Legal issues and news

There is no denying that the upgrade to EMV will reduce certain types of fraud by noticeable amounts, but there should be no illusion that this is a “silver bullet” to a growing fraud trend, says The ai Corporation's James Crawshaw.

Discover transitioned all of its 8,000 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client device to emulate their call center desktops.

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

This is the first time since 2014 that the regulator won't penalize credit unions that file within 30 days of the deadline.

Brian Smith, who spent the past decade with Regions Financial, will head the bank's government relations and public policy team.

The best solutions consider both the user and the device, says says Fingerprints' Jonas Andersson.

Credit card chargebacks were rising in certain categories prior to the coronavirus outbreak, but the pandemic is causing a spike in all types of payment card disputes.

As phishing and other attacks mount, a personal ID number can act as a second authentication factor, says LogRhythm Labs' James Carder.

Many credit union employees are currently working from home to slow the spread of COVID-19 but this can invite more attacks from cyber criminals.

A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.

With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.

The Pennsylvania company said it faces $7.5 million in potential exposure from a commercial lending relationship.

Bank’s earnings fall 69% in the first quarter; this week’s earnings reports could determine whether banks will need to suspend dividends.

PINs and passwords are increasingly viewed as insufficient to tackle this new standard, says Fingerprints' Jonas Andersson.

The coronavirus e-commerce push is likely to be permanent as consumers get used to digital payments, but that also gives rise to new fraud threats.

The bank will be allowed to exceed the limit to enable it to make more small business loans; the CEOs of HSBC and StanChart are also donating part of their pay to coronavirus victim charities.

They have asked the Financial Crimes Enforcement Network, the chief anti-money-laundering regulator, to let them collect customer information and verify it after the loan application is processed in order to speed approvals.

The “hold” period has shrunk considerably, from 10 business days to typically now three, one or zero, making it harder to spot suspicious activity, says FICO's Liz Lasher.

The Fairfax, Va.-based credit union agreed to pay $2.7 million in the class action case, though it did not admit any wrongdoing.