The Financial Fraud Epidemic
As the COVID-19 pandemic turns one, bankers and cyber experts reflect on the rapid rise of scams and fraud schemes aimed at banks and their customers.
Browsing: Fraud
Capturing These Three Data Types Can Transform Your Fraud Monitoring
Viewing financial fraud through the eyes of bad actors is the key to stopping it.
FinCEN Issues Advisory on Economic Impact Payment Fraud
The Financial Crimes Enforcement Network today issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity.
Survey: Banks See Business Email Compromise as Biggest Threat
Scams involving business email compromise—through which fraudsters target businesses and their fund transfers— were flagged by banks as the greatest business risk over the next two years, according to a survey from consulting firm Strategic Treasurer and payment company Bottomline.
FTC: Romance Scams Rise 50% Since 2019
The amount of money consumers reported losing to romance scammers has increased by 50% since 2019 and has risen more than fourfold since 2016, the Federal Trade Commission said today.
Podcast: Predicting Bank Risk in an Unpredictable Year
What’s top of mind for community bank risk managers in 2021? Kristina Schaefer provides an overview of what’s on her radar screen as chief risk officer and general counsel at First Bank and Trust.
Top Bank Risks for 2021
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
FTC Consumer Alert Warns of Potential Fraud Related to COVID-19 Vaccines
With multiple promising COVID-19 vaccines on the horizon, a new consumer alert from the Federal Trade Commission this week warned consumers of potential fraud scams associated with the vaccines.
FBI Director: Cyber Criminals Targeting Banks’ Third Parties
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
Building an Industry-Wide View of Risk in Financial Services
A truly comprehensive approach to managing risk will require the financial sector to mitigate concerns about collaborating with competitors.