The Treasury Department's Office of Terrorism and Financial Intelligence has worked to prevent anti-money laundering and illegal cash flow from reaching the hands of terrorist groups, but more needs to be done to further mitigate risks, says Treasury Assistant Secretary Daniel L. Glaser.
Three Seattle area men have been arrested for their alleged involvement in separate ATM skimming schemes that drained more than half a million dollars from retail customer accounts in at least six states.
"Everyone from the Fed down knew about this and chose to let it go," says mortgage fraud expert L.T. Lafferty. "As a result of that regulatory complacency, the market continues to be plagued with fraudulent activity."
"Our proposal would give judges the authority they need to adequately punish serious offenders and to make these penalties commensurate with the same type of conduct occurring offline," Associate Deputy Attorney General James Baker tells Congress.
News that two Seattle residents were sentenced last week in a prescription fraud case offers yet another eye-opening reminder of the need to guard against fraudulent activity by staff members at hospitals and clinics.
"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
A new social-media-management tool provided by the ICBA aims to help community banks monitor social media communications, streamlining posts and comments that appear about banks on and through a number of channels.
In an ironic twist, a new phishing scheme, purporting to be from the Federal Deposit Insurance Corp., actually claims to offer assistance with ACH and wire fraud, but instead delivers malware that could enable fraud.
According to the Pasco County, Fla., Sheriff's Dept., at least 44 customers were defrauded of thousands of dollars, after their cards were skimmed at two walk-up ATMs at area banks, including Bank of America.