BMO creates financial crimes unit with cybersecurity fraud capabilities

first_img More BMO creates financial crimes unit with cybersecurity, fraud capabilities The creation of the unit comes after the bank said last May that hackers claimed to be in possession of the personal data of fewer than 50,000 customers Email advertisement Share this storyBMO creates financial crimes unit with cybersecurity, fraud capabilities Tumblr Pinterest Google+ LinkedIn Reddit Twitter What you need to know about passing the family cottage to the next generation January 7, 20191:50 PM EST Filed under News FP Street The Canadian Press Comment Facebook 0 Comments Join the conversation → Featured Stories ← Previous Next → Sponsored By: The Bank of Montreal is creating a financial crimes unit.Aaron Vincent Elkaim/The Canadian Press TORONTO — The Bank of Montreal is creating a financial crimes unit bringing together existing capabilities around cybersecurity, fraud and physical security.The new unit will be led by Larry Zelvin, who joins the bank on Jan. 14. He has been CitiGroup Inc.’s managing director and global head of cybersecurity.BMO’s financial crimes unit will work together with the bank’s anti-money laundering group. Banking regulator hiking ‘domestic stability buffer’ to protect banks from elevated risks Bank of Montreal sees U.S. earnings growth continuing to outstrip bank as a whole Banks hire their own hackers to get ahead of criminal infiltrators BMO chief executive Darryl White says the financial industry is faced with more sophisticated criminal activities and it’s critical to invest in data protection.The creation of the unit comes after the bank said last May that hackers contacted the bank claiming to be in possession of the personal data of fewer than 50,000 customers.At the same time, the Canadian Imperial Bank of Commerce’s Simplii Financial digital banking brand said “fraudsters” may have accessed certain personal and account information for about 40,000 clients. last_img read more

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