Fraud losses

In a plea agreement, Kam Wong consented to forfeit and repay more than $9.8 million embezzled from the New York credit union. He is scheduled to be sentenced in April 2019.

Examiners could have done more to minimize the brunt to the Deposit Insurance Fund from Washington Federal Bank for Savings, which hid fraudulent loans and will cost the fund more than $80 million, according to a report from the Treasury’s inspector general.

Fred Daibes and an associate allegedly conspired to fraudulently obtain loans from Mariner's Bank, a New Jersey institution he helped found.

The quartet of former credit union staffers all pleaded guilty, were sentenced to prison time and forced to pay a total of more than $1.5 million in restitution.

The cost of fighting fraud at financial institutions is up nearly 10 percent from last year. That means credit unions face significant challenges in being ready for the next threat.

A former employee in the VyStar Credit Union mail room has been charged in a case involving mail fraud and millions of dollars in stolen stamps.

Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.

Add S&T Bancorp to the list of lenders that appear to have exposure to a Pennsylvania fuel supplier dealing with alleged employee fraud.

Fulton Financial, Univest Corp. of Pennsylvania and Franklin Financial Services disclosed a total of $75 million in exposure to the commercial relationship.

A federal grand jury in Charlotte, N.C., has indicted a former credit union CEO with fraud in connection with the U.S. government's Troubled Asset Relief Program.

A new kind of ATM fraud has begun to hit U.S. financial institutions. Here's how to protect your credit union.

The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.

Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the internet, according to a new report.

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.

One New Jersey credit union is starting 2018 with an unexpected crash course in fraud prevention, but there may only be so much anyone can do to curtail the problem.

A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods.

Landmark Bancorp in Manhattan, Kan., could lose more than $5 million — more than it earned in the first half of the year — if a recently discovered overdraft situation cannot be resolved.

Family Savings CU helped police catch a suspect in a crime spree worth more than $43,000, but analysts say card skimming remains so pervasive that it may be nearly impossible to stop.

Finra now has punished just one person associated with JPMorgan's admitted nationwide fiduciary violation of its clients: a whistleblower.

Professor Rahul Telang at Carnegie Mellon University's Heinz College analyzed the behavior of 500,000 bank customers over five years to observe their reactions to adverse events such as fraud on their bank account. It’s a rare objective measure of the effect of fraud on customer retention.