In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator. ... Read full article
How the 'Best Banks to Work For' get employees to love their jobs; Comerica works to address fraud in prepaid benefits program; how to tell if you're banking a pot business; and more from this week's most-read stories. ... Read full article
The Texas bank, which partners with the U.S. Treasury to dispense federal benefits via prepaid cards, is alleged to have dropped the ball as hundreds of cardholders say their money was forwarded to fraudsters posing as them. ... Read full article
China's mobile payment lessons for U.S. bankers; Steven Mnuchin's wishful thinking on GSE reform; unpacking Mick Mulvaney's CFPB relocation musings; and more from this week's most-read stories. ... Read full article
The provision would make it harder for criminals who use real Social Security numbers to create fake personas and then apply for credit. ... Read full article
TransUnion’s analysis of credit card applications and transactions finds fraudsters continue to steal more, but the rate of increase is slowing. ... Read full article
The card activation process is relatively low-tech, but since its introduction nearly three decades ago it has been hugely effective in preventing credit cards from falling into the wrong hands. Among its pioneers was Ash Gupta, American Express’s ... Read full article
The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals. ... Read full article
American Express is falling in line with Mastercard and Discover in eliminating the signature requirement for authorization on all card transactions at the point of sale, starting in April of 2018. ... Read full article
A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods. ... Read full article
The EMV migration has caused fraud to migrate to other channels. Issuers can make consumers aware of this threat and give them a handful of steps to spot trouble. ... Read full article
