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Posts tagged: FDIC

The FDIC ramps up its online tools and consumer guides

Your boss may be showing signs of concern with the hours you're spending watching YouTube at the office.

Here's the solution: Tell the boss you're viewing YouTube for handy videos on topics such as deposit insurance and Net Fraud.

The Federal Deposit Insurance Corporation (FDIC) has a number of fairly useful online tools to give consumers tips and hints on investments and fraud alerts.

One of them is, indeed, a YouTube FDIC channel.

Other online resources provided by the tax-supported FDIC:

  • “EDIE,” the FDIC's Electronic Deposit Insurance Estimator — an online calculator to determine their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts.
  • FDIC Consumer News — a quarterly publication for consumers with tips on credit cards, bank accounts, loans, scams, money management and  more. Consumers can also listen to articles anywhere, anytime online or by downloading to an MP3 player.
  • Bank Find —  an online directory that consumers can use to locate an FDIC-insured institution bank, learn what happened to a bank that changed names or no longer exists, and more.
  • Customer Assistance Online Form — A form to submit a question to the FDIC or a complaint regarding a financial institution.
  •  Small Business Web Page — Helpful tips for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.
  •  Money Smart – A financial education curriculum concentrating on the development of consumers' financial skills and positive banking relationships.
  •  Foreclosure Prevention Toolkit —  A Web page that provides easy access to helpful information for homeowners on avoiding foreclosure and foreclosure “rescue” scams.

FDIC sponsors symposium on cyber crimes aimed at small business

Last Sunday The Spokesman-Review business section carried a story about the growing number of cyber crimes directed at small and midsized firms.

This week we find the FDIC (Federal Deposit and Insurance Corporation) is concerned about the same growing problem.

It’s hosting a day long symposium in Arlington, VA., on May 11, focusing on the increasing need by companies to work with law enforcement to contend with the threat.

The FDIC release said:  “Division of Supervision and Consumer Protection Director Sandra Thompson says the program is intended to raise awareness to the potential threats to commercial payments and explore best practices and technologies available to mitigate this risk.”

FDIC analysis of Financial Crimes Enforcement Network’s (FinCEN) Suspicious Activity Reports indicates that bank losses related to computer intrusion or wire transfer have increased “significantly” as of last fall.

These schemes—also known as “corporate account takeovers”—typically involve compromised access credentials to online business banking software that are used to make fraudulent electronic funds transfers (EFTs) through the automated clearinghouse (ACH) and wire payment systems.

The illicit proceeds from these activities are often funneled through some type of fraudulent work-at-home scheme involving individuals who knowingly, or unknowingly, serve as “money mules” by forwarding funds to criminals outside the United States.


 

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