The California company said the issue involves a line of credit it funded earlier this year and that it is working with law enforcement authorities on the matter.

The COVID-19 pandemic led many locked-down consumers to stream or download more movies and video games, and this trend is leading to a rise in demand for faster data services such as 5G — a potential driver of payments innovation.

Financial services firms, from traditional banks to fintech payment processors to data companies, need to beef up their compliance teams, raise standards and improve education to ensure teams are ready to tackle the latest types of financial fraud, says ACAMS' Rick McDonell.

Though the lower-ticket sales in fast food traditionally weren’t a large fraud magnet, that’s changed as fraud expanded to new channels during the pandemic.

Without additional security measures, hackers can compromise multifactor authentication and wreak havoc on financial institutions and their customers.

Credit card and bank account fraud have soared during the pandemic, with fraudsters intercepting consumer data via retail and banking disruptions and worsening synthetic ID fraud.

Fraudsters are continuing to take advantage of the COVID-19 pandemic to exploit online shopping, curbside delivery and unemployment, according to Visa.

Fraudsters have increasingly targeted financial services, online dating sites and social media since the end of the holiday season.

Fraudsters have increasingly targeted financial services, online dating sites and social media since the end of the holiday season.

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies.