The anticipated suspension of loan payment relief and government aid programs could put substantial pressure on credit unions across the globe in 2021, according to a World Council of Credit Unions committee that convened last week for the first time.
August 31, 2020 : Credit Union Times
Two South Florida residents allegedly used stolen and fake identities to acquire over $3 million in small business funding provided by coronavirus relief legislation.
August 29, 2020 : The Hill
While most financial services organizations work to help customers meet the economic challenges of COVID-19, criminals see the pandemic as a time to accelerate their behavior. However, financial services leaders are ready to fight and safeguard their customers and organizations. Today, these leaders continue to proactively arm against fraudsters to maintain safe and stable financial services organizations.
August 14, 2020 : BAI
UKFinance reported fraud grew 28% in 2019 to £456 million with Faster Payments, 73% of that total, growing at 33%. UKFinance noted 76% of the fraud comes from the internet and the banking industry covers 98% of the fraud losses. If continued unchecked this could total £1 billion within three years.
August 7, 2020 : Finextra
This story is about the victims of a particularly aggressive business ID theft ring that’s spent years targeting small businesses across the country and is now pivoting toward using that access for pandemic assistance loans and unemployment benefits.
July 27, 2020 : Krebs on Security