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Lawrence Shaw received the information from a bank account at Bank of America that belonged to a customer, Stanley Hsu. Shaw used that information to take money from Hsu but did not directly steal from the bank. Shaw was convicted under a federal statute criminalizing fraud against banks and appealed, arguing his target was its customer.
Wells Fargo, JP Morgan Chase and Bank of America are being sued by the embattled Consumer Financial Protection Bureau over alleged unchecked fraud on the Zelle payment app — setting up a legal ...
The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own. JPMorgan Chase, Bank of America, and Wells Fargo sued over Zelle scams that cost ...
For its part, Bank of America asserted that incidents of fraud are rare and that 23 million of the bank’s customers use Zelle. “More than 99.95 percent of transactions across the Zelle network ...
Since its discovery, it has been found to have infected more than two dozen major banking institutions in the United States, including TD Bank, Chase, HSBC, Wells Fargo, PNC, and Bank of America. [1] It is designed to steal users' sensitive data, such as account login information and banking codes.
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 [1] which investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies that, while operating legally, were said to be at a high risk for fraud and money laundering.
The week before Christmas is crucial if you are sending packages or getting last-minute deliveries through the U.S. Postal Service. But be careful, because scammers are trying to use text messages ...
Voice over IP (VoIP) is used in vishing or voice phishing attacks, [25] where attackers make automated phone calls to large numbers of people, often using text-to-speech synthesizers, claiming fraudulent activity on their accounts. The attackers spoof the calling phone number to appear as if it is coming from a legitimate bank or institution.