Fraud losses

Chicago Title Insurance Co. and Chicago Title Co. LLC agreed to the payment to resolve a lawsuit brought by the bank, which said the firms had helped orchestrate a borrowing scam involving liquor licenses, according to a regulatory filing.

The “new normal” of COVID-19-influenced retail is actively being exploited by fraudsters, as LexisNexis Risk Solutions finds fraud costs for U.S. retailers rising in 2020 by 7.3% over last year’s data.

A 2019 report from the Federal Trade Commission shows consumer losses to “romance scams” rose more than 300% between 2015 and 2018. Credit union leaders say the real numbers may be much worse.

Two former officials were sentenced to five years each for falsifying travel expenses and lying to authorities.

Prosecutors allege that Sylvia Ash, a judge in Brooklyn, N.Y., helped Kam Wong, the former CEO of Municipal, cover up his fraud scheme.

Though synthetic identity fraud is down across the industry, there's been an uptick in such attacks targeting credit unions.

Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one. For e-commerce only stores the rise in payments fraud attempts has been a deluge.

An initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans.

The Boston company said the loan participation went into default due to potentially fraudulent activity.

Private Bancorp of America is the latest bank to report a borrower issue in connection with a high-profile fraud case tied to liquor licenses.

The loan participation has been flagged for potentially fraudulent activity.

The company says its exposure involves a participation loan to a business customer for which it was the originator.

The unnamed borrower was the victim of an alleged scam by another company.

U.S. counterfeit card losses have plummeted in the past four years, a signal the challenging EMV migration has made a dent.

Debit cards often lack the rewards and spending power of credit cards, and thus do not figure prominently in TV ads or direct mail flyers. Yet despite these limitations debit cards are beloved by millennials and anyone else who wants to avoid credit card debit.

This type of fraud could increase as criminals become more sophisticated and look for new ways to land a payday.

As strategic planning season kicks off, credit union boards and executives must consider whether they’re doing enough to prevent evolving cybersecurity issues, including account takeovers.

Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. It's becoming increasingly apparent that those tools simply aren't being used to their fullest capabilities.

Less than a month after Municipal was placed into conservatorship, former CEO Kam Wong received a 66-month prison sentence along with an order to repay millions he embezzled from the credit union.

While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.