Fraud
Fraud
-
-
The small business lender's bankrupt shell has agreed to pay up to $120 million in connection with allegations that its verification processes for Paycheck Protection Program loan applications were faulty. The government argued that Kabbage reaped larger fees by enabling fraudulently inflated loans.
May 14 -
-
After a California woman spent more than a decade obtaining reparations for Nazi plundering of her family's belongings, the money disappeared from her bank account. Her saga highlights a gap in fraud cases between what consumers expect from their banks and what those banks are in a position to deliver.
May 8 -
Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
May 5 -
The Consumer Financial Protection Bureau is considering new rules covering the collection and sale of some consumer data. If it's not careful, the agency could be inadvertently assisting identity thieves.
May 1 -
A 50% growth in losses from check fraud last year is pushing bankers in Illinois to ask regulators for a joint supervisory guidance and tougher enforcement of large banks' "know your customer" compliance.
April 30 -
In this month's roundup of top tech news: the impact of Synapse's bankruptcy on the banking-as-a-service industry, large language models best suited for banks, Discover deploys generative artificial intelligence in its contact center and more.
April 30 -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
April 25 -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24