Legal issues and news

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.

New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes.

With the increased shift toward digital payments, which has only been accelerated by the COVID-19 pandemic, manual data analysis and threat detection methods have failed to stop the fraudsters, says The ai Corporation's Oliver Tearle.

With time running out, industry actors are looking for ways to maintain the integrity of the infrastructure while recognizing a new banking framework following a no-deal Brexit, says GlobalSign's Arvid Vermote.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he’s in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.

Podium is offering chargeback-fraud screening for local businesses taking in-person, offline purchases that use its customer messaging platform and accompanying Podium Payments service.

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.

Women suing Goldman Sachs Group for gender discrimination are going after any internal documents with words like “babe,” “bimbo” or worse that they say would show bias by executives who administered the bank’s promotion and evaluation policies.

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

Giant banks have racked up more than $4 billion in U.S. penalties in a wave of settlements weeks before the presidential election. That says a lot about an industry that once vowed to behave after the 2008 financial crisis — and about the regulatory risks it sees ahead.

In a major break from the Payment Card Industry security standards playbook, merchants and service providers using newer technologies would have the opportunity to rewrite network operation and testing procedures when achieving compliance.

Refinitiv, a global risk intelligence firm, has agreed to buy Giact, a company founded by a brother-and-sister team in Allen, Texas, in 2004 to enhance payment fraud protection and identity verification for banks and corporations.

Good communication is integral to facilitating collaboration between departments and offering a reminder that security is not achieved solely within the IT department; rather, it is a team effort, says KnowBe4's Javvad Malik.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

Mastercard has rolled out a set of AI-powered tools to thwart fraud and data breaches across banks' ecosystems, particularly to benefit acquirers’ online merchants.

The National Credit Union Administration issued a prohibition order against a former employee of Members Exchange Credit Union in Mississippi.