RICHARDSON, Texas - (02/10/06) Start-up Intrusion Inc., themaker of the Compliance Commander fraud protection system, said netlosses for its fourth quarter widened slightly to $900,000, form$800,000, for the fourth quarter in 2004, but fiscal year lossesnarrowed to $3.3 million, compared to 44.6 million the year before.The company reported fourth quarter revenue of $1.1 million, downfrom $2 million in the fourth quarter in 2004, and fiscal yearrevenue of $6 million, the same as the year before. Intrusion CEOG. Ward Paxton said the company is disappointed by the fourthquarter results but optimistic in that it has 83 orders worth $2.5million in revenue pending form credit unions and banks forCompliance Commander. The majority of Intrusion's revenue in thefourth quarter came from the company's other two product lines:TraceCop Entity Identification Systems and SecureNet IntrusionPrevention/Detection Systems. The majority of revenue from thesetwo products resulted from sales to the U.S. Government.
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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.
July 2