NEW YORK - (11/11/05) -- Increasing incidents of identitytheft have made growing numbers of consumers wary of bankingonline, according to a new survey released this week by Entrust, anInternet security firm. The report, presented in New York Tuesdayat a forum on identity theft, claimed that 18% of Americans whohave banked online now do so less frequently, or not at all, due tosecurity concerns. The survey also found that roughly a third ofonline users have doubts about the legitimacy of the banking Websites they regularly visit, fearing that they may be phony sitesset up by criminals. The vast majority of those surveyed--94%--saidthey would be willing to use additional security measures such asstronger authentication methods. The survey was based on datacollected from 710 people during the week of October 17.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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