News Topic: fraud

Anita Gail Moody, who was president of Enloe State Bank, admitted to creating phony loan documents — and setting a fire to destroy them — before the bank was shuttered in May 2019. ... Read full article

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy. ... Read full article

The bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme. ... Read full article

A Manhattan man was charged by federal prosecutors with fraudulently trying to obtain more than $20 million in government loans intended to aid small businesses affected by the coronavirus pandemic. ... Read full article

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic. ... Read full article

Fraudsters are attempting to intercept stimulus checks, set up bogus charities and defraud applicants for unemployment benefits. Mike Litt, consumer campaign director of U.S. Public Interest Research Group, discusses what can be done to stop them. ... Read full article

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's ... Read full article

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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 ... Read full article

Gregory St. Angelo was part of a loan and tax credits scheme with other senior executives that funneled him more than $50 million, federal prosecutors said. ... Read full article