Legal issues and news

The company, formed by the merger of BB&T and SunTrust, shared the information in response to a credit union's legal challenge to its new name.

In response to Truliant Federal Credit Union's request for an injunction, the bank said it has already spent $125 million on the Truist branding, and changing that name would add further costs and damage the bank's reputation.

The order's removal allows the Delaware company to pursue more opportunities in its payments business.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

Criminals developing EventBot malware built it to take advantage of businesses and humans turning to mobile banking and payments in the current coronavirus crisis — but also to update itself on the fly to become more insidious in the future.

The company, which develops "persona-based intelligence," software counts Visa and American Express among its clients.

The German bank’s money laundering controls are still not up to snuff, among other problems; three Democrats say banks may have shortchanged small-business borrowers.

Tokenization and buy buttons began, in part, as ways to calm the security concerns of online shoppers who were wary of moving away from plastic. They’re now becoming a way to keep a health and economic crisis from turning into a security problem as in-store checkout quickly gives way to apps and websites.

With the pandemic's economic toll leading to elevated billing error notices, the consumer bureau said card companies will not be cited if they fail to meet the typical time frame for resolving disputes.

The agency said Wednesday that as long as small businesses return funds they received through the Paycheck Protection Program, no action would be taken.

Cybyer criminals have become more aggressive as employees are working from home. Credit unions should take these steps to ensure they block those efforts.

Even before the coronavirus outbreak, cybercriminals were shifting their attention away from point-of-sale terminals — but the retail industry still absorbs the most attacks seeking to compromise databases or networks.

Fraudsters are attempting to intercept stimulus checks, set up bogus charities and defraud applicants for unemployment benefits. Mike Litt, consumer campaign director of U.S. Public Interest Research Group, discusses what can be done to stop them.

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's most-read stories.

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.

Large spikes in transactions and unusual payment amounts can be a response to the pandemic, not a sign of fraud, says Genpact's Manish Chopra.

The European Union is taking another small step toward setting up a common authority to fight money laundering in the bloc, after a string of revelations over the last two years exposed fundamental flaws of its framework.

Artificial intelligence-driven monitoring is an important tool to fight crime but it is not a total solution, and as bad actors develop their own AI capabilities, the battle will continue, says Authoriti's Michael Cutlip.

Bankers are bracing for accusations of discrimination in the way Paycheck Protection Program loans were allocated.

The regulator banned a former employee of a Philadelphia-based credit union from working at any federally insured financial institution.