Legal issues and news

To address users’ privacy concerns, secure data and avoid litigation or fines while delivering a competitive customer experience, financial institutions must adopt a customer digital identity and access management (CIAM) strategy, says ForgeRock's Ben Goodman.

As management teams meet to set their priorities, there is a range of issues, including consolidation, cybersecurity and succession planning, that will likely come up.

Banks submit millions of Bank Secrecy Act filings each year, yet only a fraction are valuable to law enforcement.

The time is ripe to move decision-making up the ladder and for organizations to bite the bullet by creating a more inclusive comprehensive strategy for the overall business that considers all the disparate security needs, writes Madeline Aufseeser, an analyst and fintech executive.

It’s the latest development in a foreign-exchange-related case that has triggered regulatory probes around the world, and it's one of the first cases to be brought under 2015 U.K. legislation that paves the way for U.S.-style class actions.

“Digital Vault” will allow customers to store encrypted documents on third-party servers; bank accuses Orcel of misdeeds.

A traditional rules-based fraud system will not be capable of detecting synthetic identity fraud. A combination of supervised and unsupervised machine learning algorithms must be implemented to process the data necessary to effectively segment good and bad identities, says Steven D'Alfonso, research director at IDC Financial Insights.

State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.

Jewelry maker Alex and Ani LLC demanded $1.1 billion in damages from Bank of America in a lawsuit alleging lending discrimination against a women-led company that was once featured in advertisements promoting the bank's commitment to diversity.

The workers charged customers incorrect currency conversion rates; Santander plans to defend its decision not to hire Andrea Orcel if he sues.

Whenever we have major industry changes generating uncertainty, it’s usually a safe bet that fraudsters find ways to manipulate the situation before we know how to secure it against them, writes Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

The lawsuit claims that the Jacksonville, Fla.-based credit union charged members multiple non-sufficient-funds fees on the same item.

New regs force financial institutions to go deeper to stop laundering, but the prize is easier overall enrollment, says NTT Data Services' Edmund Tribue.

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.”

The consumer bureau said banks are "uniquely positioned" to know if an elderly customer is being targeted by fraudsters.

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation.

Artificial intelligence software could even be used to analyze and score credit transactions as is done for banking transactions, writes Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

The bench upheld a lower court's ruling that the plaintiff did not suffer an "injury-in-fact." Several judges previously made similar rulings.

A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.