Legal issues and news

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.

Bots can complete tedious tasks, such as validating customer information against standard databases, more quickly and accurately than people and free up staff for other parts of the payment crime fight, says Genpact's Manish Chopra.

The industry dodged a bullet after the former vice president outlasted more progressive rivals for the Democratic presidential nomination. But some worry the presumptive nominee will have to consider calls for tougher regulation from his party's liberal wing.

Whether presented at the teller line or through digital channels, the best way to prevent fraud is by triangulating items in real-time against a robust fraud database. To strengthen the database, fraud data needs to be contributed in return, says Advance Fraud Solutions' Ted Kirk.

Many businesses are turning to the popular videoconferencing platform to stay connected to employees, but institutions need to think about measures they can take to utilize it safely.

PSD2 and FIDO are among the efforts that could ease adoption for consumer use, says Fingerprints' Jonas Andersson.

The former CEO at The Federal Savings Bank, who faces a bribery charge in connection with loans to President Trump's onetime campaign chief, is seeking to keep evidence from his phone out of the upcoming trial.

The popular videoconferencing service has been beset by security issues, and some banks have banned employees from using it. Are they overreacting?

There is no denying that the upgrade to EMV will reduce certain types of fraud by noticeable amounts, but there should be no illusion that this is a “silver bullet” to a growing fraud trend, says The ai Corporation's James Crawshaw.

Discover transitioned all of its 8,000 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client device to emulate their call center desktops.

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks.

MVB Financial plans to use Paladin Group to advise its bank and a number of its fintech clients.

This is the first time since 2014 that the regulator won't penalize credit unions that file within 30 days of the deadline.

Brian Smith, who spent the past decade with Regions Financial, will head the bank's government relations and public policy team.

The best solutions consider both the user and the device, says says Fingerprints' Jonas Andersson.