Bank Fraud

As summer comes to an end, there are a surprising number of things to keep an eye on. Here is American Banker's handy cheat sheet for the rest of the year.

The checks were drawn on accounts at JPMorganChase, Citibank, BMO, Stellar Bank and Amegy Bank. The largest single check ran just over $1.5 million.

Most Americans have been at least targeted by fraudsters, and as AI technology gets better the frauds are going to be harder to stop.

Eight pleaded guilty in an $11-million scheme that changed or invented business registry records, then opened accounts as the payee at about 30 institutions.

Prosecutors say a Bronx crew recruited homeless people and walked them into branches to open accounts. The controls it beat were mostly human ones, standing at a branch counter.

A Florida ring drilled its check-fraud recruits to dodge bank alerts. An analyst says the fraudsters were guarding the wrong door.

U.S. Bank, Arvest, Old National, BMO and WaFd took the losses in a decade-long scheme the DOJ announced.

Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.

The threats posed by financial criminals, from fraudsters to money launderers, are evolving at a pace that far outstrips the education of bankers charged with combating them. That needs to change.

Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.

A recent fraud case shines a spotlight on the many communication disconnects caused by disjointed software systems common at larger banks. Here's what happened to one American Banker editor. 

The financial services industry is relying on outdated methods of detecting and fighting fraud. With the assistance of artificial intelligence, criminals are penetrating vulnerable systems. It's time for collective action.

An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.

Amid growing deepfake threats and successful biometric bypass attempts by fraudsters, the bank added an extra layer of security to strengthen the authentication process.

Alan Childs pleaded guilty to using straw borrowers and falsified loan records to help a timber businessman secure millions in fraudulent loans.

Bankers are concerned about stablecoins gaining traction due to the passage of the GENIUS Act, and also continue to sound the alarm about the failure to resolve check fraud disputes, according to the latest quarterly survey from IntraFi.

Pulaski Savings Bank's failure will cost the FDIC's Deposit Insurance Fund 57.6% of its total assets.

The CEO of First Northwest Bancorp is promising to fight a lawsuit claiming the lender helped a client perpetrate a Ponzi scheme that bilked a hedge fund out of more than $100 million.

Two bankers detailed how artificial intelligence is transforming fraud detection and incident response for their institutions. The technology lets analysts ask datasets direct questions.