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.
Browsing: Identity fraud
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.
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.
As banks process applications in round two of PPP funding, four key tips for banks to prevent fraud.
With EMV card deployment reducing fraud at the point of sale, cyber-criminal schemes are targeting email, mobile devices and other channels.
With synthetic ID fraud—a tactic by which fraudsters use a combination of fake and legitimate information to create new identities—on the rise, a new white paper from the Federal Reserve’s FedPayments Improvement initiative examines how to detect and prevent it.
More than 9 in 10 Americans are concerned about their security online, and 74% of consumers say they would be likely to participate in a cybersecurity education or awareness program if their bank offered it, according to a new survey conducted for bank technology firm CSI.
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%.
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.