Card fraud

As chief operational risk officer, Carrie Lichter played a key role in bringing to life Fifth Third's high-tech war room, also known as the cyber fusion center.

Credit unions have measures in place to assist members hit by fraud but many smaller institutions are challenged when it comes to an effective response.

What the FIS-Worldpay deal means for banks; behind the OCC's public rebuke of Wells Fargo; ripple effect feared as Fed mulls lifetime bans for two bankers; and more from this week's most-read stories.

Fraud attacks against online food and beverage businesses in the U.S. increased by nearly 80 percent in the past year, as fraudsters have decided that dining establishments are the perfect places to test stolen card credentials.

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.

Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a nimble rival to the startups that threaten the old order.

Merchants are often the last in the payments ecosystem to know when card fraud occurs, and their losses tend to escalate in the meantime.

Criminals attempted to defraud five credit unions – including two of the nation's largest – of at least $1 million.

Former Managing Director Timothy Fletcher banished for role in referral hiring; Apple-Goldman collaboration shows banks fear missing out.

The senator wants Treasury to enhance fraud protection in the Direct Express prepaid program — now a partnership with Comerica Bank — when its contract is rebid in 2020.

The rise of contactless cards could eclipse mobile payments adoption, experts predicted, while evolving fraud threats may give rise to increased account controls for consumers.

While fraud is a year-round concern, credit unions need to be extra vigilant during the holiday season.

In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator.

With technology tightening defenses against account fraud, scammers increasingly turn to what they view as the weakest link: the human being at a call center.

U.S. EMV coverage has gaping holes—including smaller financial institutions that haven’t fully converted to EMV and millions of merchant locations still not accepting chip cards.

How the 'Best Banks to Work For' get employees to love their jobs; Comerica works to address fraud in prepaid benefits program; how to tell if you're banking a pot business; and more from this week's most-read stories.

The Texas bank, which partners with the U.S. Treasury to dispense federal benefits via prepaid cards, is alleged to have dropped the ball as hundreds of cardholders say their money was forwarded to fraudsters posing as them.

CO-OP Financial Services is currently pilot testing the new data-driven tool with credit unions in its shared branching network.

In an age of quick processing for digital payments, transaction disputes can still take weeks for a resolution or chargeback — an unacceptable time frame for e-commerce. To hasten dispute resolution, some vendors are beginning to offer financial incentives to merchants that agree to speed up the process.