For financial institutions and stakeholders, the twin threats of business email compromise (BEC) and credit-push fraud demand more monitoring — and advanced technologies to do so. Nacha introduced new rules Monday (March 18) that create a “base level of ACH monitoring for all parties in the ACH Network”...
Federal regulators have charged two investment advisers with making fraudulent claims about their AI usage. Delphia and Global Predictions have agreed to settle charges by the Securities and Exchange Commission (SEC) and pay a total of $400,000 in civil penalties, the regulator announced Monday (March 18). “We find that Delphia and Global...
Receiving depository financial institutions (RDFIs) now have a defined role in monitoring the ACH payments they receive. The newly defined role was established as part of a set of new rules approved by Nacha members, aiming to combat fraud that makes use of credit-push payments, Nacha, which governs the...
Federal regulators have reportedly recorded a jump in AI-related scam ads on social media. The Federal Trade Commission (FTC) has seen a sharp rise in complaints in the last year involving ads that either used artificial intelligence (AI) or claimed to use it to pull people into scams, Bloomberg...
While we were all watching online fraud, social engineering and ransomware, an old school financial crime tactic is rearing its ugly head. Counterfeit banknotes are making a comeback back all over the world, exposing in-store merchants and restaurants to potential lost revenue. The issue exists...
There’s a metaphor here — somewhere. A butterfly flaps its wings, a hurricane ensues. A rock in a pond sets waves in motion that reach distant shores. Find your own illustrative scenario here, but weeks after a cyberattack on Change Healthcare, a billing and payments...
UnitedHealth Group (UHG) reported Thursday (March 14) that some critical services are back online at its subsidiary Change Healthcare, which has been dealing with a cyberattack on its claims and payment infrastructure. In a Thursday update on a UHG page devoted to the Change Healthcare cyber response, Wendi Whitmore, senior...
Search online for the words “Facebook scams” and your search engine will immediately deliver myriad news stories warning consumers to be vigilant when scrolling through the site. One recent story specifically identifies Facebook Marketplace as an especially popular place for scammers to hang out. So popular,...
The world’s cybercriminals all share one thing in common: they understand people can be exploited. After all, people make mistakes. They fall for scams, and frequently either ignore or fail to adhere to best practices when it comes to security — even around security-critical occasions...
