Podcast: Top bank tech and innovation trends for 2023
What’s on the horizon for bank innovation and fintech in 2023? ABA’s Office of Innovation team explores top tech trends for the year ahead.
Browsing: Identity fraud
FDIC, FinCEN publish summary of recent digital identity proofing ‘tech sprint’
The FDIC and the Financial Crimes Enforcement Network today published key takeaways and solution summaries from a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
Fed adds resources to ID fraud mitigation toolkit
As instances of synthetic identity fraud—through which fraudsters create new identities out of pieces of real or fictitious information—become more prevalent, the Federal Reserve updated its toolkit of resources to help banks and consumers mitigate risks associated with these types of fraud.
Study: Small, Midsize Business Lending Fraud Rises
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.
The Post-Pandemic Fraud War: How to Play Offense
The pandemic has created many new challenges and changed the fraud risk landscape—perhaps permanently. It has also provided a training ground for a new generation of fraud attackers.
FDIC, FinCEN Announces Tech Sprint Focused on Digital Identity Proofing
The FDIC and the Financial Crimes Enforcement Network today announced a “tech sprint” to develop…
Report: Synthetic Identity Fraud Results in $20 Billion in Losses in 2020
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.
FTC: Fraud Cost Older Americans More Than $600 Million in Losses in 2020
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.
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.
Fraud-Related Losses Rise Among Older Consumers
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.