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The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.
October 23
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The Treasury Department's Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.
October 23
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The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.
October 20
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Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.
October 18
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The bank argues federal law preempts a New York state statute requiring at least 2% interest payments on borrowers' accounts.
October 16
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The Securities and Exchange Commission will not ask a federal appeals court to reconsider a ruling that paves the way for Grayscale Investments to launch a spot bitcoin exchange-traded fund, according to a person familiar with the matter.
October 16
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As false credit-card disputes spike, the networks have updated policies to provide merchants and issuers with more data to combat false chargebacks.
October 13
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After Archegos' collapse, Nomura had lost almost $3 billion, one of the biggest losses in the history of the prime-broker industry that caters to investment funds.
October 12
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The Commodity Futures Trading Commission filed a lawsuit against Stephen Ehrlich in U.S. federal court in New York, claiming he and Voyager 'fraudulently solicited participation in and operated a digital asset trading and custody platform.'
October 12
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Caroline Ellison outlined for a New York jury how she worked with Sam Bankman-Fried to deceive lenders and customers to build his multibillion dollar cryptocurrency empire — and their failed attempts to prevent a spectacular collapse.
October 12
