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MyPayrollHR Founder Faces $70M Fraud Charge

PYMNTS

The CEO and founder of the New York payroll company MyPayrollHR was arrested and charged Monday (Sept. 23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said.

Fraud 133
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SMBs Struggle Amid MyPayrollHR Fraud Inquiry

PYMNTS

The closure of New York-based payroll processing firm MyPayrollHR left some 8,000 people and about 400 companies without their paychecks. 23 and faces federal charges of committing $70 million in bank fraud, according to the U.S. attorney’s office for Northern New York. 28 and Sept. District Court Sept.

Fraud 102
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nanopay: The Global Middleman For Payments

PYMNTS

As corresponding banking shrinks, said Cooke, direct point-to-point communications require multiple hops, and that can lead to more fraud, more mistakes and more mouths to feed along the way. Third, it reduces the anti-money laundering (AML) risk. Finally, it reduces the spread banks must offer to the end user.

Payments 101
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NYDFS Creates Research and Innovation Division and Prioritizes Fintech and Consumer Protection

CFPB Monitor

Linda Lacewell, the recently confirmed Superintendent of the New York Department of Financial Services , detailed in a recent interview that she will prioritize fintech and consumer protection. Lacewell’s remarks and the establishment of the new Division come as no surprise.

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Why Digital Marketplaces Must Anticipate Shoppers’ Needs

PYMNTS

The company recently filed paperwork with the Securities & Exchange Commission (SEC) to go public on the New York Stock Exchange. billion – of funds were lost to card fraud in 2018, up from $1.4 And some marketplaces in Asia are growing their services through tie-ups. Just under $3 billion – or $2.7 billion in 2017.

Apple 159
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Report: Data Key To Credit Union Member Retention

PYMNTS

ABA’s request stems from concerns about rising fraud levels at CUs, as well as New York City’s recent taxi medallion scandal. For more on these and other credit union news items, download this month’s Tracker. How California Coast Credit Union is Transforming in the Digital Age.

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Online lending summit speakers discuss SPNB charters, CFPB trial disclosure policy, alternative data

CFPB Monitor

earlier this week, the OCC’s recent decision to accept applications from non-depository financial technology firms for a special purpose national bank (SPNB) charter was the focus of considerable discussion. Office, participated in a panel on data, privacy, and fraud prevention policy.