Legal issues and news

Financial crime isn’t going away, and it’s growing worse all the time. That’s why institutions need to move at the speed of fraud, says Quantexa's Clark Frogley.

The single-use element of virtual cards deters hacking, says Nvoicepay's Kristin Cardinali.

Transaction fraud and money laundering are typically siloed areas within banks, but both require a keen eye to finding the right patterns.

Two people were charged with using a New York state employees credit union to process more than $1 billion in suspect financial transactions while failing to file suspicious activity reports or maintain adequate anti-money-laundering controls.

The growth in e-commerce has opened new avenues for crooks, with better tech, compliance and educated consumers needed, says Ecommpay's Paul Marcantonio.

Call center data security and compliance provider Semafone has entered a global reseller partnership with cloud-based communications company Avaya to help secure \work-from-anywhere call center models.

As Fincen implements an anti-money-laundering law requiring businesses to add their beneficial owners to a new database, bankers worry they'll still be on the hook to provide that information on behalf of customers for some time.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

CMSPI estimates that retailers lost about $30 billion in potential online sales last year from e-commerce transactions that were declined for a variety of reasons including fraud, insufficient funds, technical problems and errors.

Revlon lenders that received more than half a billion dollars in accidental payments from Citigroup are asking a judge to free up the money he’s already ruled is theirs to keep.

Forter has joined the Adobe Exchange Partner program, enabling Magento Commerce merchants to reduce false declines and block fraud attempts.

After Wells Fargo became the first of the largest U.S. banks to do away with mandatory arbitration for sexual harassment complaints last year, Goldman Sachs Group is being urged to take steps in the same direction.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

Citigroup hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as chief compliance officer of its newly created financial crimes unit.

One particular type of scheme, swapping, involves thieves stealing and replacing cards before the consumer is aware, says The ai Corporation's James Crawshaw.

Alan Kaufman, who will be sentenced in June, faces up to 60 years in prison.

The National Credit Union Administration issued only one prohibition order in March, barring a former branch manager of Greater Iowa Credit Union in Ames from working in the financial services industry.

In an enforcement action that could have reverberations across the sector, the Fed imposed tough penalties on a pair of Wyoming bankers who took confidential information to their new employer.

Visa and Mastercard are facing fresh opposition from U.S. retailers in a long-running legal fight over the fees merchants pay each time consumers swipe their credit or debit card at checkout.

With this sudden and swift shift that is generating thousands more digital payment transactions per day than even just a few months ago, the opportunities for fraud are rising exponentially, says the FIDO Alliance's Andrew Shikiar.