Legal issues and news

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.

Curve has launched a new metal card without personal account numbers, which it hopes will better manage the balance between fraud risk and ease of use.

The potential for fraud fueled by the coronavirus pandemic, coupled with the anticipation of a $2 trillion stimulus, is creating such a lucrative opportunity for scammers that Visa and the Secret Service are predicting a wave of unprecedented levels of fraud.

The most effective way to avoid cloud payment breaches is by dramatically reducing access, says CloudKnox Security's Balaji Parimi.

It’s a time of challenges, but fraud teams who adapt well to them will strengthen their systems, and their understanding of their customers and their business, says Identiq's Urid Arad.

The U.K.’s growing panic about the spread of coronavirus has created an open season for fraudsters, with government agencies and cybersecurity companies reporting unprecedented levels of criminal activity since the virus began sweeping across the globe in January.

Last month's enforcement actions included the former CEO of Western Heritage Federal Credit Union in Alliance, Neb.

The industry still grapples with stopping corrupt employees — the failure of CBS Employee FCU last year highlights that — and now that could become even harder with the pandemic.

New features and improvements often take a back seat to security, says Entersekt's Claudius van der Meulen.

Card fraud risks — already soaring prior to the coronavirus outbreak — are changing rapidly as the pandemic deepens, forcing issuers and merchants to rethink protective measures.

Address verification, geolocation and 3-D secure can all play a role, according to Chargebacks 911 and Global Risk Technologies' Monica Eaton-Cardone.

Digital payment firms and fintechs are nimble and responsive, but that also creates web supply chain attack risk, says Jscrambler's Rui Ribeiro.