Fincen and others say third parties are proving to be treasure chests for crooks who create synthetic identities, but aggregators argue they help detect risk banks can’t see.
Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.
There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.
Credit decisions were a natural place to start with artificial intelligence, but now banks and credit unions are taking the technology to all parts of their businesses.
An inspector general’s findings suggest that the Texas bank could face more consequences over how it handled fraud cases last year tied to the Direct Express program.
U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.
