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January 2008

Thursday, January 31, 2008

DIGITAL THEFT NOT LIMITED TO ONLINE HACKING

A Swedish bank located just north of Stockholm recently reported that a group of Swedish criminals with prior fraud and theft convictions nearly stole millions of dollars from the bank last August.  However, the criminals did not attempt to gain online access to the internet banking system.  Instead, they installed an advanced technical equipment underneath an employee’s desk, allowing them to control his computer remotely.  When they began to transfer the funds from the bank into another account, the employee noticed the operation and pulled the cable to the device.  Investigators, however, did not indicate how the criminals gained access to the employee’s workstation in the first place.

Friday, January 11, 2008

New Fair Value Standard -- Statement 157

The Financial Accounting Standards Board has issued a new fair value standard with the goal of "increased consistency and comparability in fair value measurements and for expanded disclosures about fair value measurements."  See Summary of Statement 157.  Among other changes, the Statement creates a single definition of fair value, establishes a framework for measuring fair value in GAAP, and requires additional disclosures about fair value measurements.  Banks will need to implement Statement 157 into their financial statements and should thus pay close attention to Statement 157.  For an excellent summary of what financial institutions need to know about Statement 157, see Vol. 19, No. 6 of Currency, a periodical published by Grant Thorton LLP, available here.    

Monday, January 07, 2008

Webinar on Succeeding in Reaching the Underbanked

Lexis is hosing a free webinar discussing Target Corporation's strategies in reaching out to the underbanked population.  The Live Q and A will be for one hour on January 31, 2008.  Click here for more information and to register. 

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