Imagine having a law on your side that actually helps you in the event your bank account is hacked or your funds are stolen by scammers, but the bank never tells you that you are protected by that law, and worse, does not comply with it. According to NYS Attorney General Letitia James, that’s pretty…
Category: Financial Sector
Ex-IRS contractor who leaked Trump’s tax returns sentenced to 5 years
Salvador Rizzo reports: A former IRS contractor who leaked a slew of confidential tax records filed by the wealthiest Americans, including those of President Donald Trump, was sentenced Monday to the maximum of five years in prison. Charles Littlejohn pleaded guilty last year to one count of unauthorized disclosure of income tax returns. Littlejohn, 38, admitted that he…
$2.4 trillion securities platform owner hacked. EquiLend admits “unauthorised access”
Ed Targett reports: Financial technology company EquiLend – the owner of a NGT [Next Generation Trading], a platform that executes $2.4 trillion of securities transactions each month – has confirmed “unauthorized access to our systems” on January 22. The incident has disrupted some of its services, it confirmed. “We took immediate steps to secure our…
Dutch SA Sanctions Credit Card Company for Failure to Perform Data Protection Impact Assessment
Kristof Van Quathem of Covington and Burling writes: In December 2023, the Dutch SA fined a credit card company €150,000 for failure to perform a proper data protection impact assessment (“DPIA”) in accordance with Art. 35 GDPR for its “identification and verification process”. First, the Dutch SA decided that the company was required to perform a DPIA…
NYS announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs
January 12, 2024 New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today announced that Genesis Global Trading, Inc. (“Genesis Global Trading”) will pay an $8 million penalty to New York State for compliance failures that violated DFS’s virtual currency and cybersecurity regulations and left the company vulnerable to illicit activity and…
US retail mortgage lender LoanDepot struggles with cyberattack
Frank Bajak reports: The U.S. retail mortgage lender LoanDepot is struggling to recover from a cyberattack that impacted its loan processing and phone service. In a filing on Monday with the Securities and Exchange Commission, the company said data was encrypted by the “unauthorized third party” who broke into company systems. It said certain unspecified…