Fraud
TD Bank Group's asset cap, USAA's overcharging settlement and the failure of a community bank in Oklahoma are part of some of the top issues plaguing bankers this year.
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When customers are targeted directly with fake text messages that lead to account takeover, artificial intelligence, and in some cases generative AI, can play a role in fighting the fraud, experts say.
February 5 -
An increase in paper mail theft corresponds with a rise in physically altered checks that redirect funds to fraudsters.
December 10
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Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.
December 5 -
The platform will allow banks to share the names and account information of suspected scammers almost in real time. The American Bankers Association is set to test the system with a group of 20 pilot banks early next year.
November 28 -
JP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.
October 27 -
As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.
October 25 -
The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.
October 23 -
The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.
October 20 -
Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.
October 18
