Legal issues and news

The Department of Justice can still investigate and arrest the developers behind the automatic transactions, says Exante's Anatoliy Knyazev.

At a time when contactless payments via QR codes are on the rise, Incognia is launching a fraud protection solution for payments providers, retailers and restaurants.

Online fraud typically spikes when holiday shopping begins in November, but so-called friendly fraud poses another big threat this year with the pandemic pushing more consumers — and inexperienced merchants — to online sales channels.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Online fraud typically spikes when holiday shopping begins in November, but so-called friendly fraud poses another big threat this year with the pandemic pushing more consumers — and inexperienced merchants — to online sales channels.

USAA's regulatory troubles now include OCC fine, CRA downgrade; Citi CEO Michael Corbat and CFO Mark Mason dodged questions on cost of risk overhaul; PNC unlikely to buy a digital bank, CEO Demchak says; and more from this week's most-read stories.

Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday.

Plaid said it has been in discussions with TD Bank over allegations of trademark infringement and false advertising and was caught off-guard by the lawsuit the bank filed Wednesday.

The Buffalo, N.Y., bank will pay a $546,000 penalty, which will be passed on to the National Flood Insurance Program to help offset costs.

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

In a lawsuit filed Wednesday, the U.S. subsidiary of Toronto-Dominion Bank accused the data aggregator Plaid of improperly using the bank’s name, trademarks and logos when it gathers TD customers' data.

Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

Executives and technology analysts offered a host of concerns that are likely to dog credit unions well into the new year.

The control of crypto exchanges will resemble that of regular financial companies in Europe and the U.S., says Extante's Anatoliy Knyazev.

Opportunistic criminals are taking advantage of an environment where our need to live more of our lives online has outpaced our ability to do so securely. Taking all necessary precautions to protect sensitive information should be at the forefront of the discussion, says Horizon8's Patrick Horgan.

The combination can address the different threats posed by money muling, which is on the rise with more people at home, says FICO's TJ Horan.