Fraud losses

Dallas Turner, a linebacker for the Minnesota Vikings, sent $240,000 via wire transfers after scammers convinced him someone was impersonating him.

American Banker Leaders Live session on the technology that is expected to have a significant impact on detecting and preventing fraud

Texas' SB 1281 introduces harsher penalties — up to life in prison — and targets check fraud as banks report rising financial crimes tied to stolen mail.

Early Warning, which operates the payment network, says the rate of reported fraud is less than a tenth of one percent. Yet stories of consumers who have fallen victim to scams and lost money as a result abound. 

Preliminary rulings by a Pennsylvania judge will allow a jewelry company that claimed it lost $1.1 million to fraud to move forward with suing individual bank employees.

Wars in Ukraine and the Middle East. Fiercely polarized U.S. politics. Rapidly multiplying payments options on social media networks and elsewhere. Those factors and more are making it harder than ever for banks to combat illicit financial transactions.

A study from Surfshark found that crypto scams cost their victims about five times as much money as losses from other cybercrimes.

Fraudsters continue to impersonate owners of small and midsize businesses at a rate comparable to the early days of the pandemic. Many lenders can take simple steps to mitigate it.

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

Although the number of scam attempts is falling, especially in financial services, costs are up, data shows.