Legal issues and news

Fraudsters have evolved their strategies to focus on other flavors of fraud, and its actually encouraging to see retailers are still treating payment fraud as a top-of-mind concern as that evolution happens, according to Håkan Nordfjell, senior vice president of digital banking at Gemalto.

The bipartisan legislation would establish a task force to study how bad actors exploit new technologies and reward tips that lead to criminal convictions, among other things.

Criminals are getting aggressive when using mobile apps to compromise consumer accounts, and that's causing headaches for execs who bear responsibility for data security.

A federal judge in Texas has ruled a website is not a physical place and is not subject to the Americans with Disabilities Act.

While biometrics may not reduce payment friction, it does add another layer of consumer protection without producing a substantially adverse effect on convenience, according to Tom Saunders, customer data insights analyst at The ai Corporation (ai).

A man entered a SunTrust branch in Sebring, Fla., and shot and killed five women, four of whom were bank employees; 24 million mortgage documents exposed in data security lapse; the battle for deposits is like "a steel-cage" match; and more from this week's most-read stories.

The consumer bureau says the online lender improperly extracted millions from over 5,000 accounts without getting authorization.

The problem with bug bounties is that while it can complement vulnerability management programs, it does not offer the comprehensive coverage an enterprise requires, contends Mark Weiner, CMO of Balbix.

The largest banks are expected to soon receive requests to appear before the House Financial Services Committee; banks taking steps to curb scams.

Due to growing consumer expectations for 24/7 digital access and real time decisions, some organizations such as financial institutions and merchants have reduced the more stringent manual application review processes in order to open accounts quickly, according to Michael Lynch, chief strategy officer at InAuth.

Bank of England Governor Mark Carney said threats of jail for bankers are just a bluff and the real weapon to improve behavior is hitting pay packets.

Midsize banks have much smaller security budgets, less mature security programs and less robust controls than their bigger counterparts, writes Leigh-Anne Galloway, cybersecurity resilience lead at Positive Technologies.

Trade groups have filed paperwork supporting two Michigan credit unions facing ADA suits, but a similar suit against Domino's Pizza could cloud the issue.

The bank says regulators want information about its possible role in the money laundering scandal; Kristi Mitchem moves to BMO Global Asset Management.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, wants the panel to look into how Britain's move to leave the EU – which has rankled credit unions across the pond – is impacting the U.S.

Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.

The Federal Reserve is examining how Deutsche Bank handled billions of dollars in suspicious transactions from Denmark's leading lender, according to people familiar with the matter, further intensifying what could be one of the biggest money-laundering scandals ever.

The bloc said the company artificially raised interchange fees in Europe; weather changes that increase flood risks may mean defaults on mortgages.

The consent order against California Check Cashing Stores is part of a broader crackdown by the Department of Business Oversight on small-dollar lenders trying to skirt interest rate limits.

More credit unions are offering members who are federal employees going without pay relief while industry trade groups urge Washington to end the closure.