Payment service providers and online platforms have roles to play in combating romance fraud, the United Kingdom’s Financial Conduct Authority said Friday (Oct. 17). The regulator released a romance fraud review that is based on its review of six firms, including retail banks and payment...
The world of text message scams marked an unwelcome milestone last month. On a single day in September, Americans reported a record 330,000 scam messages related to unpaid toll fees. That’s according to a report late Tuesday (Oct. 15) by the Wall Street Journal (WSJ),...
Watch more: Digital Shift: Entersekt, Steve Bledsoe Real-time payments thrill consumers and businesses with immediate fund transfers, but that same speed attracts fraudsters. Banks eager to meet customer expectations must rethink defenses because scams, particularly authorized push payment (APP) fraud, are spreading and pressure is...
Fraud continues to plague the payments system — and regulators are asking for answers. Banks, credit unions and payment networks responded to a joint Request for Information (RFI) from the Office of Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance...
Fraudsters, aided by advanced technologies, pose a pervasive and escalating threat to the financial system, financial services and risk experts told lawmakers on Capitol Hill Thursday (Sept. 18). A House Financial Services Committee oversight and investigations subcommittee hearing titled “Fraud in Focus: Exposing Financial Threats...
Financial institutions have long treated customer data as a proprietary asset, but a new PYMNTS report, “Fighting Fraud and Finding Trust Amid Banking’s Data Deluge,” suggests the bigger competitive advantage may come from knowing when to pool information. In a digital economy where fraud evolves by...
Entrust has integrated Mastercard Identity insights powered by Ekata into the Entrust Identity Verification Security Platform. This combination delivers intelligent pre-screening that identifies threats early to strengthen fraud prevention and automates remote onboarding for customers to streamline their onboarding experience, the companies said in a...
The SEC is upping its efforts to fight cross-border fraud targeting American investors. A new cross-border task force, announced by the Securities and Exchange Commission (SEC) Monday (Sept. 8), will initially focus on investigating possible securities law violations connected to overseas companies, including market manipulation...
The Financial Crimes Enforcement Network (FinCEN) issued guidance Friday (Sept. 5) that it said aims to encourage appropriate, voluntary cross-border sharing of information between and among financial institutions, including appropriate foreign ones. This information sharing can help financial institutions combat money laundering, terrorist financing and illicit finance...