When Fraud Hits, Some Banks See Opportunities for a Win
New data shows if banks want customers to view them favorably, how instances of fraud are handled is crucial.
J.D. Power: Bank Customers Reward Fraud Prevention, Resolution
Bank fraud, if prevented or resolved well, can be as much an opportunity as a source of risk for banks, a new J.D. Power survey shows.
Mass. Banks Stare Down Zelle Fraud
Sophisticated bank scammers aren’t going away – and nor are controversies over banks’ reimbursement policies for victims of fraud involving leading instant-payment tools.
Fraud Fears Greet FedNow’s Launch
The Federal Reserve launched its instant payments system, FedNow, on July 20, but many local banks are taking a wait-and-see approach in the face of fraud concerns.
Bank Fraud Remains Rampant Due to Ease, Experts Say
How could criminals engineer a yearlong, multimillion-dollar fraud just by relying on a couple of employees at two small bank branches in a scheme with victims piling up into hundreds? The answer is, because it’s easy.
Cases of Check Fraud Escalate Dramatically
Check fraud is back in a big way, fueled by a rise in organized crime that is forcing small businesses and individuals to take additional safety measures or to avoid sending checks through the mail altogether.
The Great Grift: How Billions in COVID-19 Relief Was Stolen or Wasted
Fraudsters potentially stole more than $280 billion COVID-19 relief funding; another $123 billion was wasted or misspent. Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in EDIL loans, PPP loan and other COVID relief aid.
Mass. Man Sentenced for Fraud Scheme Using Multiple Bank Accounts
A Massachusetts man was sentenced to more than four years in prison his role in a fraud scheme that used nearly 80 bank accounts for a multimillion-dollar romance scam.
Business Owner Charged With Using Mass., RI Banks for Fraud Scheme
A Rhode Island man was arrested and charged in Boston federal court yesterday for an alleged laundering scheme that involved about 80 business bank accounts at Massachusetts and Rhode Island banks.
Third Defendant Sentenced in Mortgage Fraud Scheme
A certified public accountant from Lynn, the third defendant in a decade-long mortgage fraud scheme, was sentenced yesterday in Boston federal court.
Local Residents Sentenced in Separate Fraud Cases
Three Massachusetts residents have been sentenced recently for separate loan and bank fraud cases.
Wakefield Man Sentenced in Mortgage Fraud Scheme
A Wakefield man was sentenced last week for his role in a decade-long mortgage fraud scheme that led to $4.3 million in losses for lenders.
Mass. Man Pleads Guilty in Pandemic Fraud Case
The owner of a Massachusetts food truck business pleaded guilty Tuesday to filing fraudulent loan applications to obtain $1.5 million in federal pandemic relief funds, federal prosecutors said.
Salem Developer Sentenced for Mortgage Fraud
A real estate developer was sentenced to four years in prison for a decade-long, mortgage fraud scheme that totaled $6.5 million and cost lenders nearly $4 million.
Former Police Officer Pleads Guilty to Bank Fraud
A former Tyngsborough police officer pleaded guilty last week to providing banks with false information to obtain business loans.
Fraud, Scam Cases Increasing on Zelle, Senate Report Finds
Incidents of fraud and scams are occurring more and more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren.
Mass. Man Used 40 Bank Accounts in Romance Scam
A Massachusetts man has pleaded guilty to using 40 banks accounts to carry out a $4 million romance scam.
Lynn Man Sentenced for Bank Fraud
A Lynn man has been sentenced to more than two years in prison for his role in a bank fraud scheme.
Georgia Men Sentenced for Bank Fraud Scheme that Recruited Homeless
Four Georgia men have been sentenced to prison for taking part in a scheme to recruit homeless people to cash counterfeit business checks at banks in Massachusetts and other New England states.
Former Real Estate Attorney Sentenced for Mortgage Fraud
A former Massachusetts real estate attorney was sentenced to more than six years in prison for operating, along with his wife, multiple mortgage fraud schemes that affected several lenders.
