Fraud

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.

Scams against the elderly are responsible for more than $3 billion in losses each year, according to the Federal Bureau of Investigation. Credit unions say they are seeing more cases, and often the hardest part is getting the victims to admit they've been taken advantage of.

The Minneapolis bank disclosed the investigation four months after the Consumer Financial Protection Bureau reached a settlement with Bank of America over the distribution of unemployment insurance benefits on prepaid debit cards.

Decentralized finance, the once red-hot slice of the crypto universe that was at the center of this year's collapse of the digital-asset world, is facing a rapidly increasing new challenge: financial hacking.

An uptick in so-called operating losses helped drive up noninterest expenses excluding M&A costs at Truist Financial by 2% year over year, complicating its efforts to achieve positive operating leverage. The cost of reimbursing customers hurt by fraud seems to have been a contributing factor.

A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.

Financial institutions continue to push back against efforts to be held liable when a consumer is tricked into sending a payment that later turns out to be a scam.