Call it a reset on how the Consumer Financial Protection Bureau (CFPB) views authorized P2P fraud — and by extension, just who’s on the hook to make consumers whole. For banks, the liabilities look set to increase. But there’s a silver lining. News came Tuesday...
The FBI is warning investors and financial institutions (FIs) that fraudulent cryptocurrency apps tricked 244 victims out of $42.7 million between October 2021 and May 2022. The fake apps were designed to encourage victims to deposit their cryptocurrency holdings and then charged them a tax...
Fraudsters have an extensive arsenal of methods when it comes to scamming businesses. Among the most dangerous of these tactics is business email compromise (BEC) fraud, in which bad actors pretend to be a company’s supplier and trick accounting teams into paying them instead of...
“Caveat emptor,” goes the old saying — buyer beware. And now, in the digital age, as peer-to-peer (P2P) transactions between bank accounts gain ground and fraudsters impersonate legitimate people and businesses, the mantra now becomes “sender beware.” Ingo Money CEO Drew Edwards told Karen Webster...
Digitization of small- to medium-sized business (SMB) banking is a double-edged sword. Sandip Nayak, chief AI and insights officer at Amount, told PYMNTS that financial services modernization could deliver any number of positives. Digitization not only improves customer experiences, which drives retention, but it also...
Once-mighty payments giant Wirecard reportedly faked client data and was lying about internal records in order to get a SoftBank investment for €900 million ($913 million), a report from Financial Times (FT) says. The report said this investment was seen as a “vote of confidence”...
Is “fraudster” a title or job description of some kind? Perhaps it should be, because when shopping or sending money online, you’re never totally sure who’s on the other end. It could be someone you know — or it could be a bad actor who...
Figuring out the best way to maximize money mobility is the goal in today’s digital-first economy, but digital banking’s vulnerability to bad actors has made fraud a pervasive threat to this ideal. “Banks are thus tasked with delivering money mobility experiences that are not only...
A San Francisco law firm says it is investigating the fraud reimbursement practices of a number of major American banks that use the Zelle peer-to-peer payment system. The announcement Wednesday (July 6) by Schubert Jonckheer & Kolbe LLP comes eight days after a class action...
