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. 

Executives from JPMorgan Chase, Bank of America and Wells Fargo are expected to get grilled in Congress this summer over victims of Zelle scams who don't get reimbursed. A Senate panel has spent much of the last year examining fraud on the bank-owned payments network.

It is increasingly clear that joining a risk consortium is the best defense banks have against fraudsters who are increasingly powered by artificial intelligence.

The small business lender's bankrupt shell has agreed to pay up to $120 million in connection with allegations that its verification processes for Paycheck Protection Program loan applications were faulty. The government argued that Kabbage reaped larger fees by enabling fraudulently inflated loans.

After a California woman spent more than a decade obtaining reparations for Nazi plundering of her family's belongings, the money disappeared from her bank account. Her saga highlights a gap in fraud cases between what consumers expect from their banks and what those banks are in a position to deliver.

Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.

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.

A 50% growth in losses from check fraud last year is pushing bankers in Illinois to ask regulators for a joint supervisory guidance and tougher enforcement of large banks' "know your customer" compliance.

In this month's roundup of top tech news: the impact of Synapse's bankruptcy on the banking-as-a-service industry, large language models best suited for banks, Discover deploys generative artificial intelligence in its contact center and more.

While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.