Latest news with #paymentscams
Bloomberg
9 hours ago
- Business
- Bloomberg
US Bank Regulators Launch Effort to Combat Surge in Check Fraud
US bank regulators are looking at ways to help consumers and lenders lower the risk of check fraud, which has surged in recent years. The Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency said in a joint statement Monday that they are seeking public comment on how to address check fraud and payment scams.
Bloomberg
10 hours ago
- Business
- Bloomberg
India's Bank Frauds Need a Sensible Response
Bank frauds in India have tripled in value. But that's only because some of the cases reported previously were reinvestigated and appeared in the new data. More worrying than the surge in the amount, however, is the rise in the number of payment scams over the past couple of years. The solution lies in rewarding better security. Most of the stealing from banks occurs the traditional way: via loans obtained with the help of forged documents or bribes. Customers, though, are increasingly at risk of being cheated when they make payments. According to the central bank's latest annual report, more than half of frauds took place in digital or card-based transactions, even though they accounted for only 1.4% of the $4 billion in scams.
