Stolen, altered check triggers six-figure loss before stop-pay lands A Kansas City case shows how a stolen and altered $881,324 check was deposited and quickly converted to cashier’s checks and cash before a stop-payment reached the bank. Require enhanced KYC for new business accounts with large first deposits. Tighten large-item review and exception holds for … Continued
Quick Headlines Ally Bank targeted via FBI-agent spoof, attempted bank-fraud play Connecticut indictment alleges stolen-check scheme hitting bank accounts OCC releases August enforcement actions with governance signals Loan officer HELOC manipulation case moves toward sentencing Key Stories Ally Bank spoof via fake FBI authority DOJ reports a Texas suspect posed as an FBI agent … Continued
FOR IMMEDIATE RELEASE Triad fraud prevention company joins region’s top growth performers as financial institutions battle increasingly sophisticated criminals Greensboro, NC – Advanced Fraud Solutions (AFS) has earned a spot on the Triad Business Journal’s 2025 Fast 50 list of fastest-growing privately held companies. The fraud prevention software company, which serves over 1,200 financial institutions … Continued
Deposit fraud is an ever-present threat, every year draining billions from unsuspecting account holders—and financial institutions. Your financial institution stands on the frontline of banking fraud detection, potentially next in line to bear the brunt of these losses. But it doesn’t have to be this way. In this guide, we’ve broken down the key insights … Continued
Pop culture figure Andy Cohen shared a harrowing experience on the Today Show, opening up about falling victim to a sophisticated scam. His ordeal serves as a painful reminder that fraudsters are constantly evolving their tactics, and no one is safe. How the fraud unfolded Cohen’s troubles began when he lost his bank card, a … Continued
In this guide, we’ll explore the basics of using contribution data to enhance fraud prevention efforts. Specifically, we’ll cover the following: By the end of this guide, you’ll have a better understanding of the role that contribution data can play in fraud prevention and how you can take steps to leverage this valuable resource in … Continued
It’s no coincidence that the busiest season for shopping coincides with the highest period for fraud. Every day, fraudsters target consumers with an array of legitimate seeming propositions. But during the holidays, fraudsters make extra efforts to trick and defraud consumers. Here are the top three fraud threats coming this holiday season. Fake Retails Sites … Continued
Holiday shopping is upon us. Those looking for a little retail therapy, might also find themselves becoming victims of fraud. Here are the top holiday shopping scams you need to watch out for. Avoid These Holiday Shopping Scams Online Shopping Scams Spoofing and automatic dialing technology makes it easy for stimulus scammers to imitate any … Continued
Reports of stimulus payment-related fraud have sharply increased following the passage of the second stimulus package. Given the drawn-out pandemic, coupled with an enormous amount of uncertainty, individuals may be susceptible to fraud.
Since January 2020, Americans have lost almost $300 million to COVID-19 and stimulus payments-related fraud, according to the Federal Trade Commission. The agency also received over 316,000 complaints with the median fraud loss at just over $300.
Cybersecurity reports paint a dreadful end-of-the year picture for 2020: one filled with some typical holiday cybercrime traditions — phishing and digital scams — that threaten payment mechanisms. Except this year, holiday fraud has been magnified by a global pandemic.
Last year, Americans spent about $730 billion on holiday purchases, according to the National Retail Federation. Online and other remote sales amounted to over $167 billion, or about 23% of the total retail sales. This year, social distancing and home quarantines created a new digital shopping dynamic. Digital Commerce 360 estimated the pandemic will lead to an additional $40 billion in online holiday revenue in 2020, and for the first time ever, more than a quarter of holiday sales will occur online.
