Fraud

The Minneapolis company previously disclosed an investigation by the Consumer Financial Protection Bureau in connection with its management of prepaid cards for unemployment benefits during the pandemic. Now the bank says the agency is considering a potential enforcement action.

More than 50 million people are caught up in modern slavery, according to the U.N. Hidden crimes like human trafficking and elder abuse are more common than most people think. Ian Mitchell at The Knoble, who led crime detection at several financial institutions, works with banks to find signs of abuse and help law enforcement to help victims and catch perpetrators, including among Super Bowl crowds.

The Community Bankers Association of Illinois is calling on regulators to issue guidance that would make large financial institutions toughen customer verification and be more cooperative in resolving disputes over falsified checks.

JPMorgan Chase alleges in a lawsuit that the college-planning website Frank provided misleading information before the bank bought it. Experts say there were plenty of red flags from the beginning.

In a recent survey, financial institutions named artificial intelligence their top priority for investments against increasingly sophisticated fraud.

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

With users now able to buy a blue verification badge for $8, parody accounts are on the rise — and so are the risks of fraud and impersonation.