The Federal Reserve Board said Thursday (Nov. 21) that it prohibited Shan Hanes, a former CEO of Heartland Tri-State Bank who was convicted of embezzlement, from future participation in the banking industry. Hanes embezzled $47.1 million of bank funds, which led to the bank becoming...
Fraud prevention firm BioCatch launched what it called “the world’s first interbank, behavior-based, financial crime intelligence-sharing network.” The BioCatch Trust Network is designed to protect the company’s banking customers against scams, fraud and other financial crimes by offering real-time assessments of account trustworthiness, according to...
Payments processor Thredd introduced a suite of compliance and risk management services. The new offerings are designed to help FinTechs, program managers and their bank sponsors address heightened concerns about risk and compliance, according to a Wednesday (Oct. 30) press release. “Across the globe, the...
In payments, mitigating fraud and risk is essential. Fraud is growing, and access to advanced tools helps fraudsters exploit payments vulnerabilities. Companies must prioritize robust defenses to safeguard their operations. Kate Weiler, director of payment services risk at Discover® Global Network, told PYMNTS that fraudsters...
The flood waters have yet to recede. In Florida, the devastation is not fully accounted for, and the costs are not fully tallied. All of that will take time. However, the fraudsters are already on the case because they seize on any opportunity to find...
A Federal Trade Commission (FTC) lawsuit that alleges an “online business opportunity scam” led a federal court to temporarily shut down the operations of Lunar Capital Ventures, Ecom Genie and Profitable Automation. According to a complaint filed by the FTC, these three entities and the...
Fear can be a powerful motivator, especially where payments fraud is concerned. While financial institutions have a healthy fear of high-profile fraud vectors like business email compromise and authorized push payments fraud, they may not have developed it around a new source of concern: instant...
In the payment innovation space, security, trust and compliance are three non-negotiable pillars. Their importance is growing against an operational backdrop where data extortion and ransomware attacks impact businesses. Eighty percent of organizations have attack paths that expose critical assets, and there has been a...
How do you deal with an entity that is so malicious it will use a natural disaster to commit cybercrimes? It’s happening in the wake of the two hurricanes that hit the southeastern United States as well as severe storms in other parts of the...
