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By Victor Omondi In January, Justin Faunce lost $500 to a scammer posing as a Wells Fargo employee, and he hoped the bank would reimburse him. Mr. Faunce had been a long-time Wells Fargo customer and right away reported the scam involving Zelle, a popular money transfer app. Even though Mr. Faunce had been duped […]
The banks say it's not their problem, even though they own the system.
Zelle, the payments platform used by millions of customers, is a popular target of scammers. But banks have been reluctant to make fraud victims whole — despite owning the system.
Automation, a good criminal network and the ability to use accounts as an alias are some of the factors contributing to synthetic ID fraud, says a panel of three
BankInfoSecurity June 2, 2021 gsuparna) • May 25, 2021 John Buzzard, a fraud-fighting specialist at NICE Actimize To effectively battle against P2P payment fraud, it's essential that financial institutions make sure their fraud teams and AML teams closely collaborate, says John Buzzard, a fraud-fighting specialist at NICE Actimize. In this video interview with Information Security Media Group, Buzzard also discusses: How to track the movement of money; How fraud tools can share information; Emerging a...