PYMNTS

OCTOBER 4, 2019

Since 2016. Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum. The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Goldman’s Marcus Has Lost $1.3B

Fraud 108

Fraud Google Apple Chicago 108

CFPB Monitor

FEBRUARY 13, 2017

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. In January 2016, the FTC issued a report warning that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws.

Report 68

Report Big Data Lending Survey 68

PYMNTS

MAY 30, 2016

And to make sure that everyone starts off 2016, Part II on the same footing, we thought we would bring you a few of the top trending stories, as well as hot data/research topics, that will give you a head start on that all-important planning for 2016 and beyond. Global Fraud Attacks. Online Fraud Attack Rates Soar Since October.

Trends 100

Trends Retail Fraud Mobile 100

PYMNTS

JANUARY 9, 2020

Stronger regulatory rules compelled P2P services to plunge to 343 last year compared to 2,680 in 2016. Last November, Beijing ordered all current P2P platforms to comply with new regulations within a framework of just two years. Good operators got punished along with scoundrels.”. billion yuan (US$70.4 trillion yuan (US$189.2

Lending 131

Lending Regulation Capital Industry 131

PYMNTS

SEPTEMBER 29, 2020

29) announced a deal for the AML platform of Beam Solutions , a San Francisco-based startup that focuses on transaction monitoring and helping financial companies comply with KYC regulations. Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world.

San Francisco 153

San Francisco Compliance Regulation cryptocurrency 153

PYMNTS

JANUARY 24, 2020

Wells Fargo ’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters.

Regulation 180

Regulation Community Examples Security 180

PYMNTS

DECEMBER 14, 2016

In a press release, Socure said it will use the capital to scale operations, accommodating the 300 percent growth it has seen in 2016. Socure ’s mission is to assist companies of all sizes in adapting their protection to meet the ever-evolving nature of fraud.

Fraud 100

Fraud Compliance Capital Leadership 100

Abrigo

FEBRUARY 3, 2020

Creating more efficient operations and improving customer experiences are the goals driving technology strategies and investments at many U.S. The appropriate cyber protections and terms should be noted in the contract, and the vendor should highlight their cyber controls and commitment to follow regulations and laws within the contract.

Resources 150

Resources Security Customer Experience Fraud 150

PYMNTS

JULY 5, 2020

The German payment processing company’s operating performance in Europe and the Americas was far worse than previously known, according to a report from KPMG, the Netherlands-based global accounting firm, obtained by the newspaper. But such profits did not exist, the Times reported. million) in 2017, the KPMG report revealed.

Payments 170

Payments Cards America Report 170

PYMNTS

MARCH 26, 2018

Tax fraud is a massive threat of corporates. Reports in Bloomberg last year said Amazon and eBay are facing criticism for their inability to remove sellers from their platform that have been found guilty of VAT fraud or error in the EU. The publication said VAT fraud costs the EU $1.9 billion every year. billion every year.

Taxes 102

Taxes Fraud Compliance Regulation 102

PYMNTS

SEPTEMBER 18, 2017

According to a report in the Wall Street Journal , Webb’s job will be taken over by Mark Rohrwasser, who has headed up Equifax’s international IT operations since 2016. The disclosure of the Equifax breach has resulted in a huge backlash for Equifax from customers, lawmakers and regulators.

Security 165

Security Data Fraud Report 165

PYMNTS

JANUARY 18, 2017

The National ATM Council (NAC) argued in testimony to the Committee on Consumer Affairs of the New York City Council last week that a proposed ordinance would impose costly and burdensome new security regulations on ATM operators all around the city. said Renard in the same press release. “In said Renard in the same press release.

ATM 100

ATM National New York City New York 100

PYMNTS

JANUARY 24, 2020

Wells Fargo ’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters.

Regulation 130

Regulation Community Examples Security 130

PYMNTS

MARCH 18, 2019

As such, the regulators and FIs seeking to crack down on these activities have their work cut out for them. . FIs that fail to catch illicit activities miss opportunities to hamstring such operations and unwittingly help fund them. Rethinking Security Strategies . Financial and Ethical Security Strategies.

Compliance 181

Compliance Regulation Chicago Tools 181

PYMNTS

FEBRUARY 21, 2018

Ubin was first announced in 2016 with the central bank launching a partnership with blockchain company R3. Perhaps it isn’t surprising that analysts are now musing about how to avoid a repeat of the Punjab National Bank fraud scandal, and some are looking towards blockchain to do so.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

PYMNTS

MARCH 13, 2017

It’s no surprise that as credit cards have increased in security, the payment hustlers have been hard at work finding other payment method avenues to fraud. APMs are extremely vulnerable because of their tendency to unwittingly enable crime and fraud. trillion, a 32 percent increase over what was reported in 2016.

Payments 148

Payments Fraud Cards Operations 148

PYMNTS

JANUARY 17, 2019

is to pay federal and state regulators penalties of $11 million for allegedly opening fake store card accounts. Sterling Jewelers, a subsidiary that operates over 1,500 locations across the country with different brands, signed the settlement, The Wall Street Journal reported.

Regulation 116

Regulation Policies Cards Meeting 116

PYMNTS

OCTOBER 1, 2018

The SEC found LCA, LendingClub and Laplanche guilty of fraud for improperly using LCA assets to benefit LendingClub Corporation, LCA’s parent company for which Laplanche was both founder and CEO. The build-back from the revelations of 2016 was a bit more of a lengthy process. The SEC Finding. The Rundown on the Run-up to the Decisions.

Lending 135

Lending Fraud Management San Francisco 135

PYMNTS

NOVEMBER 5, 2019

Digital identities are gaining popularity across industries as businesses, services and other operations increasingly move online. Synthetic identity fraud continues to grow, but far slower than when it ran rampant in 2015 and 2016. Digital identity is facing some problems with success, though. Its balance rose from only $1.01

Data 101

Data Fraud Security Trends 101

PYMNTS

DECEMBER 26, 2018

and China, local Chinese vendors operating in Yiwu International Trade City are upbeat about 2019. The Securities and Exchange Commission and various state regulators have been investigating more than 90 cryptocurrency cases in which investors lost money. Local China Merchants Upbeat About 2019 Cross-Border Sales.

Compliance 108

Compliance cryptocurrency Regulation Security 108

PYMNTS

OCTOBER 15, 2019

The new revelations add to the banks troubles, as it tries to gain back the confidence of regulators and customers alike. Danske Bank was no longer allowed to operate in Estonia after it admitted that $220 billion of questionable money went through a branch there between the years of 2007 and 2015.

Report 110

Report Regulation Operations Fraud 110

PYMNTS

JANUARY 31, 2019

The con man pleaded guilty to misrepresenting his company in 2016, then later withdrew his plea and disappeared while on pre-trial release. These bad actors often make off with investment funds for personal benefit or funnel them into illegal operations. They’re on the hook with regulators should something go wrong, after all.

Tennessee 108

Tennessee social media Fraud Guidelines 108

PYMNTS

DECEMBER 8, 2016

Not so for other parts of the world: Government mandates are looking to reduce corruption and fraud and enhance reporting capabilities through eInvoicing requirements. company looking to do work abroad, it means you can’t ignore these various regulations, either. And if you’re a U.S. In the U.S., “Ironically, the U.S.

Compliance 100

Compliance Regulation Taxes Fraud 100

PYMNTS

NOVEMBER 6, 2017

The numbers are sobering, as always: The Federal Trade Commission (FTC) has found that account takeover fraud is on the rise. Synthetic identity fraud – where identities are stitched together from disparate pieces of information, often from a mosaic of individuals – is a burgeoning field. Regulation as Saving Grace? Think again.

Security 109

Security Data Fraud Regulation 109

PYMNTS

MARCH 18, 2019

A new study by the Organisation for Economic Co-operation and Development (OECD) shows that trading in pirated and counterfeit goods has risen significantly, according to a report in the Financial Times. The value of fake and counterfeit products went from $461 billion in 2013 to $509 billion in 2016. That’s an increase of 3.3

Report 124

Report Innovation Study Security 124

PYMNTS

JULY 3, 2017

So-called “cheap flight” operators were once notorious for drip pricing, with the Office of Fair Trading (OFT) estimating that the airline industry alone was charging consumers £300 million a year (that’s $379,672,500 USD) in card surcharges at its peak. The Rise of CNP Fraud. Consumer Protection.

Online 112

Online Payments Fraud Cards 112

PYMNTS

JUNE 27, 2017

The increased focus is a good thing — AML laws and Know Your Customer (KYC) requirements can help reduce crime, prevent terrorism and mitigate the risk of fraud. However, these requirements can also make operations more challenging for businesses. The fast-growing rates of fraud is another topic that sometimes keeps me up.

Innovation 145

Innovation System Mobile Trends 145

PYMNTS

MARCH 16, 2018

regulators’ investigations into Wells Fargo ’s sales practices has expanded into the financial institution’s wealth management operations, according to news from The Wall Street Journal. Wells disclosed the investigation as part of a 10K filing with the SEC, reports said.

Management 101

Management Conference Regulation Report 101

PYMNTS

DECEMBER 1, 2017

The news was compounded by the fact that the hack itself happened about a year ago, in October 2016. Former CEO Travis Kalanick reportedly learned of the breach in November 2016. The company informed the New York Attorney General, Eric Schneiderman, and the FTC about the October 2016 hack for the first time on Tuesday.

New York 144

New York Data Regulation Washington 144

William Mills

SEPTEMBER 9, 2016

William Mills Agency will be live blogging at Finovate Fall 2016. I believe SEC regulations require a company to go public if they have more than 500 shareholders. I like the idea but I am a bit concerned about the potential for fraud from both companies and investors. Regulated Financial Institution.

social media 40

social media ATM Mobile Customer Experience 40

Gonzobanker

OCTOBER 24, 2018

Name the rule, reg or newly formed regulator, and the common bond is that they were all born out of bankers not policing their own industry. If bankers still feel a “family” affinity to Wells, let’s look at a timeline since 2016 well documented by Yahoo! Dodd-Frank. Admittedly, it is a way to keep the branch staff busy.)

San Francisco 145

San Francisco Industry America Compliance 145

PYMNTS

JUNE 14, 2018

But for some businesses, this risk can prevent them from obtaining the banking services they need to operate, according to Thomas Skala, chief executive officer and president of telecommunications and payments company Genie Gateway.

Fraud 101

Fraud Survey Cards Industry 101

PYMNTS

JULY 20, 2017

Committing identity fraud is typically at the core of data-stealing schemes in an attempt to steal money. In 2016, Javelin Strategy and Research ’s data showed that there was $16 billion stolen from two million victims which is said to be a $1 billion year-over-year increase. From the U.K. receiving £3.6

blockchain 105

blockchain Bitcoin Delaware Illinois 105

BankUnderground

JUNE 25, 2020

Broadly, the Bank of England receives two main types of quantitative data from regulated firms. Second, and separately, regulators also have access to more granular data on specific types of financial agreements and transactions. A McKinsey report in 2016 estimated that the flow of data across borders contributed $2.8

Data 110

Data Big Data Regulation Risk Management 110

PYMNTS

OCTOBER 31, 2016

According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so. The OCC, according to WSJ , noted the compromise hasn’t “adversely affected” the agency’s internal operations. The incident occurred in Nov.

Data 100

Data FDIC Policies Report 100

PYMNTS

FEBRUARY 9, 2017

Brokers/dealers were concerned about the potential for consumers to exercise their rights under Regulation E to assert that a transaction was unauthorized up to 60 days after its settlement, despite the fact that securities settlement transactions are exempt from Reg. A Window Of Opportunity. Beyond Securities Transactions.

Security 100

Security Risk Management Conference Industry 100

PYMNTS

JUNE 12, 2017

Their 2017 survey contains data points that all point to one conclusion: Companies are forced to reshape their payment strategies thanks to a combination of factors, including the rising threat of payments fraud, increased globalization and high payment volumes. But how businesses reshape their payment practices varies. Payments Rails.

Fintech 150

Fintech Survey Cards Payments 150