Merchant

When the U.S. announced sanctions against Russia two weeks ago, many feared U.S. banks would bear the brunt of a payback cyberattack. Experts disagree on why that hasn't happened and whether the danger has passed.

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

Prosecutors say Rafael Martinez and his company, MBE Capital, used false information to reap more than $71 million in fees from loans made under the Paycheck Protection Program.

The data from these transactions could help millions of borrowers with thin or nonexistent credit files. But how the credit reporting industry collects and treats the data may matter more than the data itself.

U.S. credit unions that serve Ukrainian immigrants are coordinating efforts to provide aid in Ukraine while bracing for cyberattacks at home.

At the bank’s investor day, CEO Jane Fraser and other top executives outlined where they are investing, how they are reorganizing and what it will all cost.

Most loans to mortuaries are backed by the Small Business Administration, so they are capped at $5 million. The Delaware lender is teaming with an industry insurer to offer much larger loans to funeral home owners seeking to acquire rivals or refinance operations.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

With tensions high between Russia and the West, Synechron is looking to develop a real-time kill switch that can shut down a malware threat. The company’s PayTech Accelerator is also focusing on the opportunity for banks in buy now/pay later lending.

Amid Russia’s invasion of its neighbor, cybersecurity officials are warning about the potential for an unconstrained cyberattack on targets in Ukraine to spread around the globe.