Legal issues and news

A former Federal Reserve employee admitted to illegally taking documents, including bank stress test data, after deciding to leave the board, U.S. prosecutors said Friday.

Federal Savings Bank, the Chicago bank that lent millions of dollars to Paul Manafort under its founder and former longtime CEO, has now sued the former Trump campaign chairman and his wife, seeking to foreclose upon his mansion in the Hamptons.

A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike.

North Korea and other rogue actors present a whole new threat to transaction security, says Capco's Julien Bonnay and Bryce VanDiver.

Since romance frauds generate more than 10 times the money for scammers per event than other types of fraud, 2020 saw a substantial boost in the use of this tactic.

Forter is strengthening its e-commerce fraud protection service by integrating its authorization tool with a Capital One decisioning data product that will provide merchants with a direct connection to issuing banks to share Forter insights.

Banks need to adjust their money laundering protections to comply with tough new rules in the U.S., says Genpact's Manish Chopra.

David Heun, associate editor of PaymentsSource, talks to Sara Hafner, head of financial partnerships at Forter, about how the growth of online shopping has raised the stakes for fraud prevention.

Stephen Calk, who is scheduled to face trial in June on bribery charges, allegedly reversed course on whether to make a multimillion-dollar loan to Trump’s campaign chairman following the then-president-elect’s surprise victory in November 2016.

David Heun, associate editor of PaymentsSource, talks to Phillip Dunkelberger, president and CEO of Nok Nok Labs, about the latest developments in data security. Nok Nok is a founding member of the Faster Identity Online alliance, or FIDO.

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse.

The council plays a critical role ensuring technology meets robust security needs as fraud risks rise, says MYPINPAD's Justin Pike.

The regulator issued a prohibition order to Joseph Guagliardo, who admitted to taking more than $400,000 from the New York City-based institution over the course of nearly a decade.

Detecting business dealings with banned parties means screening a maze of transactions, and Treasury’s Office of Foreign Assets Control supports calls for the industry to take a risk-based approach. But regulators effectively require banks to track everything, which is unproductive.

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.