Fraud prevention

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. 

The Consumer Financial Protection Bureau is considering new rules covering the collection and sale of some consumer data. If it's not careful, the agency could be inadvertently assisting identity thieves.

The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.

The American Bankers Association and U.S. Postal Inspection Service have launched a public awareness campaign on ways to protect checks sent in the mail.

Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.

Banks must work closely with technology companies, regulatory authorities and each other to develop comprehensive strategies to combat deepfake fraud.

False transaction disputes and other individual-level financial fraud cost the industry billions. It's time to join forces and even the odds.

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

SEC Chairman Gary Gensler clarified Tuesday that a post on X from the official SEC account that the commission had approved bitcoin ETFs was the result of a hack. X said the SEC did not have multifactor authentication enabled on its account.

Banks and fintechs are coming together to help older customers with a variety of needs, from avoiding financial exploitation to planning for the future.

Charlie, a neobank marketed to people 62+, and Carefull, which partners with financial institutions, recently raised their Series A's. A third, called EverSafe, is embarking on its first fundraise.

JP Morgan Chase and Carver Federal Savings are applying fast-acting security tools more broadly — regardless of how fast the transaction is.

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.

Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.

Georgia United Credit Union is collaborating with the income-verification fintech Argyle to combat submissions of false documents and other crimes.

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

Lloyds Banking Group, Natwest Group, Bank of Scotland and others will use the artificial intelligence tool in preparation for new rules that will require them to compensate customers affected by "authorized push payment" scams.