U.S. senators led by Democrats Bob Menendez, Elizabeth Warren and Jack Reed told seven of the country’s biggest banks they must do more for consumers defrauded by scammers on Zelle, the person-to-person payments network the firms jointly own.

The retail giant ignored fraudsters’ use of its money transfers in consumer scams that cost victims hundreds of millions of dollars, according to the Federal Trade Commission. Walmart called the agency’s lawsuit “factually flawed and legally baseless.”

Karl K. Klessig provided a fraudulent loan document and forged a signature in an application last year to acquire control of Golden Pacific Bancorp, according to the Federal Reserve.

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

The firms respectively settled the regulator’s allegations about suspicious activity reports and the duty of best execution — two major areas of emphasis.

Launch Credit Union claims it reduced fraud by 97% after adopting a real-time solution in 2020.

The card network is making new security tools part of its expansion into non-payment services, hoping it can combat fraud that comes from its own account holders.

Although the number of scam attempts is falling, especially in financial services, costs are up, data shows.

Financial institutions need to begin sharing profiles of fraudsters posing as legitimate customers. The technology to do it securely is already available.

J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account.

Fraud has evolved to defeat existing federal Customer Identification Program requirements. It’s time for regulators to modernize them.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy.

Younger people can lose thousands of dollars when they fall victim to fraud. Their ties to the digital world are both protective and compromising.