The looming specter of wire fraud has spurred lawmakers to press big banks for better defenses against bad actors — and a detailing of the impact the scams have had on consumers. On Thursday (April 18), in a letter to the CEOs of JPMorgan Chase, Bank of America, Wells Fargo and Citi, Sens. Sherrod Brown,...
A German regulator has reportedly concluded that EY’s audit work and quality control regarding the now-defunct payments firm Wirecard was marked by “grave” and “repeated” violations of professional duties. The regulator, Apas, said this in a review that was published Friday (April 19) and ended a multiyear...
Change Healthcare’s troubles are apparently not over. The company, which is owned by UnitedHealth, said Thursday (April 18) it had fixed an issue that had hindered medical claims processing for some customers, per a report by Reuters. According to that report, a fix had been found...
Cognizant and FICO plan to launch a cloud-based real-time payments fraud prevention solution designed for North American banks and other payment service providers. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technologies, the companies said in a Wednesday (April 17) press release....
It’s imperative for eCommerce merchants serving international markets to be able to complete frictionless cross-border transactions. However, since these merchants must also fend off fraudsters, they must find and employ fraud prevention tools that do not disrupt consumer transactions. When compiling “Fraud Management in Online...
Federal authorities are warning banks against the rising threat of passport card fraud. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Department of State’s Diplomatic Security Service (DSS) issued a notice to financial institutions Monday (April 15), urging them to be on the lookout for suspicious...
In today’s digitized operating environment, a business is only as good as its cyber defenses. And with Change Healthcare reportedly facing a new ransomware attack following an earlier massive breach in February, while Roku disclosed to its customers Friday (April 12) that 591,000 accounts were impacted by...
Roku disclosed to its customers Friday (April 12) that 591,000 accounts were impacted by two separate cyberattacks. In less than 400 of these cases, hackers logged in and made unauthorized purchases of streaming service subscriptions and Roku hardware products using the payment method stored in these...
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
