News Topic: fraud

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse. ... Read full article

The California company said the issue involves a line of credit it funded earlier this year and that it is working with law enforcement authorities on the matter. ... Read full article

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies. ... Read full article

The credit reporting firm has been building out its identity and fraud protection business for existing customers, which include many of the world’s largest banks and telecommunications companies. ... Read full article

New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes. ... Read full article

Fraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began. ... Read full article

Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds. ... Read full article

U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs. ... Read full article

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk. ... Read full article

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items. ... Read full article

The bank said the conduct includes “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs.” ... Read full article

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months. ... Read full article

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey. ... Read full article

Dozens of suspects were reportedly arrested for allegedly using prepaid cards to illegally withdraw large sums of cash. ... Read full article

Chargeback requests have surged since the start of the coronavirus pandemic, as airlines have canceled flights, performers have postponed concerts and supply chain disruptions have delayed the delivery of many goods. ... Read full article

Ashton Ryan, the New Orleans bank's CEO, and two other officers are accused of disguising the financial condition of certain borrowers before the bank's 2017 collapse. ... Read full article

The bank is expected to report a small net profit for the second quarter next week; shareholders are challenging the government's 2012 decision to appropriate nearly all of the agencies' profits. ... Read full article

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers. ... Read full article