fraud

Bankers fear massive borrower fraud in PPP

05/07/20

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.

[more]

Codorus Valley warns of loan loss after alleged borrower fraud

04/14/20

The Pennsylvania company said it faces $7.5 million in potential exposure from a commercial lending relationship.

[more]

CFPB urged to protect elderly from pandemic scammers

03/22/20

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.

[more]

FDIC warns of scams being carried out in its name

03/18/20

Fraudsters who claim they work for the agency are taking advantage of coronavirus confusion to try to con consumers out of bank account information and money.

[more]

Moynihan’s pay holds steady; cryptocurrency scams flourish

02/10/20

The BofA CEO’s $26.5 million salary was about the same as in 2018; investors hoping for quick riches still fall for cryptocurrency-based Ponzi schemes.

[more]

JPM wins a place in China; banks again warned about replacing Libor

12/19/19

The bank is the first U.S. one approved for a majority-owned securities unit in China; the FSB said banks must get serious about replacing the benchmark.

[more]

Russian 'Evil Corp' is behind a decade of bank hacks, U.S. says

12/06/19

The U.S. unveiled criminal charges and sanctions against members of a group that calls itself Evil Corp, which authorities blame for some of the worst computer hacking and bank fraud schemes of the past decade.

[more]

Google-Citi deal could break the ice; bill calls for bank cooperation on guns

11/18/19

It’s only a matter of time before Silicon Valley “overturns more complex banking functions”; banks would have to help FinCEN identify suspicious firearms sales.

[more]

How alleged Asian crypto scam became headache for Comerica, Mastercard

10/09/19

A digital currency firm has been accused of recruiting actors to pretend to be Comerica and Mastercard employees, writing a fake prospectus and taking other steps to make it look like the two U.S. companies were its partners in an investment venture.

[more]

Core-banking crossroads, leaner Capital One, defending CECL: Top stories of the week

07/05/19

Questioning whether core-banking technology is nearing a 'big shake-up'; Capital One keeps closing branches, even as rivals open them; FASB chair defends CECL, saying 'the benefits justify the cost'; and more from this week's most-read stories.

[more]