Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis.
Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services.
In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.
The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.
Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.
The Internal Revenue Service is warning taxpayers and tax professionals once again to beware of tax fraud and other related financial scams related to the COVID-19 pandemic.
Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.
After initially processing the loans manually, the Minnesota bank turned to "low code" software to build the electronic forms and workflows needed to approve loan applications. The result: a more than fivefold increase in the number of loans it could process in a day.
In addition to Apple and Google delivering smartphone apps that would alert users that they are near a person infected by the virus, various other government agencies and businesses are developing that type of technology to address the pandemic's spread.
Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.