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FTC Bans Rogue Payment Processor In Settlement Over Alleged Scams

PYMNTS

A Texas operator of several payment processing centers has agreed to be permanently banned from the industry in order to settle charges by the Federal Trade Commission (FTC) and the state of Ohio that they unlawfully participated in scams, according to a press release. The FTC and Ohio officials filed their complaint against the trio in U.S.

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 Invoice Fraud, Global In Reach, As GDPR Looms

PYMNTS

As GDPR takes effect late in the month, firms must be compliant with new rules and regulations. Also noted by the site, Ernst & Young’s Global Fraud Survey has set its sights on compliance efforts. Local news stories show that fraud – across payroll schemes and otherwise – remains alive and well across the globe.

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SBA Eyes Fees Paid To Rocket Loans, Contractor In Loan Program

PYMNTS

government's Economic Injury Disaster Loan (EIDL) program, plagued by delays and fraud, has created attention for a firm that netted around $800 million in fees while subcontracting the work out to the nation's largest mortgage lender, The Wall Street Journal (WSJ) reported.

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Regulators Urge Tech Innovation To Combat Financial Crime

PYMNTS

Said Ohio Democrat Sherrod Brown, such relaxing of rules could be harmful. financial system.”. As noted by Credit Union Times, there was some discussion over how relaxed rules should be for smaller financial institutions.

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SAFE Banking Act returns to Congress: Is safe harbor for cannabis banking on the horizon?

Abrigo

Sherrod Brown, D-Ohio, in the same hearing. “The lack of electronic records in this world makes it easy to move money that shouldn’t be moved.” Without full access to the banking and payments system, legal cannabis businesses are forced to operate in the shadows,” said Sen.

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 Four In 10 Road Warriors Use Corporate Cards For Personal Items

PYMNTS

Faster Payments/Faster Fraud in the UK? As the United Kingdom moves to embrace faster payments, notes securityboulevard.com, transactions are irrevocable and so new fraud schemes may be on the rise. Fraud Down Under. The publication noted that the accounts, the individuals paid and the amounts paid have not been disclosed.

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Regulation and Compliance: Ready for Review

Independent Banker

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. in Kent, Ohio. Be aware of existing or emerging risk concerns.