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%.
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.
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.
As account opening goes digital, fraudsters follow. It takes multilayered analysis of divergent data to keep up with them.
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.
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.
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.
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.
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.