch your games on is pretty awesome — we’re all really looking forward to it.”Plagued by injuries throughout a disastrous 2011 season in which the Women of Troy suffered the second-most losses in program history, Khosroshahin and the coaching staff went on the recruiting trail like they never had before, bringing in 20 new players, including five transfers. Some of them already felt the pull of the Pac-12 Networks.“When I was in high school, I never even thought about West Coast schools because I’m from 2,000 miles away,” said sophomore goalie Caroline Stanley, a transfer from Missouri. “So I think it will boost recruiting for sure, especially when they see how we play. It will be a showcase for girls all across the country.”Stanley perhaps takes thatmentality — that it’s not just the notion of being on TV that is attractive to potential recruits, but the way USC moves the ball fluidly and attacks downfield — from her new coach.“It’s only going to help us,” Khosroshahin said. “The way we play the game is [an] attractive style, and I think the more people that get to see us play, they’re going to realize what it is we got here.”And Stanley believes that the newfound exposure will be good not only for USC, but for the sport on a national level as well.“Women’s soccer doesn’t get a lot of recognition,” Stanley said. “[The] Pac-12 Networks will really showcase our team, along with the other Pac-12 teams. People will see that Pac-12 soccer can compete with the Atlantic Coast Conference.”last_img read more

Apparently the 10 Billion Threshold is Not So Scary

center_img On the surface, it seems like banks have plenty of incentive to avoid the $10 billion asset threshold that was put in place by Dodd-Frank a little more than six years ago.After all, banks that cross that threshold become subject to supervision and regulation from the Consumer Financial Protection Bureau (CFPB), a cap (imposed by the Fed in 2011) on the interchange fees they charge merchants when shoppers use their debit cards, and they become subject to Dodd-Frank’s annual stress tests—which are costly to the banks and result in increased public scrutiny, since the banks are required to publicly disclose the stress test results. In the 2016 Dodd-Frank Act Stress Tests, 33 bank holding companies were reviewed.With those prospects on the horizon, are banks making an effort to avoid crossing over the magical $10 billion asset mark? According to an analysis issued by the New York Fed authored by Donald P. Morgan and Bryan Yang, they are not.“There are plenty of anecdotes about banks avoiding the $10 billion threshold or waiting to cross with a big merger, but we’ve seen no systematic evidence of this avoidance behavior,” the authors stated.The New York Fed researchers found when examining the cumulative distribution of bank-quarter assets in the $9 billion to $11 billion asset range both five years before and after Dodd-Frank passed in 2010, there was a significant shift in the distributions after Dodd-Frank (77 percent of observations) compared to before (48 percent). The researchers found no such shift in the distributions in the $7 billion to $9 billion range.Vincent Hui, Senior Director at Cornerstone Advisors, said he believes banks are not necessarily avoiding crossing the $10 billion threshold—but he believes they may be delaying it in order to prepare themselves for the increased expenses and regulations.“They really want to understand, ‘How much is this going to cost me? What type of resources do I need to put in place? What type of capabilities do I want to put in place?’” Hui said. “Publicly held institutions, in particular, need to manage shareholder expectations and be able to say, ‘It’s going to cost this amount of money and this is how we’re going to address it in order to make sure that our profitability or our earnings growth rate are not negatively impacted.’ I think a lot of it is more a delaying tactic to sort out what they want to do—not just to be in ‘compliance’ with CFPB and other regulations like Dodd-Frank, and also take into account the Durbin Amendment, but also what are they going to do to replace lost revenues to offset increased expenses.”The delaying tactic could potentially work against the bank, however, because “If you’re a publicly held bank, if you delay things too much, you start negatively impacting earnings growth and ultimately the share price, which ultimately doesn’t do a lot of good for shareholders,” Hui said.Ultimately, it just isn’t good for business when banks say they intend to put a dollar limit on the amount of assets they want to hold, Hui said.“What do people want? They want earnings per share growth,” he said. “And one of the drivers for earnings per share growth is to grow your balance sheets, because most banks are balance-sheet driven in terms of their earnings. Even for private companies, they have a little more flexibility, but at the end of the day their shareholders want to have increasing dividends and increasing share value, so there is that external pressure for them to grow. Very few banks have figured out how to grow earnings without growing their balance sheet. If they have, more power to them.” Apparently, the $10 Billion Threshold is Not So Scarylast_img read more