Fraud
Fraud
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Fintechs were almost five times more likely than traditional lenders to be involved with suspicious loans issued through the U.S. government’s Paycheck Protection Program, according to a new study.
August 17 -
The card network is bringing Verizon into its innovation lab to turn more phones into payment acceptance devices and use the growing number of consumer gadgets and digital assistants to better verify consumer identities.
August 16 -
Online attacks on travel and other nonfinancial industries grew at a much faster rate in the second quarter than those on financial services companies. Yet hackers pose considerable risk to banks and credit unions, especially in payments.
August 13 -
Moore Capital Holdings alleges that TD showed a “total and systemic failure” to respond to a cyber scam that cost the company more than $275,000.
August 11 -
Criminals' efforts to steal identities and take over accounts have become increasingly sophisticated. Banks must upgrade their mitigation processes, which can be held back by antiquated systems and organizational silos.
August 2 -
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A U.S. probe into Tether is homing in on whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market.
July 26 -
The company angered hundreds of customers when its software flagged their accounts as suspicious and suddenly cut them off, according to a ProPublica report. The episode illustrates the challenge shared by fintechs and banks of rooting out scammers without being overzealous.
July 7 -
Fraudsters use different tactics based on their intended victims, and banks like Republic Bancorp and Wells Fargo are targeting the kinds of notices they send — and which channels they direct them to — in response.
July 2 -
Policymakers need to stop attacking credit bureaus and take action against credit repair firms that use dubious tactics to wipe bad debt from consumers' credit reports. Such schemes both impair banks' ability to accurately underwrite loans and further hurt real victims of identity theft.
June 23