BankInovation

JULY 10, 2023

Using manual processes, fraud and digital teams at the Boston-based, $3 billion credit union worked overtime to fend off a series of attacks that Chief Operating Officer Traci Michel believed was enabled by generative AI tools. In one week in April, Metro Credit Union received more than 450 fraudulent account opening applications.

Fraud 75

Fraud Metro Boston Data 75

PYMNTS

NOVEMBER 23, 2020

AI is not only being adopted to improve workflows and grow revenues, but has also been enlisted in the fight against fraud.”. The surge of digital orders carried a toxic tide of fraud, and many companies turned to supervised machine learning to deal with it. This establishes identity trust or risk in real time.

Mobile 289

Mobile Boston Fraud Colorado 289

PYMNTS

APRIL 5, 2016

Federal Reserve Bank of Boston President Eric Rosengren delivered a speech yesterday (April 4) at the bank’s 2016 Cybersecurity Conference highlighting the economic and cyber risks financial institutions are facing today.

Boston 100

Boston Fintech Innovation Conference 100

PYMNTS

MAY 5, 2020

“Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU. This, in turn, helps mitigate fraud.”.

Fraud 239

Fraud Analytics Boston New York 239

Celent Banking

MARCH 4, 2017

It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity. At the moment we are staying tight-lipped about who won the awards.

Risk Management 100

Risk Management Fraud Management Case Study 100

Abrigo

MAY 15, 2020

Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.

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American Banker

JULY 9, 2020

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.

Maine 50

Maine Boston Fraud Payments 50

PYMNTS

AUGUST 19, 2019

Boston-based General Electric (GE) is defending itself against accounting fraud alleged by the same whistleblower who called out Bernard Madoff’s Ponzi scheme, Reuters reported on Monday (Aug. He also noted that the alleged fraud scheme “is going to make this company probably file for bankruptcy.

Fraud 108

Fraud Boston Analysis Report 108

PYMNTS

DECEMBER 24, 2020

Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. The Federal Reserve said this year that its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Keeping An Eye On Fraud.

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PYMNTS

JANUARY 8, 2020

By using secret card-reading devices and pinhole cameras at various locations, Rusu and others were able to commit a widespread bank fraud conspiracy that targeted various banks in Massachusetts, New York and New Jersey from August 2014 to November 2016, according to law enforcement.

San Diego 130

San Diego Cards New Jersey Massachusetts 130

PYMNTS

AUGUST 21, 2020

New Report: How Behavioral Analytics Help FIs Block Fraud at the ITM. Jim Cunha, senior vice president of secure payments and FinTech at the Federal Reserve Bank of Boston, tells Karen Webster why the Fed is working with MIT to explore digital dollars. Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars.

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PYMNTS

DECEMBER 11, 2017

Kenneth Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston, is taking up the position. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S. Treasury and financial market, among other responsibilities.

Security 112

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PYMNTS

MARCH 16, 2018

Beyond advising the Faster Payments Task Force on security issues, the group focuses on identifying the challenges and opportunities related to improving payment security, including identity management, data protection and information sharing to mitigate fraud.

Security 100

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PYMNTS

JUNE 29, 2020

The lawsuit goes back to October 2017, when Boston law firm Block & Leviton said it was looking into securities fraud by the Tezos ICO. But stakeholders have pushed for a bigger range of tokens to be exempt from securities legislation recently.

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blockchain Security Bitcoin Boston 168

PYMNTS

DECEMBER 29, 2016

A paper published by Boston Consulting Group (BCG) described today as a critical moment in banking history as players face pressure from alternative players and corporate clients that demand newer, better services. “The The time for this radical shift is now,” Boston Consulting Group declared. Fraud Prevention Remains Paramount.

Security 181

Security Fintech Boston Fraud 181

Abrigo

JUNE 27, 2023

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases.

El Paso 195

El Paso Miami United States New York City 195

PopularBank

DECEMBER 1, 2021

Some risks are unavoidable, but there are ways to lower the financial impact and reputational risk of fraud, and to measure and reduce its impact. Fraud can be analyzed two ways. The first is the likelihood of the fraud occurring. On the other hand, mobile and online bill pay from Popular Bank is free and available 24/7.

Online 98

Online Mobile Fraud Boston 98

PYMNTS

DECEMBER 6, 2019

Also, the co-founder of Boston-based payments firm Circle will step down from his co-CEO role at the end of the month. The co-founder of Circle, a Boston-based payments firm, will step down from his co-CEO role at the end of the month. And Uber has debuted a group ordering option.

Training 130

Training Boston Payments Tools 130

PYMNTS

JULY 29, 2019

The suit, filed May 17 by Boston-based law firm Block & Leviton in U.S. District Court in the Northern District of California, contends Lyft committed securities fraud. In May, investors filed a class-action lawsuit against the company. Investors say Lyft misled them in its IPO.

Boston 132

Boston California Fraud Company 132

PYMNTS

APRIL 6, 2016

The pair charged — Ross McLellan and Edward Pennings — face a five-count indictment, touching on conspiring to commit securities fraud and wire fraud and also two counts apiece of securities and wire fraud. The indictment itself alleges that the two — during a timeframe that stretched between Feb. 2010 and Sept.

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PYMNTS

DECEMBER 5, 2019

The FPC will also provide education about faster payments and fraud mitigation. “We Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston and a FedNow program executive, said that as a founding sponsor of the FPC, the Fed will be a diligent participant in furthering the council’s priorities.

Kansas City 135

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ABA Community Banking

MARCH 29, 2018

Picks Boston Consulting Group to produce research Payments Risk Management Online Security.

Study 40

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PYMNTS

MAY 20, 2019

The the class action lawsuit, filed Friday (May 17) by Boston-based law firm Block & Leviton in U.S. District Court in the Northern District of California, contends Lyft committed securities fraud.

Los Angeles 116

Los Angeles Boston California Security 116

PYMNTS

NOVEMBER 16, 2018

While the previous purchase amount threshold varied by city, it’s now set at $300,000 for each metropolitan area, covering certain counties within the following major locations: Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco and Seattle.

Las Vegas 134

Las Vegas San Antonio Report San Diego 134

PYMNTS

JUNE 13, 2018

Commodity Futures Trading Commission (CFTC) has the power to fight fraud centered around cryptocurrencies. Those watching the case say that if the court decides against the CFTC, it could affect its ability to police virtual currency frauds. A case involving virtual currency My Big Coin could determine whether the U.S.

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PYMNTS

OCTOBER 3, 2019

Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent . The rivalry between cybercriminals and the fraud and security teams at banks, which are tasked with stopping their attacks, is incredibly lopsided. And Gerber noted that the attacks are going to keep on coming. .

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PYMNTS

SEPTEMBER 23, 2019

This is a market that Boston-based ButcherBox is catering to by delivering grass-fed, grass-finished meat and other humanely raised, sustainably sourced meat and seafood directly to customers’ doors on a monthly basis. The firm’s growth in customers and revenue did come with an increased risk of fraud. will reach 56.8

Fraud 108

Fraud Analytics Oklahoma Security 108

PYMNTS

AUGUST 7, 2020

Brainard, Kansas City Fed President Esther George and Boston Fed First Vice President Kenneth Montgomery also noted that the FedNow system will provide another option in a landscape already populated by, for example, The Clearing House Payments Co. (Or Combatting Fraud — And Addressing Competition And Costs .

America 189

America Kansas City Payments Kansas 189

ABA Community Banking

DECEMBER 8, 2017

Boston Fed’s Montgomery to head anti-fraud effort Payments Security.

Security 40

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PYMNTS

SEPTEMBER 30, 2019

As weaknesses in authorization systems can be exploited by online thieves, financial services firms are more vulnerable to hackers and get hit 300 times more often than other businesses, according to the Boston Consulting Group. Threat scan intuitively mimic fraudulent behavior and can be used in conjunction with tools already in place.

Boston 177

Boston Security System Cards 177

Independent Banker

NOVEMBER 24, 2015

Current best practices in fighting wire fraud. With wire fraud on the rise, community banks have to step up precautions to protect themselves and their customers. Wire fraud incidents nearly doubled to 27 percent in 2014, from 14 percent a year earlier, according to the 2015 AFP Payments Fraud and Control Survey.

Community Bank 70

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PYMNTS

JANUARY 30, 2020

An employee’s accidental use of her corporate card to pay for groceries isn’t a crime, but it does fall under the heading of “ friendly fraud ,” which creates friction for the accounting department. Weddings and events are another sector experimenting with card-based spend management efforts.

Management 130

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PYMNTS

APRIL 7, 2017

With President Trump’s claim of voter fraud on a massive scale in the 2016 presidential election, it may be time for the country to rethink its voting process. This isn’t the first time that there have been issues with voting in the United States — or wild claims of voter fraud.

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PYMNTS

NOVEMBER 15, 2019

Amazon To Build $40M Robotics Innovation Hub Near Boston. Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. Deutsche Bank told U.K. Zillow: Tackling Real Estate’s $1.6T Money Laundering Epidemic.

Google 139

Google Payments Apple cryptocurrency 139

PYMNTS

OCTOBER 22, 2018

fans traveling to Boston for the start of the World Series will want to pack — and possibly purchase for the first time — sweaters, as this week will be an excellent opportunity to enjoy New England’s crisp fall weather. As of September 2018, losses from gift-card fraud have hit $53 million. However, a host of U.S.

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PYMNTS

JUNE 20, 2019

In fact, more than half of the companies that were polled in IDology’s Sixth Annual Fraud Report experienced a mobile fraud increase. One fraud technique is inbound SMS communications are intercepted like messages for two-factor authentication with one-time passcodes (OTP).

Mobile 116

Mobile Jacksonville New York City New York 116

PYMNTS

AUGUST 3, 2016

As Faster Payments become a reality, the issue of fraud is taking center stage. Beyond fraud, fees have also been a focus of banks and consumers, as many financial institutions are considering charging extra for advanced Same Day features. What’s happening in the world of Faster Payments.

Boston 100

Boston Fraud Strategy Payments 100