Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.
The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.
Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.
Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders.
Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.
The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.
