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Tag: Multifactor Identification

Account Takeover Attempts

Account Takeover Attempts

Posted on July 1, 2022 by admin

FINRA recently organized roundtable discussions with representatives from 20 firms of various sizes and business models to discuss their approaches to mitigating the risks from account takeovers. Account takeover attempts (ATO) are when bad actors are using stolen or synthetic identification material to open accounts at firms that they then use to generate or launder illicit proceeds. Regulators noted a post pandemic rise in online account opening. These activities make it particularly difficult, because the identities are stolen so even with a SARS filed the true identity of the bad actor is generally never known. Regulatory Notice 21-18 shares a Read more about Account Takeover Attempts[…]

Posted in Broker-Dealer, Cybersecurity, FINRA, FINRA Conferences Tagged Account Takeover Attempts, ATO, Broker-Dealer, Compliance, Cybersecurity, FINRA, FINRA Roundtable, Multifactor Identification, Regulatory Notice 21-18, Rules and Regulations

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