Payment fraud

Behind the Fed's effort to squeeze out payments fraud

04/03/18

The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it.

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Fed launches study of causes and effects of payments fraud

03/29/18

The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system.

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Going more digital? Expect more fraud

03/01/18

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.

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Are banks doing enough to protect Zelle users from fraud?

02/22/18

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to exploit this trust.

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'ATM jackpotting' thieves arrive in U.S., meet hardier defenses

02/09/18

ATM jackpotting is a crime in which technology is manipulated to get the machine to dispense all the money it has. Unlike most cyber crime, it requires physical access, which increases the chances of getting caught.

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Payment fraud on the rise at U.S. banks, credit unions: Fed survey

02/06/18

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.

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Upstart's first step in testing fraud product: Buy a bank

01/25/18

Nano Financial will offer new technology to Commerce Bank's commercial customers as it considers ways to license it to other financial institutions.

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Card networks must give banks, merchants a vote on fraud prevention

12/22/17

Companies like Visa and Mastercard make decisions about security in secrecy, without enough input from banks and merchants.

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Federal Reserve taps Boston Fed COO to head payments task force

12/08/17

In the new role, Kenneth Montgomery will lead the Fed’s efforts to reduce fraud risk and improve the security and resiliency of the U.S. payments system

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Cordray urges CEOs to give consumers more control over payments, cards

11/21/17

A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods.

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