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Wells Fargo Expands Class-Action Settlement To Customers From May 2002

PYMNTS

Wells Fargo & Company announced Friday (April 21) it is expanding its class-action settlement over its fake account scandal to include any customers who were impacted by sales practice issues as early as May 2002. The bank said it expects the revised settlement will resolve claims in 11 other pending class-action lawsuits.

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Deep Dive: Striking A Balance In Digital ID Security

PYMNTS

Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud. The Drawbacks of Complex Security. Digital IDs can be protected with common protocols, such as two-factor authentication (2FA), frequent password changes and detailed security questions. More than 4.5

Security 129
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Wirecard’s Former CEO Markus Braun Arrested

PYMNTS

The 50-year-old executive faces charges of accounting fraud and market manipulation designed to artificially inflate the financial technology company’s balance sheet to make it look more appealing to investors and customers, the Financial Times reported. billion euros ($2.1 billion), prosecutors confirmed on Tuesday. billion euros ($2.1

Fraud 318
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PayU Taps Feedzai To Protect Its LATAM Payment Networks

PYMNTS

Online payment tech company PayU is teaming up with cyber-fraud prevention firm Feedzai to beef up its network protections in a key global market, the companies announced on Wednesday (July 29).

Payments 131
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Western Union Slapped With $60M Fine Over AML Lapses

PYMNTS

Western Union executives put profits ahead of the company’s responsibilities to detect and prevent money laundering and fraud, by choosing to maintain relationships with and failing to discipline obviously suspect, but highly profitable, agents,” said Vullo. According to the DFS, the money could have gone to aid in human trafficking.

New York 116
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Black Magic Slight-of-Hand: Trading an $11 Billion Fraud Problem for a $12 Billion One in the Post-EMV U.S. Market

Javelin Strategy & Research

The clamor for improved security has created a groundswell of support among stakeholders for the EMV transition in the U.S. Based on previous experiences overseas, it is expected that EMV will eliminate counterfeit card fraud, while removing the incentive for criminals to compromise card data from POS merchants. Cards Association).

Fraud 56
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Fintech Hall of Fame: The Top Digital Innovations in Financial Services

Fintech Labs Insights

Innovations from 1995 to 2014 (with launch dates) Note: Ranking as of Jan 2014 Wells Fargo is first in the world to offer Web-statement access (launched May 1995) Security First Network Bank launches first full-service Internet bank brand (Oct 1995, disbanded 2002) PayPal launches first online optimized payment system (Nov 1999, bought by eBay in 2003) (..)