COVENTRY, R.I. – As many as 1,100 cardholders at local credit unions and banks are reporting incidents of fraud on their accounts due to the recently announced data breach at supermarket chain Stop & Shop. Police reported at least two credit unions were affected, with members at Coventry CU hit for around $10,000, so far. Citizens Bank appears to be the hardest hit, with more than $100,000 in fraudulent transactions on its cards, so far. Four California men were arrested Monday and charged with the a scam removing keypads from point-of-sale machines at Stop & Shop check-out lines and replacing them temporarily with skimmers that record card numbers and PINs. The information was used to make duplicate cards and withdrew $400 at a time from accounts. The four suspects were arrested while they were apparently trying to replace the POS keypad and in the Coventry Stop & Shop. Stop & Shop, which operates 385 supermarkets throughout the east coast, said the crooks succeeded in skimming POS machines in at least six of its stores in Rhode Island and Massachusetts. The supermarket chain has since bolted down POS machine keypads in all of its stores to prevent similar schemes. There have been reports of similar crimes in Philadelphia, Richmond, Los Angeles and Miami, by suspects with similar descriptions as the ones arrested here, police said.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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