Fraud losses

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.

The settlement resolves a bitter, pre-crisis court fight in which Hank Greenberg squared off against three successive New York attorneys general over 11 years.

By providing lots of data, and encouraging consumers to carefully examine their statements, merchants and payment companies can reduce fraud and chargebacks.