FraudRSS

Wells Fargo settles account-scandal claims but runs afoul of federal regulator

Wells Fargo

Wells Fargo will pay $110 million to settle a class action lawsuit brought by US consumers over a scandal about fake accounts its employees set up for customers without their knowledge. But the trouble continues for the bank, which has received a dim evaluation from a federal regulator.

Mastercard buys NuData Security for IoT spree

mastercard

Mastercard will acquire Vancouver-based biometrics firm NuData Security as it looks to make something out of the Internet of Things (IoT). NuData provides online and mobile anti-fraud solutions using session and biometric indicators. Mastercard will integrate NuData to its suite of fraud management and security products. Ajay Bhalla, president of enterprise risk and security for […]

A vaccination for financial crime

Vaccination

ransaction monitoring is emerging as one of the top priorities for banks and other financial institutions. Some now employ up to three per cent of their workforce to track financial crime. But, as leadership teams look to increase the effectiveness of their processes in the face of regulatory scrutiny and reduce costs, are there lessons to be learnt from health industry and its battle against infectious diseases?

Criminals turn their attention to online fraud in the US

Cyber crime

Criminals have deepened their focus on US online transactions since the country’s October 2015 EMV liability shift, with card-not-present (CNP) fraud expected to hit $6.4 billion in 2018, according to a new report from the US Payments Forum.

Wells Fargo faces new pressure over fake accounts

Under pressure

The top Democrat on the US House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers.

White paper: break filter bubbles in banking enterprise fraud management

White paper

Synthesise holistic wisdom from core systems and not just from channel silos. From depth of analysis, ease of configuration/implementation and cross-channel fraud detection to insider fraud detection and real-time high availability, a synchronised enterprise fraud risk management approach delivers five compelling advantages over a delivery channel silos only approach.

US credit unions aim to cut down call centre fraud with new tech

Fraud

Hoping to put a dent in a method of fraud that costs US companies $10 billion annually, PSCU, a credit union service organisation that serves 850+ credit unions, will use technology from Pindrop.

Cybersecurity: computers or humans – where does the threat lie?

cyberecurity

Digitalisation plays a key role in the fight against payment fraud. Yet Commerzbank’s cybercrime specialists in cash services show that even in this technologically advanced environment, security threats persist. Companies must take steps to ensure that human beings – as well as computers – are protected against crime.

The European Banking Authority favours arbitrary box-ticking over data innovation

cyberecurity

The European Banking Authority (EBA) recently proposed new rules that would require payment card operators to enforce additional security measures, such as passwords or security tokens, for all online transactions over €10, aimed at fraud prevention. This is a clumsy solution to a problem that is already being addressed by far more sophisticated means, argues Nick Wallace, senior policy analyst at Centre for Data Innovation, and policymakers should reject the EBA’s proposal.

Western Union to pay $586m fine for money transfer fraud

digital-cash-money-virtual-300x108.jpg

Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.

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