Legal issues and news

Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board.

A new watchdog report finds that prior to 2015, the Office of the Comptroller of the Currency missed numerous opportunities to address misconduct at the San Francisco bank.

A former employee of Member's 1st Federal Credit Union was accused of stealing more than $19,000.

Citigroup can seek information on the relationship between investment managers and Revlon Inc. creditors who have refused to return millions of dollars the company says it mistakenly sent them, a judge ruled.

Through Operation Corrupt Collector, the bureau is coordinating with over 50 other state and federal agencies to target firms for wrongdoing and inform consumers of their rights

The monetary penalty is the biggest ever imposed by the CFTC. It's part of an accord that ends a criminal investigation of the company that has led to six employees being charged for allegedly rigging the price of gold and silver futures for years.

Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.

David Heun, Associate Editor at PaymentsSource, talks to Kevin Gosschalk, CEO and founder of Arkose Labs, about the fraud trends that have emerged over the course of the coronavirus pandemic.

It’s about time that we stopped ranking personal data theft on perceived severity. Any breach in which personal data is stolen needs to be treated as highly serious and punishable, says Juniper Networks’ Laurence Pitt.

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.

Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle. And the best solution may be rooted in technology, not law enforcement.

As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.

U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.

As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.

Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.

Artificial intelligence, machine learning and enhanced data sharing among lenders could go a long way toward spotting suspicious patterns in daily financial activity and bad actors, experts say.

The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.

JPMorgan Chase is poised to pay close to $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, according to three people with knowledge of the matter.

By taking action today, you can begin to have peace of mind that your previously existing fraud vectors have been sealed off, says PaymentWorks' Thayer Stewart.

With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.