Data security

The rep processed a $9,850 wire request from an imposter posing as a customer, even after the customer called to say that the request was not genuine, FINRA claimed.

NASAA President Joseph Borg also vowed to work with SEC Chairman Jay Clayton’s team on improvements to the Regulation Best Interest proposal.

The news of the data breach cast a shadow over relatively strong first-quarter earnings for the Atlanta bank.

Collaboration is key to the effort since there “is no competitive advantage to be the only firm engaged in data protection."

The self-regulatory body says working with data aggregators increases the risk of cyber fraud, unauthorized transactions and identity theft. But aggregators say other links in the information chain are more vulnerable.

The accusations shed light on the massive back-office systems maintained by regulators and the difficulty of keeping the sensitive information in them private.

More than a decade ago, bankers fought Walmart tooth and nail as it made forays into banking. But with Amazon making more moves into financial services, the reaction is very different.

To protect their practice, advisors should know the answers to several critical questions about how vendors use and safeguard their data.

Spanning 50 federal districts, the case involves criminal and civil charges for as many as 200 defendants.

Commission prioritizes retail investors as OCIE issues its must-read compliance letter.