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When customers are targeted directly with fake text messages that lead to account takeover, artificial intelligence, and in some cases generative AI, can play a role in fighting the fraud, experts say.
February 5
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The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.
February 1
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The megabank failed to adequately protect and reimburse customers who were victims of wire-transfer fraud, according to a lawsuit by the New York Attorney General. Citi said that it follows all relevant laws and regulations.
January 30
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Zeke Faux, a Bloomberg journalist, describes his two-year odyssey to better understand cryptocurrencies in his book "Number Go Up." His work proves to be an entertaining deep dive into an industry riddled with scams.
January 30
American Banker -
The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.
January 24
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Plaintiffs' lawyers are targeting various companies in connection with a California law that ensures customers can air grievances publicly without the threat of retribution. BofA and U.S. Bank say the suits against them are meritless.
January 22
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January is Human Trafficking Prevention Month, and the financial services industry should take the opportunity to step up for survivors.
January 22
Moore & Van Allen -
A federal judge rejected every one of Missouri's arguments for why SIFMA's lawsuit should be dismissed.
January 19
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The leader of the Financial Services Forum takes issue with a recent BankThink article that challenged the industry's claims about proposed rules for implementing the Basel endgame capital requirements.
January 19
