News Topic: Fraud losses
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Fraud is down, but more expensive
Banc of California gains nearly $40 million in settlement with title firms
Former Dallas FHLB execs sentenced to prison on fraud charges
Two former officials were sentenced to five years each for falsifying travel expenses and lying to authorities. ... Read full article
Fake ID fraud is declining, but small lenders are still vulnerable
Though synthetic identity fraud is down across the industry, there's been an uptake in such attacks targeting credit unions. ... Read full article
FDIC to conduct in-depth review of suspicious Texas bank failure
An initial review determined that lax oversight at Enloe State Bank allowed for the origination of more than 100 allegedly fraudulent or fictitious loans. ... Read full article
Berkshire Hills discloses issue with commercial loan
The Boston company said the loan participation went into default due to potentially fraudulent activity. ... Read full article
California bank warns of large fraud-related charge-off
Private Bancorp of America is the latest bank to report a borrower issue in connection with a high-profile fraud case tied to liquor licenses. ... Read full article
Chemung in N.Y. discloses exposure to loan default
The loan participation has been flagged for potentially fraudulent activity. ... Read full article
Pioneer in N.Y. issues warning on potential client fraud
The company says its exposure involves a participation loan to a business customer for which it was the originator. ... Read full article
Banc of California warns of big charge-off tied to commercial client
The unnamed borrower was the victim of an alleged scam by another company. ... Read full article
Pennsylvania bank works to stem damage from CEO’s fraud arrest
While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation. ... Read full article
Banks face collateral damage from clean energy firm's bankruptcy
Several banks could lose money over tax credits tied to DC Solar, a California firm wrestling with a fraud claim. ... Read full article
OCC’s lax oversight compounded costs of thrift failure, IG says
Examiners could have done more to minimize the brunt to the Deposit Insurance Fund from Washington Federal Bank for Savings, which hid fraudulent loans and will cost the fund more than $80 million, according to a report from the Treasury’s inspector ... Read full article
Former bank chairman charged with loan fraud
Fred Daibes and an associate allegedly conspired to fraudulently obtain loans from Mariner's Bank, a New Jersey institution he helped found. ... Read full article
Fourth bank warns of loan loss from troubled borrower
Add S&T Bancorp to the list of lenders that appear to have exposure to a Pennsylvania fuel supplier dealing with alleged employee fraud. ... Read full article
Three lenders warn about 2Q profit after borrower suffers fraud-related hit
Fulton Financial, Univest Corp. of Pennsylvania and Franklin Financial disclosed a total of $75 million in exposure to the commercial relationship. ... Read full article
Banc of California to take 1Q hit from large credit issue
The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud. ... Read full article
Going more digital? Expect more fraud
Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the Internet, according to a new report. ... Read full article
Payment fraud on the rise at U.S. banks, credit unions: Fed survey
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