Both consumers and banks reported that the rate of fraud and scams has steadied, according to Fincen and FTC data, but the total cost continued rising.

The question is no longer whether the financial services industry needs a unified approach to combating instant payment fraud but who will take the lead to make it happen. The onus is on the biggest players in the market to show the way forward.

The alleged ringleader and 23 others face charges in a bank fraud scheme spanning three south-central counties.

The bank is partnering with the fraud protection platform to offer tools to help clients — especially older adults — avoid scams and financial mistakes.

The student aid startup founder is accused of securities fraud, wire fraud, bank fraud and conspiracy.

The amended language in the bank's terms and conditions will halt payments to social media sellers. It comes as banks on the P2P app face increased political pressure to step in and stop payments to scammers on the platform. 

At a trial that starts this week in Manhattan, federal prosecutors will seek to prove that Charlie Javice, the founder of college financial-planning startup Frank, and chief growth officer Olivier Amar committed fraud to get JPMorgan Chase & Co. to go through with the 2021 transaction.

The Columbus, Ohio-based bank has unveiled a product that lets adults who need help managing their finances and guarding against fraud give limited account access to someone they trust.