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Hong Kong Monetary Authority fines Fubon Bank HK$4m

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Hong Kong Monetary Authority fines Fubon Bank HK$4m

Fubon Bank has been fined HK$4 million by the Hong Kong Monetary Authority (HKMA) for violation of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

/crime

CFPB charges Navy Federal Credit Union $95 million for overdraft and junk fees

The Consumer Financial Protection Bureau (CFPB) has charged the US’s largest credit union for illegally charging users overdraft fees.

Banking and credit financial complaints skyrocket in 2024 FOS reports

/crime

Banking and credit financial complaints skyrocket in 2024 FOS reports

The Financial Ombudsman Service (FOS) has reported that they received 40% more complaints in the first half of 2024 than in the same period in 2023.

19% consumer and retail fraud increase in England and Wales reports ONS

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19% consumer and retail fraud increase in England and Wales reports ONS

The Office of National Statistics (ONS) has reported there were approximately 3.6 million consumer and retail fraud incidents in 2024, a 19% rise for the same period in 2023.

Sibos: Interpol’s I-GRIP tool requested by increasing number of countries

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Sibos: Interpol’s I-GRIP tool requested by increasing number of countries

Australia, Canada, Japan, Korea and Spain were among those mentioned as requesting to use Interpol’s Global Rapid Intervention of Payments (I-GRIP) system by Sungyong Kang, criminal intelligence officer, Interpol, during a panel at Sibos.

AFP: Business continuity starts with careful plans

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AFP: Business continuity starts with careful plans

A series of tough questions greeted a room of just-arrived attendees to AFP in Nashville, Tennessee before the keynote address from Malcolm Gladwell who delved into weighty matters, exploring anecdotes and examples from his new book Revenge of the Tipping Point.

E-ID firm Authologic raises $8.2 million Series A

/crime

E-ID firm Authologic raises $8.2 million Series A

Polish identity verification vendor Authologic has closed on an $8.2 million Series A funding round.

AFP: Fraud is the biggest painpoint for accounts payables automation

/crime

AFP: Fraud is the biggest painpoint for accounts payables automation

Kicking off the first day of AFP, the conference for finance and treasury professionals held in Nashville, Tennessee this year, Mike Watercott, CTP, working capital consultant, US Bank, led a discussion on striking the balance in payments with Andy Sullivan, vice president of channel sales, Bottomline and Cynthia MacGeagh, treasury manager, Clayton Homes.

Axiom Bank hit with enforcement action

/crime

Axiom Bank hit with enforcement action

The Office of the Comptroller of the Currency (OCC) has filed an enforcement action against Axiom Bank in Florida.

Climb Credit sued by CFPB for “false promises and outright lies”

/crime

Climb Credit sued by CFPB for “false promises and outright lies”

The Consumer Financial Protection Bureau (CFPB) has announced its suit against Climb Credit and its largest shareholder 1/0 for misrepresenting the quality of its training programmes at partner schools.

Over 62% of UK cite mobile app fraud as top concern

/crime

Over 62% of UK cite mobile app fraud as top concern

62.1% of UK consumers see mobile app fraud as a top concern, with 50% also citing hacking as a fear, according to findings from the Open Worldwide Application Security Project (OWASP) and Appdome.

Fintech Australia backs government's scam prevention plan

/crime

Fintech Australia backs government's scam prevention plan

The industry group for Australia's startup sector, Fintech Australia, has given its support for the government's proposals to implement scam obligations for financial services firms.

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