Financial losses tied to fraud against bank accounts increased about 12 percent from 2012 to 2014, but banks are not to blame. To the contrary, the ABA argues that banks are actually making significant strides in their fraud prevention efforts.
Sophisticated phishing campaigns, increasingly targeted because of social media, are fueling business email compromises - a growing wire fraud scheme that is attacking businesses worldwide, says Jim Hansen of PhishMe.
FBI Special Agent Charles Gunther says collaboration with FinCEN, international law enforcement and U.S. banks has helped the FBI recover millions of funds stolen from customers via emerging wire fraud schemes.
A $46.7 million fraud scheme that hit Ubiquiti Networks Inc. shows the new & improved face of wire fraud - and just how easy it is for cybercriminals to fool employees into helping to pilfer their own enterprises.
Wire fraud perpetrated via business email compromises has quickly become a top concern for banking institutions. Now one bank fraud executive predicts this type of fraud could exceed $1 billion this year.
The Federal Reserve on Jan. 26 revealed its roadmap for an overhaul of the U.S. payments system, which includes plans for faster settlement and a focus on improving payments security to reduce fraud.
After a long legal battle, Choice Escrow and Land Title LLC and Mississippi-based BancorpSouth have finally settled a $440,000 account takeover case. Learn how one final issue was resolved.
A Tennessee utility has sued its bank after a $327,000 account takeover incident. This new case shows why institutions must go above and beyond when it comes to detecting and thwarting fraud losses.
For the first time in its decade-long history, the Federal Reserve's triennial Payments Study includes fraud data. The Fed's Jim McKee says these findings set a baseline about U.S. card fraud trends.
A new impersonation scheme is taking aim at business executives to perpetuate ACH and wire fraud, says Bank of the West's David Pollino, who explains steps institutions should take now to protect their customers.
Choice Escrow is seeking a bench review of a recent appellate court ruling, which favored its former bank in an ACH fraud dispute. The firm argues the court set a bad precedent for future disputes by limiting Uniform Commercial Code protections.
FFIEC guidance and case law are helping banks define what constitutes "reasonable security." In a panel discussion, three experts debate the long-term impact of two recent account takeover fraud cases.
A bank's $350,000 settlement with a California oil company should serve as a reminder that reasonable security measures offered by banks are increasingly critical to the outcome of account takeover disputes.
An appellate court ruling in favor of a bank in a dispute over account takeover losses dating back to 2010 has broad implications for financial institutions. Legal experts analyze the case.
Two suits against California's First Foundation Bank raise a number of questions about how to define reasonable security and how banks are expected to react when suspicious account activity occurs.
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