Legal issues and news

U.S. Bancorp has agreed to pay $613 million in penalties to state and federal authorities for violations of the Bank Secrecy Act and a faulty anti-money-laundering program.

More than 700 million global cyberattacks and 1.7 billion bot attacks took place in 2017, a 44% increase in the attack rate over 2016.

From giveaways to budgeting tips and more, here's how credit unions are helping members have a romantic Valentine's Day, no matter how big or small their price point.

A small legal case in California brings a warning to banks: Be careful who you report for fraud.

There’s a widely held belief that clamping down on fraud in one area will lead to it popping up somewhere else. There is some truth to this — fraudsters favor the points of least resistance. But there are also major exceptions.

By taking advantage of the peak sales periods with higher-than-usual transaction volumes such as Valentine’s Day, criminals can use legitimate payment and shipping platforms without raising fraud alerts, writes Ron Teicher, CEO of EverCompliant.

HopFed was ordered to pay the legal fees for Stilwell Group, which sued the bank after its directors passed a bylaw intended to keep the investor off its board.

The company must develop and implement a system of internal controls to ensure full Bank Secrecy Act and anti-money-laundering compliance.

The statutory clock on Mick Mulvaney serving as acting head of the Consumer Financial Protection Bureau is under a year, but the administration's path to getting a full-time director confirmed by the Senate has never looked rockier.

ATM jackpotting is a crime in which technology is manipulated to get the machine to dispense all the money it has. Unlike most cyber crime, it requires physical access, which increases the chances of getting caught.

The best course of action would be seek a policy, or an endorsement to your policy, that specifically includes coverage for all PCI fee, according to Karin Scherner Aldama, a partner at Perkins Coie's Insurance Recovery Law Practice.

Readers react to the Consumer Financial Protection Bureau pulling back from investigating the Equifax breach, opine on the Federal Reserve's tough enforcement against Wells Fargo, weigh in on gender pay issues and more.

Rep. Emanuel Cleaver, D-Mo., sent a letter to two virtual currency trade associations on Thursday asking them what their members are doing to prevent hate groups from using cryptocurrencies to finance themselves.

S&P lowers the bank’s rating to A-minus following Federal Reserve sanctions on growth; 13 are arrested after alleging defrauding banks of $530 million over seven years.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

Sen. Elizabeth Warren released a scathing report Wednesday on Equifax's handling of the data breach last year, part of an effort to gain backing for legislation to rein in the credit bureaus.

The U.S. charged 36 people in a takedown of an international cybercrime ring that prosecutors say used the slogan “In Fraud We Trust” and stole $530 million with the help of pilfered identities and malware.

In recent weeks three surveys have been released that assess the U.S. fraud landscape across all of these audiences. These reports provide a holistic snapshot of where payments fraud in the U.S. is today.

Citigroup said an Italian court rejected a €1.8 billion ($2.2 billion) civil claim filed by Parmalat against the bank over the food company's collapse in 2003.

"Ring-fencing" is designed to reduce risk, but will lead to major changes in transaction infrastructure and open a temporary door for fraudsters, according to Marcus Hughes, head of strategic business development at Bottomline Technologies.