Study: Small Business Fraud on the Rise
Six in 10 lenders saw an increase in small and midsize business lending fraud over the past two years, according to a study from LexisNexis Risk Solutions, with an average increase of 7.3%.
Browsing: Fraud
FTC Finds Millennials Report Fraud at Higher Rates Than Older Adults
A Consumer Protection Data Spotlight released today by the Federal Trade Commission found that consumers in their 20s and 30s are 25% more likely to report losing money to fraud than consumers 40 and older.
FinCEN’s Blanco Warns on Account Takeover Risk from Fintech Aggregators
The Financial Crimes Enforcement Network is seeing “a high amount of fraud” enabled through synthetic identities and account takeovers via nonbank fintech platforms, FinCEN Director Kenneth Blanco said today at an identity protection event in Tampa, Fla.
New Account Fraud Creates Friction for Banks
As account opening goes digital, fraudsters follow. It takes multilayered analysis of divergent data to keep up with them.
FinCEN Warns Banks of Business Email Compromise Scams
Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
Fed White Paper Looks at Synthetic Identity Payments Fraud
In a white paper released yesterday, the Federal Reserve System documented the current state of synthetic identity fraud and its effects on the payments industry.
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
Podcast: How One Bank Proactively Stops Senior Fraud
First Financial Bank takes elder fraud seriously. The $7.8 billion bank with locations across Texas has stopped $7.5 million in elder fraud, including $2.3 million in 2018 alone.
Report: Email Impostor Fraud Up 60% Year-on-Year
Imposter attacks against financial services organizations rose by 60% from the end of 2017 to the end of 2018, according to a report released today by cybersecurity firm Proofpoint.
Bonus Podcast: Spreading the Word on Phishing
With consumer losses from phishing scams in 2017 up 375 percent from two years prior, according to FBI data, the ABA Banking Journal Podcast marks National Consumer Protection Week with a bonus episode on phishing.