Fraud
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.
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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
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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.
October 18 -
A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.
October 3 -
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.
September 26 -
Though fewer people are writing checks, banks of all sizes are seeing a massive increase in check fraud since 2020. Recouping losses from bad checks is pitting banks against each other, and regulators may have to weigh in.
September 1 -
A data breach in 2022 costs companies $4.35 million on average, an all-time high according to IBM research.
August 24 -
In the lead-up to a data breach, phishing is second only to use of stolen credentials in terms of how attackers infiltrate institutions. Here's what else you need to know.
August 3 -
Researchers recently described a scheme that allows affiliates to buy access to phishing materials. The case provides an insight into the methodical nature of some cybercrime.
August 2
