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SEC Charges UBS, JPMorgan, TradeStation to End Identity Theft Protection



(Reuters) – The U.S. Securities and Exchange Commission on Wednesday accused lenders JPMorgan and UBS and online brokerage TradeStation of failings to prevent customer identity theft, the agency said.

Without admitting or denying the SEC’s findings, each company agreed to pay the following penalties: JPMorgan $1.2 million, UBS $925,000 and TradeStation $425,000, the SEC said in a statement.

Between at least January 2017 and October 2019, the companies’ identity theft prevention programs did not include reasonable policies and procedures to raise red flags related to customer accounts, the SEC said in its order.

The companies also lacked reasonable policies and procedures to respond appropriately to detected red flags of identity theft, or to ensure that programs were regularly updated to reflect changes in the identity theft risks faced by customers.

“Today̵

7;s actions are reminders that broker-dealers and investment advisers must design and operate identity theft prevention programs that are appropriately tailored to their businesses and update them in response to the increased threat and changing nature of identity theft,” said Carolyn Welshhans, of the SEC Enforcement Division’s Crypto Assets and Cyber ​​Unit.


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