fraud

Fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law, a criminal law, or it may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong.

Congress Drills Bank Brass on Authorized Push Payments Fraud
Congress Drills Bank Brass on Authorized Push Payments Fraud
September 23, 2022  |  Bank Regulation

The top brass of the country’s seven biggest financial institutions faced lawmakers in a second meeting on Capitol Hill about accountability, consumer protection, and compliance,...

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Watchdog: Crooks Likely Jacked $45B From Pandemic Unemployment 
Watchdog: Crooks Likely Jacked $45B From Pandemic Unemployment 
September 23, 2022  |  Security & Fraud

Crooks likely used the Social Security numbers of dead people and prisoners plus filed claims in multiple states to steal more than $45 billion from...

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Data Brief: 95% of Execs Involved in AML Say Innovation Is ‘High Priority’
Data Brief: 95% of Execs Involved in AML Say Innovation Is ‘High Priority’
September 22, 2022  |  AML

A few words sum up the state of fraud and the challenges facing financial institutions (FIs): rising at a fast clip. Get the Full Story...

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DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk
DOJ Asks Congress for Tools to Limit NFT Money-Laundering Risk
September 22, 2022  |  Security & Fraud

Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required....

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As FedNow Rollout Progresses, Banks, Processors Begin Strategic Shifts
As FedNow Rollout Progresses, Banks, Processors Begin Strategic Shifts
September 22, 2022  |  Faster Payments

Less than a year from now, faster payments — instant ones, in fact — will be a widespread reality in the United States. Get the...

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Report: Crypto Trader Wintermute Loses $160M to Hackers
Report: Crypto Trader Wintermute Loses $160M to Hackers
September 20, 2022  |  Cryptocurrency

London-based cryptocurrency trader Wintermute has reportedly lost about $160 million in digital assets to a theft by hackers. Get the Full Story Complete the form...

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Uber Points to Lapsus$ Gang as Reason for Breach
Uber Points to Lapsus$ Gang as Reason for Breach
September 20, 2022  |  Cybersecurity

The extortion gang Lapsus$ is being blamed by Uber as being responsible for the breach that infiltrated its internal network last week, including its technology...

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Fear, Skepticism Drive Weird Relationship With New Tech
Fear, Skepticism Drive Weird Relationship With New Tech
September 16, 2022  |  Payments Innovation

While panning PYMNTS’ weekly stream of research and surveys, an unexpected thread of mistrust, misperception and misuse emerged, involving both consumers and businesses, that wove...

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Cyberattacks on Healthcare Payment Processors Escalating
Cyberattacks on Healthcare Payment Processors Escalating
September 15, 2022  |  Cybersecurity

Cyberattacks on healthcare payment processors are escalating, with multiple reports of victims’ payments being redirected by thieves using employees’ publicly-available Personally Identifiable Information (PII) and...

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