Check fraud has risen 385% since the pandemic, with criminals using stolen mail and digital tools to deceive major financial institutions.

Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.

Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.

American Banker's 2026 Predictions report finds that nonbank entities and check fraud are major threats to local banks in the coming months.