Application fraud and account takeover attacks have soared during the pandemic, but modern technologies enable secure and convenient banking
Browsing: Fraud prevention
Banks saw fewer monthly fraud attempts in the first half of 2019 compared to the first half of 2018, according to a new pre-COVID study from LexisNexis Risk Solutions.
Banks and other financial institutions have been “strong partners” in assisting the Department of Justice and law enforcement detect and investigate potential fraud connected to the Small Business Administration’s Paycheck Protection Program, Acting Assistant Attorney General Brian Rabbitt noted in a press conference today.
For seniors, social distancing saves lives but breeds vulnerability to fraud. Here’s how banks are protecting older Americans’ finances in the COVID-19 era and beyond.
The nation’s banks stopped $22.3 billion in fraudulent transactions in 2018—almost $9 out of every $10 of attempted fraud—according to the American Bankers Association’s 2019 Deposit Account Fraud Survey Report released today.
The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
As the population of older Americans continues to grow—and with seniors increasingly the targets of scams—a majority of banks are responding by offering training for frontline staff on how to prevent elder financial exploitation, according to the ABA Foundation’s second Older Americans Benchmarking Report released today.
A new infographic from the American Bankers Association Foundation, Association of Military Banks of America and the Better Business Bureau provides tips for veterans, active duty servicemembers and their families on how to protect themselves from financial scams targeting the military.
Consumers aged 60 and older lost nearly $400 million to fraud in 2018, according to a report submitted to Congress last week by the Federal Trade Commission.