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ABA Newsbytes: CrowdStrike releases initial findings about cause of IT outageA widespread computer systems outage late last week that hit many banks and other businesses was caused by a defect found in an update for CrowdStrike software and was not a cyberattack, the cybersecurity firm announced today. CrowdStrike released the initial findings of its internal review of the incident, which took down systems worldwide. According to the report, the flaw that caused the outages was contained in an update for its Falcon platform, which caused Windows systems to crash. Mac and Linux users were not affected. The company’s content validation software failed to identify the problem before the update was sent out because of a bug. In a statement, CrowdStrike CEO George Kurtz urged customers with questions to reach out to their CrowdStrike representative or technical support. “We know that adversaries and bad actors will try to exploit events like this,” Kurtz said. “I encourage everyone to remain vigilant and ensure that you’re engaging with official CrowdStrike representatives. Our blog and technical support will continue to be the official channels for the latest updates.” ABA Banking Journal: Ag banker urges lawmakers to support Farm Bill, ACRE ActJuly 23, 2024
Hotchkiss, who recently retired from his position as director of agriculture for Regions Bank in Clayton, Missouri, testified before the House Agriculture Committee for a hearing on financial conditions in farm country. In prepared testimony, he emphasized the critical role banks play in the agricultural economy as a primary source of credit to farmers and ranchers across the U.S. Among other things, he noted more than 3,800 banks in the U.S. had agricultural loans on their books with a total outstanding portfolio of $198.6 billion. “In 2023, farm banks—banks with more than 14.32% of their loans made to farmers or ranchers—increased lending by 6.7% to meet the rising needs of farmers and ranchers, and now provide $110 billion in total farm loans,” said Hotchkiss. “Farm banks are an essential resource for small farmers, holding more than $44.6 billion in small-farm loans, with $9.2 billion in micro-small farm loans (loans with origination values less than $100,000). Farm banks are healthy, well-capitalized and stand ready to meet the credit demands of our nation’s farmers large and small.” Hotchkiss pointed to what he said were important improvements to the credit title of the 2024 House Farm Bill, such as the increase in the FSA Guaranteed Farm Ownership Loan Program to $3.5 million and the FSA Guaranteed Farm Operating Loan Program to $3 million. At the same time, he noted ABA’s strong support for a separate bill, H.R. 3139, the Access to Credit for our Rural Economy [ACRE] Act, which would remove the taxation on income earned from interest on agricultural real estate loans, and for loans for rural residences in a population area of less than 2,500 people with a mortgage value of less than $750,000. “By removing this taxation, banks will be able to lower their interest rates, which helps to lower costs for borrowers,” Hotchkiss said. Tech Crunch: How to tell if your online accounts have been hackedJuly 14, 2024 | Lorenzo Franceschi-BicchieraiMore and more hackers are targeting regular people with the goal of stealing their crypto, perhaps getting into their bank accounts or simply stalking them. These types of attacks are still relatively rare, so there’s no need for alarm. But it’s important to know what you can do to protect yourself if you suspect someone got into your email or social media account. A few years ago, I wrote a guide to help people protect themselves, and understand that most of the companies you have an account with already offer you tools to take control of your accounts’ security, even before you contact them for help, which in some cases you still should do. Here we break down what you can do on several different online services.Just like in the previous guide, there’s an important caveat. You should know that these methods don’t guarantee that you haven’t been compromised. If you still aren’t sure, you should contact a professional, especially if you are a journalist, a dissident or activist, or otherwise someone who has a higher risk of being targeted. In those cases, the nonprofit Access Now has a digital security helpline that will connect you to one of their experts. Another caveat, if you don’t do this already, you should enable multi-factor authentication on all your accounts, or at least the most important ones (email, banking, social media). This directory is a great resource that teaches you how to enable multi-factor authentication on more than 1,000 websites. (Note that you don’t have to use the multi-factor app promoted on that site, there are plenty of other alternatives.) Increasingly some online services offer the use of a physical security key or a passkey stored in your password manager, which is one of the highest safeguards to prevent account intrusions that rely on password-stealing malware or phishing. Read full article, including information regarding Gmail, Outlook, and Microsoft settings. Ahead of the Curve: A banker’s podcast episode 13 – Elder abuseElder financial exploitation and elder abuse: Statistics, FinCEN guidance, and how you can helpJuly 17, 2024
As the global population of individuals aged 60 and over is projected to increase by 38% between 2019 and 2030, elder abuse and elder financial exploitation (EFE) are becoming increasingly prevalent issues. This demographic shift, particularly in the developing world, brings attention to the unique challenges older persons face, including those related to human rights and financial security. Elder fraud, a severe form of EFE, continues to grow at an alarming rate. If it hasn’t already, it is likely to impact your client base or family in the near future. In this episode, Abrigo consultants Melissa Mantooth, CAMS, and Elissa Brewer, CAMS, share their knowledge of prevalent schemes and red flags, as well as a brief overview of safe harbor laws around EFE that may impact banks and credit unions. As financial institutions educate their customers on fraud, it’s important that they keep an extra watchful eye out for scams impacting older clients. Listen in for insights into ways to prevent elder fraud in your community. 
2024 Digital Innovations ConferenceAugust 27, 2024 | Hilton Garden Inn Sioux Falls South | Sioux Falls, SD
Technology and innovation have been transforming financial services since long before artificial intelligence and iPhones, and your role as an IT professional is ever-changing, especially in today’s environment. The SDBA Digital Innovation’s Conference is designed to provide support as you keep on top of technology trends, navigate the business of banking, and build and sustain your bank’s technology strategy—all to improve access and better serve your customers. This conference will provide you with an opportunity to learn from industry experts, network with IT colleagues, and visit exhibitors to see and experience the latest in products and services. Hotel block will release on July 29, 2024. 2024 Women of Impact Award - Nominate by August 2
Do you know an outstanding Woman in Banking who has made a significant contribution to her organization, community, and industry?
Fraud Academy | August 6-8, 2024 | Virtual
The Fraud Academy is a “first of its kind” two-day school that will train employees at all levels of your institution on fraud risk and what they can do fight it. This program will feature speakers from the United States Secret Service, attorneys from the United States for the Eastern District of Kentucky, Lexington Police Department, and other current and former law enforcement experts that will share their experiences and insights to best educate your bankers on how to mitigate fraud risk and ultimately reduce your fraud loss. Question of the WeekQ: From a federal regulatory perspective, can a convenience signer on an account have access to a debit card with their name on it? If there happens to be fraudulent charges on that card with the signer’s name, are they able to dispute the charges? A: Generally, whether a debit card can be issued to a convenience signer will depend on the terms of the accountholder agreement. With that said, there does not appear to be any explicit prohibition against doing so at the federal level, though the bank would want the account owner's permission to permit the convenience signer to perform these transactions. If a debit card is ultimately able to be issued to the signer in question, the bank would subsequently be subject to the error dispute and resolution procedures of Regulation E (particularly § 1005.6, § 1005.8 and § 1005.11), as well as the account agreement and any applicable internal policies and procedures, and the holder of the debit card would be able to make the bank aware of any error / disputed charges. Did you know that not all wire transfers are covered by Regulation E?
Learn how to put compliance management solutions from Compliance Alliance to work for your bank, by contacting (888) 353-3933 or [email protected] and ask for our Membership Team. For timely compliance updates, subscribe to Bankers Alliance’s email newsletters.
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The 2024 Farm Bill contains “great improvements” in credit availability for rural America, but there remain steps that lawmakers can take to help producers receive agricultural credit, Tony Hotchkiss, chairman of the American Bankers Association’s Agricultural and Rural Bankers Committee, told lawmakers today.
