SAN MARCOS, Texas - (10/10/05) -- A member of Randolph-Brooks FCU wasaghast one day last week as she watched an online phishing schemedrain her credit union account of $1,800. The member, identified asErica Carpenter, reported checking her account balance online tofind several unauthorized charges, but was unable to make phonecontact with the credit union until the next day. Every time sherefreshed the page, she saw another charge against her account.Later she found out that her account and several others at thecredit union was made available through the Internet payments sitePayPal. She said she received an email from a phony site purportingto be PayPal and listing an email address it said had been added toher account, but she clicked on the button indicating she did notauthorize it. Carpenter explained she had used PayPal three yearsago to buy something off eBay, but hadn't used the service sincethen. Carpenter said she has been told she will only be responsiblefor the first $50 of the theft.
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Firms like Brex and Ramp are adding new tech faster than legacy banks, according to payment experts.
October 13 -
The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.
October 10 -
Former City National CEO Kelly Coffey has a new venture in wealth management; Erin Siegfried is Northwest Bancshares' new chief legal counsel and corporate secretary; Flagstar Bank secures OCC approval to merge its holding company into the bank; and more in this week's banking news roundup.
October 10 -
The regional bank has launched a digital student banking center that's part of a broader strategy to focus on relationship-building.
October 10 -
The Consumer Financial Protection Bureau has announced job openings for attorney-advisors to represent the agency in defensive and appellate litigation.
October 10 -
An updated deposit insurance reform bill from Sens. Bill Hagerty, R-Tenn., and Angela Alsobrooks, D-Md., would raise deposit insurance for business accounts to $10 million, exclude the largest banks from coverage and insulate community banks from footing the bill.
October 10