Weak identity authentication and verification protocols can result in compromised online accounts and diminished information security.
ABA and seven trade associations urged the FCC to protect the ability of banks to place critical calls—such as fraud alerts—as the agency reconsiders its rules regarding a customer’s right to revoke consent to receive autodialed or prerecorded voice calls.
Investment fraud schemes have surpassed business email compromise as the leading scam in terms of dollar losses to consumers, the Treasury Department said.
Banks have been on the frontlines of innovation and deploying advanced capabilities to protect their customers, but the fight against scammers is one that banks cannot win on their own, ABA EVP Paul Benda told the Senate Banking Committee during a hearing on bank scams.
AI-generated messages and images can create realistic impersonations, which enable criminals to launch highly effective frauds at scale.
Fraud scams and bank fraud schemes resulted in $485.6 billion in losses globally last year, according to Nasdaq’s 2024 Global Financial Crime Report.
The CFPB warned that scammers are using the names of agency employees to try to defraud the public.
Compliance risk, interest rates, credit top banker, expert concerns going into the new year.
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