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.
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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.
February 27 -
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.
February 9
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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.
January 27 -
In a recent survey, financial institutions named artificial intelligence their top priority for investments against increasingly sophisticated fraud.
January 11 -
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.
January 6 -
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.
November 16 -
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.
November 9 -
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.
November 2 -
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.
October 20
