PHOENIX - (02/28/06) Authorities in this U.S.capital of financial fraud introduced a set of voluntary bankingstandards aimed at reeling in some of the expanding fraud andidentity schemes that are scamming seniors, disabled and othervulnerable victims. Attorney General Terry Goddard said instead ofmaking funds easier to access electronically credit unions andbanks would make it tougher to get at your money. Goddard wants tosee them institute a number of fraud-fighter featureswhich customers could voluntarily choose and change as wanted.Among other things, customers could impose limits on how much moneycould be withdraw from their savings or checking accounts; asktheir credit union or bank to notify them when suspicioustransactions are attempted; ask for delays on suspicioustransactions; and ask their credit union or bank to make electronictransactions more difficult. Immediately after its introductionMonday, Arizona FCU became the first credit union or bank toendorse the voluntary standards and said it expects to institutethem later this year. The program was also endorsed by the AARP,Arizona Alzheimers Association and other consumer groups.Arizona has the nations highest rate of identity theftcrimes per population and one of the highest fraud rates in thecountry.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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