Fighting increased incidents of fraud is going to be a challenge, given lack of regulation, awareness and skills. Dhruv Phophalia, Head of Alvarez and Marsal's global forensics practice, offers insights.
Banking institutions' technical and procedural shortcomings pose increasing risks to the nation's critical infrastructure, two banking regulators note. Learn why they say more transaction monitoring and information sharing are needed.
For the first time since 2010, the FFIEC has released updated guidance about Bank Secrecy Act compliance requirements and money-laundering risks. As a result, a fraud expert says banks should brace for more regulatory scrutiny in early 2015.
Retailers say tokenization and encryption are critical to ensuring payment card data security. Aite's Natalie Reinelt describes how merchants will use layers of security to protect data at the point of capture.
JPMorgan Chase will pay more than $2 billion in fines for violations of the Bank Secrecy Act tied to failure to report suspicious activity related to Bernie Madoff's decades-long, multi-billion dollar Ponzi scheme.
A $400,000 settlement in a case against a community bank in North Carolina for violations of the Bank Secrecy Act should serve as a reminder that anti-money-laundering woes are not just a big-bank issue, experts say.
TD Bank has been ordered to pay $52.5 million in penalties for violations of the Bank Secrecy Act and securities laws as a result of failing to file timely suspicious activity reports related to nearly $1 billion worth of transactions.
Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
Recent penalties against financial institutions for violating money-laundering regulations may not be a deterrent, says anti-money-laundering expert Kevin Sullivan. What's needed? Stronger punishments, he says.
Peer-to-peer, near-field communications and barcode scans are revolutionizing mobile payments. What unique risks do these emerging technologies pose to banking institutions? Two FDIC executives offer insights.
The penalties paid out by HSBC and Standard Chartered Bank for violations to money-laundering regulations should serve as a wake-up call, says Kevin Sullivan. In fact, banking institutions should brace for more fines.