Fraud
Fraud
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Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.
February 5 -
Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.
February 5 -
Prosecutors allege Curtis Weston and a bank insider used fraudulent loans to fund stock market trades, leaving the bank with $20 million in losses.
February 4 -
Court documents reveal how a teller used the drive-through window and work email to aid a scheme that bypassed TD's fraud defenses.
January 30 -
Prosecutors argued the 23-year-old courier knew he was aiding criminals, citing texts about "gold rushing" and scammer videos on his phone.
January 27 -
TD Bank's Ruchira Ghosh, Northwest Bank's John Fick and Visa's Hector Rodriguez, with moderation by American Banker's Penny Crosman
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The collapse of the illicit escrow marketplace disrupts a major hub for "pig butchering" scams, though experts warn the ecosystem will likely fragment.
January 21 -
A New Jersey courier scam highlights the severe liability risks consumers face when using debit cards compared to credit cards.
January 20 -
Defenses against financial schemes, both physical and digital, could leave executives scrambling to keep up with the pace of bad actors over the coming months.
January 14 -
Research from American Banker finds that bankers are still extremely worried about fraud, but hope that raising budgets for artificial intelligence could help.
January 12 -
The bank fired a manager for originating suspicious loans but later asked the SBA to forgive them, prosecutors say. The case ended in a $7.7 million settlement.
January 8 -
Stories about data breaches, fraud and one neobank were reader favorites this year.
December 29 -
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Michigan State University Federal Credit Union avoided $2.57 million in fraud exposure through blocking AI deepfake fraud calls with Pindrop products.
December 23 -
Terron T. Brown used stolen mail and social media recruits to defraud banks such as PNC and Bank of America of millions, highlighting a rising industry threat.
December 22 -
Nine banks and lenders were impacted by the yearslong, $923 million fraud enterprise, according to an indictment of top Tricolor executives. The banks were not publicly named, but JPMorganChase, Fifth Third, Barclays, Louisiana-based Origin Bancorp and Texas-based Triumph Financial have said they would take write-downs.
December 17 -
Passkey technology offers a superior method of authenticating customer identification, both in terms of convenience and security. It's time for banks to finally make the transition.
December 16 -
New data shows a 21% jump in fraud attempts during Thanksgiving week, with automated bots and credential stuffing leading the charge.
December 15 -
Part of the growing "phishing-as-a-service" economy, the Spiderman kit offers novice hackers sophisticated tools to target customers of major EU institutions.
December 12 -
Mary Carole McDonnell allegedly posed as a McDonnell-Douglas heiress to secure loans. The FBI believes she is currently hiding in Dubai.
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