MOSCOW - (05/19/06) In what authorities aredescribing as the tip of the iceberg, four Russians were arrestedand charged with using fake debit cards to drain more than $500,000from local ATMs on American bank and credit union accounts. Thefour suspects are believed to have obtained the card numbers andPINs from online hackers living in those western countries. Inreturn, the Russians are believed to have split the proceeds of thescheme with their overseas accomplices. U.S. authorities areinvestigating whether the suspects are connected to a broad debitcard theft in the U.S. in which hundreds of bank and credit unionaccounts were tapped at overseas ATMsincluding several inMoscow and elsewhere in Russia. The theft caused dozens of thebiggest U.S. banks and credit unions to cancel and reissue as manyas one million debit cards. The Russians used blank cards withencoded magnetic stripes, without even bothering to make the cardslooks real, authorities said. Some of the cards were tapped for asmuch as $3,000. A raid of an apartment the suspects were renting incentral Moscow turned up more than 100 plastic cards, a database ofU.S. cardholders account information, and $60,000 in U.Scurrency.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3