Legal issues and news

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

Lawmakers shouldn't let themselves be misled by a slower pace in personal bankruptcy filings so far this year.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.

AI is not merely a play to cut costs or replace human capital, says Silent Eight's Jim Logan.

Accountants, as well as lawyers and consultants, who helped small businesses apply for emergency relief funds through the Paycheck Protection Program want to be compensated. Are they entitled to be?

Identity fraud holds no prisoners when it comes to payments. If a fraudster gets hold of a consumer's credentials, everything from mobile wallets, to a checking account, savings account or P2P account is in jeopardy of takeover.

Anita Gail Moody, who was president of Enloe State Bank, admitted to creating phony loan documents — and setting a fire to destroy them — before the bank was shuttered in May 2019.

Financial institutions and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

The Credit Union National Association filed the class action suit in 2017 after roughly 147 million people had personal information exposed through a hack of the credit reporting agency.

Prior to the outbreak, members were banned from covering their faces inside branches for security reasons. Now institutions must devise ways to keep everyone healthy and safe.

An open, extensible platform is crucial to quickly discover and prevent automated attacks, and also to be able to immediately import these findings to their existing security infrastructure for log analysis and reporting, says Cequence Security's Matt Keil.

The employee assisted authorities in currency trading investigations that cost the bank $714 million; Citi is eyeing an expansion of its commercial banking ops in Europe, Middle East and Africa as other lenders exit on coronavirus fears.

The veteran banker will serve as chief administrative officer, with responsibilities that include strengthening Citi’s data architecture, creating greater consistency in its dealings with regulators and enhancing its efforts to combat money laundering.

Digital fraud protection provider Kount will be offering real-time fraud screening using adaptive artificial intelligence and machine learning to help Barclaycard’s business clients prepare for Strong Customer Authentication (SCA) requirements, which are part of Europe’s PSD2 directive.

A trio of former credit union employees received lifetime bans from the financial services industry, including one who was accused of stealing almost $15,000.

By targeting the API rather than scripting a form fill, bad actors are leveraging the same efficiency and flexibility that APIs provide developers, says Cequence Security's Matt Keil.

Thomas O'Brien will take the helm at Sterling Bancorp, which is dealing with internal control issues and probes by the OCC and Justice Department into its mortgage operations.

The security method offers real-time authentication checks to combat phony chargebacks, says PAAY CEO Yitz Mendlowitz.