Fraud prevention

Digital currency can be tracked and if stolen "burned," then reminted and given back to its rightful owners. That could be a powerful anti-fraud tool.

A 76-year-old PNC customer lost almost $400,000 to a scam involving gold coins and a fake bill for Norton Antivirus protection. Can the bank be held accountable for failing to help him?

BNY's Robin Vince and Nubank's David Velez have joined the boards of the OpenAI Foundation and OpenAI Group Public Benefit Corporation; Old National Bancorp has revamped its top leadership teams; City National Bank appointed Lindsay Dunn executive vice president and head of personal and business banking; and more in this week's banking news roundup.

A Florida ring drilled its check-fraud recruits to dodge bank alerts. An analyst says the fraudsters were guarding the wrong door.

Zelle, Western Union, SoFi and others are all launching stablecoins, adding to the thousands of other digital assets that do essentially the same thing as bitcoin.

BofA is using an old-school method to battle the world's newest scams: in-person seminars, taught at brick-and-mortar branches.

A TD Bank expert warned RSAC attendees that criminals use cheap printers, stolen data and AI to bypass identity verification in under five minutes.

Capital One's Andy Ozment urges banks to break down internal silos and implement rigorous checks to catch nation-state impostors hiding in remote roles.

With seniors losing billions to scams, cybersecurity experts say banks must partner with telecom and tech companies to intercept fraud earlier.

A House subcommittee debated new legislation to improve bank data sharing and slow down transactions to thwart sophisticated financial scams.

Michigan State University Federal Credit Union avoided $2.57 million in fraud exposure through blocking AI deepfake fraud calls with Pindrop products.

Passkey technology offers a superior method of authenticating customer identification, both in terms of convenience and security. It's time for banks to finally make the transition.

Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.

The new rules require banks in the ACH network to implement risk-based monitoring to combat rising fraud and scam schemes.

Existing law already provides the tools that would allow an across-the-board upgrade in digital identity verification, with benefits to banks and consumers alike. Regulators are the roadblock.

The U.K. bank's "Scam Intelligence" tool uses Google's Gemini to analyze images and texts for red flags, aiming to reduce losses from authorized push payment fraud.

During cybersecurity awareness month (October), financial institutions have ramped up education on phishing, fraud and cyber hygiene. Here's what they're saying.