Open Letter to U.S. Regulators – A Conversation with Ken Palla

Banking on Fraudology

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In this episode, Ken Palla, a former online security manager at Union Bank, shares insights from his open letter to US regulators addressing the urgent need for stronger guidance on scam controls and data sharing between financial institutions.

Ken discusses the challenges banks face in combating authorized payment scams and proposes solutions modeled after past FFIEC online security guidance. He emphasizes the importance of clear regulations around data sharing, particularly through updates to the 314B provision, to enable more effective fraud prevention. He also highlights the growing threat of scams, their impact on consumers, and the role of banks in protecting customers.

The conversation touches on international efforts to combat scams, the need for collaboration between banks, telcos, and digital platforms, and practical advice for consumers to avoid falling victim to scams.

Open Letter from Ken Palla

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About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/