SAN FRANCISCO - (03/15/06) A worldwide investigation intothe widening credit card fraud that is plaguing credit unions andbanks from coast to coast is apparently pointing to one or morethird-party processors of Visa and MasterCard debit cardtransactions. Though Visa notified credit unions and banks to flagcards that had transacted business at the OfficeMax office supplychain, authorities believe a more likely culprit is a processor,because several other retailers accounts are also suspect,sources told The Credit Union Journal. But thats where thetrail ends, even while tens of thousands of dollars are beingdrained from U.S. cardholders accounts in fraudulenttransactions originating in foreign locales like Russia, Pakistan,England, Spain and South Africa. It definitely wasnta retailer, said Avivah Litan, a cards expert with GartnerGroup. Its someone driving terminals or processingout transactions. Thats where the encryption key isassigned. The question is: were they (the card numbers and PINs)stored or read in transit? My guess is they (the crooks) got it intransit. Meantime, dozens of credit unions and banks,including some of the biggest have cancelled Visa debit cards bythe thousands over the last few weeks. Among them are: The Golden 1CU, State Employees CU (North Carolina), Digital Employees FCU,Bethpage FCU, Citibank, PNC, National City Bank, Wells Fargo, Bankof America and Washington Mutual. Authorities are calling thelatest breach the biggest credit card fraud ever, with more than amillion cards expected to be recalled as a result.
-
The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
14m ago -
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
3h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
11h ago -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27