Fifth Third Bank says a fraud incident on a $200 million loan was a one-time occurrence. The bank says it was the victim of fraud on a loan carrying a $200 million balance, and thinks this was a “one-off” incident that will lead to “a fair amount...
Fraudsters thrive on data deficiencies and underinvestment in cyber defenses. Companies know this, but they still leave the door open. Security is not a checkbox; it’s a dynamic, data-driven ecosystem. As findings from the Government Accountability Office (GAO) and PYMNTS Intelligence separately revealed, public and...
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 Department of the Treasury sanctioned a network of cyber scammers based in Southeast Asia. The department’s Office of Foreign Assets Control (OFAC) levied sanctions against “a large network of scam centers” in the region, including nine targets in Shwe Kokko, Myanmar, “a notorious hub...
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...
The number of companies impacted by the cyberattack on Salesloft’s Drift, and the ultimate severity of the attack, are reportedly still unknown. The data breaches that have been disclosed so far have raised concerns about social engineering attacks that could be strengthened by the data...
Cloudflare said Tuesday (Sept. 2) that information shared in its customer support system should be considered compromised. The company issued this warning in a Tuesday blog post in which it disclosed that it was affected by a breach of Salesloft’s Drift that allowed someone outside Cloudflare to access...
Fraudsters are borrowing from growth marketers’ playbooks. They’re segmenting, personalizing and timing their outreach to lure more victims in less time. A new PYMNTS Intelligence study, “How Scammers Tailor Financial Scams to Individual Consumer Vulnerabilities,” argues that mass personalization has become the defining feature of modern fraud....