Fraud
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.
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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
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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 -
New types of financial products designed for the underserved can also be susceptible to scamsters, Juniper Research found, mirroring the Federal Trade Commission's concerns.
July 21 -
The firms respectively settled the regulator’s allegations about suspicious activity reports and the duty of best execution — two major areas of emphasis.
May 23 -
AB - TechnologyAlthough the number of scam attempts is falling, especially in financial services, costs are up, data shows.
May 4
