Synthetic identity fraud, where fraudsters create an artificial identity out of multiple pieces of real and fabricated data, resulted in $20 billion in losses for U.S. banks and financial institutions in 2020, according to a new report from software company FiVerity.
The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or older, with reported losses of more than $600 million, the commission reported in its annual report to Congress on protecting older consumers.
Fraudsters are leveraging many financial institutions’ own generation-targeted marketing schemes and product offerings to target widely different groups of consumers.
Here are five actions banks can take to stay out of trouble.
The Financial Crimes Enforcement Network today issued government-wide priorities for anti-money laundering and countering the financing of terrorism policy.
At its annual Law Enforcement Awards ceremony, held virtually 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 its criminal investigations.
New standards for vendors may ease banks’ due diligence responsibilities.
Nicole Kitowski started her career at Associated Bank as a teller in high school. Nearly three decades later, she brings that experience on the front lines to her role as Associated’s chief risk officer.
On the latest episode of the ABA Banking Journal Podcast, Brian Miller, the Treasury Department special inspector general for pandemic relief, discusses the effectiveness of COVID relief programs and investigations into fraud involving these programs.
New standards designed for the digital era would strengthen security, prevent fraud and finally give consumers more control over their money.