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While it can be difficult to recover the funds victims lose to the scams, the U.S. has created a legal safe harbor that banks can use to share intel to prevent fraud.
September 23
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A hearing included discussion of European laws that will put banks on the hook for fraud schemes, and whether the U.S. needs a digital identity standard.
September 20
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Fintech app Yotta filed a lawsuit against partner bank Evolve, arguing that it conspired with Synapse to misuse customer funds.
September 19
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Agencies must now provide clearer justifications for their interpretations, while Congress needs to draft more precise legislation. The decision could empower banks to challenge agency rules more frequently and potentially prolong regulatory processes, with courts giving less deference to agency interpretations.
September 19
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In a new lawsuit, a former BMO employee says he was fired because he reported his concern that the bank was intentionally charging too much to clients who used a foreign-exchange product. BMO denies the allegations.
September 18
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As Silvergate Capital filed for Chapter 11 bankruptcy protection, an executive said the company's crypto-friendly bank went down last year because regulators soured on its business model.
September 18
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Nothing less than a whole-of-government approach, in concert with the financial services industry, will be enough to address the spiraling cost of fraud to both businesses and consumers.
September 18
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St. Mary's Bank in New Hampshire tries to serve members as it has for 116 years, while dealing with today's cybersecurity and fraud concerns.
September 16
