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The Weakest Link
Insight and techniques to strengthen password security
by Steve Sanders, Compliance Consulting Manager
How did you remember the combination to your locker in junior high? Most likely, that jumbled series of numbers was not something you made up.
The risks of forgetting this unfamiliar combination were great. Yet, if you wrote it down somewhere, your mortal enemy could find that password and uncover all your secret crushes — and smelly gym clothes.
These days, passwords are the first line of defense to protect customer information in community financial institutions across the country. As criminals find new ways to hack into your financial institution’s systems, your passwords must evolve to fight these threats.
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Fight the bad guys with stronger passwords
Trey Sullivan |
In our personal lives, we may view
computer passwords as a hassle. In our professional lives, we know they are a
powerful means to protect data. This month’s
feature article
reveals new ways to strengthen your passwords. If you want to fight today’s
sophisticated criminals, your passwords need to be smart — and strong.
Last month, we asked what worries
your online banking customers.
Your responses provide practical ways to educate and empower those
customers. This month, we ask how you break down the barriers to better
communication. How do you create a culture of compliance?
We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to be actively involved. Please send ideas for articles you’d like to see, and let us know if we are covering topics relevant to the issues your institution faces. Take our brief reader survey for a chance to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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Building an Effective Bank Secrecy Act & Anti-Money Laundering Program:
Assessing Your Institution’s Risk
In addition to reporting and recordkeeping requirements, the BSA requires all financial institutions to implement a program that is reasonably designed to identify suspicious activity and prevent the laundering of funds derived from illegal activity. This Webinar will help you learn how to identify and assess your institution’s BSA/AML risks and to develop an effective program in accordance with the specific requirements set forth under the Bank Secrecy Act.
Want to learn more? Attend this Webinar on Wednesday, April 25th,
3:00 p.m. EDT.
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to attend this complimentary Webinar. |
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Last Issue's Dilemma:
What worries your online customers?
We just completed a very informal survey of our online customers. We asked them what banking or finance issues worry them most.
Not surprisingly, identity theft tops the list again. The next most worrisome things, online shopping payments and catalog purchases, don’t even come close.
I feel like we put out a lot of good information about identity theft, but obviously our customers are still concerned. I understand that protecting our customers’ identities must still be a top priority. But in addition to that, what are some of the top complaints or issues other compliance officers hear from their customers?
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This Issue's Dilemma:
How do I create a culture of compliance across branches?
Overall, I think our bank — across seven branches — does a reasonable job staying compliant. Our audits and federal exams usually reveal some things we could do better but divulge no glaring errors.
Our bank has plans for another three branches. Two of those branches will be over 100 miles away, so I won’t be able to check on them in person on a regular basis. I’ll have to depend on other compliance officers.
As other banks expand, I have observed organizations that silo critical compliance information rather than share it with all levels of the bank. This can handicap an organization’s ability to identify systemic risks.
How do I open up channels of communication across geographically distant branches? How do I create an inclusive culture of compliance?
— Linda Baum, Compliance Officer
We were happy to buy this special-edition Red nano from Apple, because $10 of the purchase price goes to a very worthy cause, the Global Fund to fight AIDS in Africa. If you’d like to help out as well, here's a link to Apple's special promotion.
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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"The helpful staff at InternetVIZ keeps our newsletter on track, and enables us to bring valuable information
to our most important constituents—our customers."
- Trey Sullivan, CEO, ATTUS Technologies
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