Legal issues and news

Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one. For e-commerce only stores the rise in payments fraud attempts has been a deluge.

Facebook calls an emergency meeting about its planned payments network; Well Fargo report says 200,000 jobs will be lost to robots and technology.

Governments use varying methods for tracking the flow of money in and out of the country in order to deter fraud and money laundering, writes Nvoicepay's Alyssa Callahan.

Mastercard has developed a service called Threat Scan to help card issuers get ahead of fraudsters by running scans on their card authorization systems based on the latest evolving global card scams.

By declaring that she has too much statutory power, the agency’s director has potentially opened a floodgate of litigation.

The regulator issued seven prohibitions for offenses including attempted theft and conspiracy to commit bank fraud.

With financial institutions relying more and more on cloud computing services, Washington is increasingly focused on the concentration of industry data in the big three technology giants.

Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see.

Charles Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

Scharf next month will become the fourth leader at Wells Fargo in three years. Meanwhile, Bank of New York Mellon has named Thomas P. "Todd" Gibbons as acting chief executive.

The shareholders' claims against Fannie Mae and Freddie Mac's regulator mirror arguments in cases challenging the Consumer Financial Protection Bureau.

An initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans.

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.

With passive biometrics, customers are identified by their behavior online and not by static data such as passwords or one-time codes, says NuData Security's Justin Fox.

Microsoft Corp., Mastercard Inc. and the Hewlett Foundation are funding a new organization that is planning to help dissidents and other vulnerable groups across the world defend against hackers.

Wells Fargo still having trouble finding permanent CEO; Some lenders are using the deals to keep their best customers.

Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night.

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, proposed having the central bank update Congress on measures to strengthen its own cybersecurity as well as that of institutions under its watch.

The race against high-tech fraudsters has always motivated the Payment Card Industry Security Standards Council, but for too long the council's process for establishing new standards wasn't looking ahead to the next threat.