Excessive Deposits/Withdrawals Report

CAMS-ii Release 2.3.0 included a Control-Master Parameter setting (Back Office > Standard > Parameters), Secondary Cash Transaction To Report, that was populated with a value of zero. This caused the Excessive Deposits and Withdrawals Report to be much longer than necessary.

Secondary Cash Transaction To Report parameter tells the system to add entries to the Excessive Deposits and Withdrawals Report when a member has transactions that exceed a certain amount cumulatively over a fixed period of time. For example: A member makes five cash transactions any one of which do not exceed the single transaction limit of $3,000.00 in the Minimum Cash Transaction To Report setting (Back Office > Standard > Parameters), but the transactions total $13,000.00 over the fixed period of time. This may be suspicious activity that should be scrutinized as structured transactions by the Bank Secrecy Act, even though no single transaction exceeds the Minimum Cash Transaction To Report setting.

We recommend that you set the Secondary Cash Transaction To Report parameter to an amount consistent with Bank Secrecy Act guidance on Structured Transactions. Please consult regulatory guidance on the Bank Secrecy Act if you have any questions on Structured Transactions.

If you have any questions about the Excessive Deposits and Withdrawals Report or the Cash Transaction to Report parameters, please address your questions to support@camsbycbs.com.

More on the Phishing Scam

It is our finding that the Phishing scam that we reported yesterday, March 29, did not result in any compromise to any databases on our Internet Branching servers. After a comprehensive review of the access logs, to the best of our knowledge, no compromise of personal information occurred unless a member complied with the Phishing email and its requests for information. At that time, the information that the member provided might have been provided to an unscrupulous element.

Personal identifying information (PII) on the Internet Branching databases is encrypted and secured. The dual authentication login procedures recently placed on the Internet Branching sites also help further protect against unauthorized access to PII.

At this time, we do not know who conducted the Phishing scam, but should we become aware of the source, we will report them to the appropriate authority. Your credit union should do likewise. Remember that emails and their addresses are publicly available. Unscrupulous elements use many devices to sniff for email addresses and then use the email addresses to phish for personal information.

Commercial Business Systems recommends that you continue to advise your membership on the dangers of Phishing scams and other attempts to gather personal information via criminal means. Click here to learn more about phishing.

Please address any further questions on this matter to support@camsbycbs.com.