Fraud detection

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.

Credit unions must walk a fine line between making interactions for members as easy as possible while also providing robust protection against evolving cybersecurity threats.

As large banks put stronger fraud monitoring and authentication technology in place, fraudsters have been turning to small banks, like Kennebunk Bank on the coast of Maine. Here's how it fought back.

Featurespace wants to expand its fraud-fighting tool beyond its core audience of banks and payment processors to cover transactions across a broader industry spectrum including retail, gaming and insurance.

Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.

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 software, which was developed by Feedzai, will eventually block payments that appear to be fraudulent or mistaken.

Time and again, two former associates of President Trump deceived banks in connection with loan applications. Their wealth, proximity to power and willingness to tell big lies all appear to have helped them get away with brazen schemes.

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