Legal issues and news

The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud.

The regulator banned a former CU employee from working in financial services on the basis of allegations that he misused funds when working at an Indiana credit union.

Tia Ilori, Senior Director of global fraud and breach investigations at Visa, joins us to talk with Michael Moeser, PaymentsSource's senior analyst, about the new attacks and fraud trends that have emerged since the start of the pandemic.

The Supreme Court threw out a key statutory provision concerning the agency’s leadership structure, but the presidential election and possible legislative reforms could bring about more changes to the embattled bureau.

The Supreme Court ruled the Consumer Financial Protection Bureau's leadership structure is unconstitutional and refused to hear a lawsuit over the NCUA's field of membership rule. Credit unions are watching to see what happens now.

With more employees than ever working from home due to the coronavirus, credit unions' networks may be less secure than usual. But purchasing cyber insurance to help cover the costs if a breach occurs isn't as clear cut as it may seem.

Details about the level of global fraudulent attacks on consumer bank accounts during the coronavirus pandemic are coming into focus with new data from TransUnion.

Always view fraud prevention tactics and strategies within the proper context. Be aware of current economic and societal conditions and analyze how behaviors may vary, says Sift's Jeff Sakasegawa.

The Fed stopped short of banning payouts entirely following bank stress tests; banks get greater freedom to invest in venture capital funds and reduced collateral on swap trades.

With just 13 decisions remaining on the docket this session, the high court's highly anticipated ruling in a case challenging the agency's leadership structure could come as early as next Monday.

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University professor.

A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University professor.

Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.

While it’s inevitable that fraudsters will continue to hone and change their methods, businesses must continually monitor the factors that affect fraud — from changing consumer behaviors to major economic trends — and the actions they can take to safeguard against them.

In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.

In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.

Decentralizing staff makes strong internal controls even more important, Josh Cyphers and Derek Halpern of Nvoicepay write.

As more people create false identities to open card accounts, Visa has launched a new scoring system that takes advantage of the card brand's scale.

CBTX in Houston must develop policies and procedures, along with a training program, to address deficiencies in its bank's compliance with the Bank Secrecy Act.

JPMorgan Chase, Fifth Third, Truist among banks closing early to observe Juneteenth; inside the OCC's effort to extract $37.5M from former Wells Fargo execs; banks are at a loss what to do with record amount of funds; and more from this week's most-read stories.