Last year, well over half of all financial institutions lost more than $500,000 to fraud. However, for the credit union industry, it was even worse.
To celebrate its first year in “business,” a darknet website called BidenCash has leaked the credit and debit card records of millions of consumers, for free. The data contained in the massive [...]
Fraud is a serious issue plaguing financial institutions. The Federal Trade Commission (FTC) reports that consumers lost a whopping $5.8 billion to fraud in 2021 alone. But while the numbers for [...]
Fraud and risk teams at banks and credit unions have had enough. Since at least 2020, there’s been a parabolic increase in all forms of bank fraud, resulting in a drastic increase in mitigation [...]
A new report from the office of Senator Elizabeth Warren has revealed what many in the banking industry already know. Zelle fraud is on the rise, and unless proactive, cost-effective steps are [...]
Small credit unions and banks are now at the highest risk, perhaps ever, of fraud attacks and subsequent financial losses. Recent reports show that fraud incursions have increased by 71% at small [...]
The Federal Reserve has announced a new, narrow launch window for its FedNow real-time payments service. After years of development, testing, pilot programs and delays, FedNow will officially go [...]
In 2020, the FBI arrested an Amazon employee after issuing more than $96,000 in fraudulent refunds. To achieve this fraud, the Amazon insider created multiple buyer accounts to purchase [...]