News & Analysis as of

Fraud Scams Financial Services Industry

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
Kelley Drye & Warren LLP

NY AG Zeroes in on Zelle with Lawsuit

Last week, New York Attorney General Letitia James announced a lawsuit against Early Warning Services LLC (EWS), the parent company of digital payment network Zelle. AG James asserts that Zelle was designed ​“without critical...more

Ballard Spahr LLP

FTC takes action against Accelerated Debt for running a debt relief scam

Ballard Spahr LLP on

An ex parte temporary restraining order has been issued against the participants in a debt relief services scheme that allegedly targeted seniors, including veterans, using a variety of deceptive practices, including falsely...more

Venable LLP

FTC’s Ever-Expanding Remedies Toolkit: GLBA and Impersonation Rule Applied to Debt Relief Scheme

Venable LLP on

On July 14, the Federal Trade Commission (FTC) filed a complaint in the U.S. District Court for the District of Arizona against a group of companies and individuals operating under the “Accelerated Debt” brand, alleging they...more

A&O Shearman

UK FOS publishes annual report and accounts for 2024/25

A&O Shearman on

The Financial Ombudsman Service (FOS) has published its annual report and accounts for 2024/25, accompanied by a press release. The report highlights a 54% year-on-year increase in complaints, with 305,726 new cases received,...more

Orrick, Herrington & Sutcliffe LLP

Pennsylvania governor launches new consumer protection tools

Recently, Pennsylvania Governor Josh Shapiro announced that he launched a new centralized consumer protection hotline, website and email address to assist Pennsylvanians in reporting scams and resolving financial and...more

A&O Shearman

Combatting payment account fraud: Australia’s Scams Prevention Framework

A&O Shearman on

On February 13, 2025, Australia passed legislation implementing its Scams Prevention Framework (SPF) aimed at protecting Australian consumers from scams. The design of the SPF was informed by a previous consultation which ran...more

Holland & Knight LLP

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

Holland & Knight LLP on

Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

Troutman Pepper Locke

Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the latest in deposit...more

A&O Shearman

Combatting payment account fraud: Singapore's Shared Responsibility Framework

A&O Shearman on

On October 24, 2024, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly announced the implementation of the Shared Responsibility Framework (SRF) in relation to phishing...more

Orrick, Herrington & Sutcliffe LLP

Senate Democrats request bitcoin ATM fraud information

On September 11, Senate Democrats sent a letter addressed to ten of the largest CEOs of bitcoin ATMs calling for “immediate action” to address reports that the ATMs may be contributing to financial fraud against elderly...more

American Conference Institute (ACI)

[Event] 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 5th - 6th, Toronto, Ontario, Canada

Hosted by the Canadian Institute, the 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime returns for another exciting year. The event features carefully curated programming providing practical guidance...more

BCLP

Play Safe - How scam-proof are you in the new world of mandatory reimbursement for APP fraud?

BCLP on

Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more

Troutman Pepper Locke

FTC Issues Report to Congress on the Fraud Threats Faced by Older Consumers

Troutman Pepper Locke on

On October 18, the Federal Trade Commission (FTC) issued a report to Congress in which it outlined its ongoing efforts to protect older Americans from fraud related losses....more

Bressler, Amery & Ross, P.C.

Older Adults Fall Victim to Government Impersonation Scams at Rates Higher than Previously Thought

A recent research study published in JAMA Network Open suggests that older adults – including many who are not cognitively impaired – may be falling victim to “Government Impersonation” scams at a rate higher than previously...more

Troutman Pepper Locke

Report Shows Steep Rise in Consumer Complaints to CFPB: Consumer Reporting Leads the List While Debt Collection Declines

Troutman Pepper Locke on

The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new...more

Ballard Spahr LLP

CBA releases survey results on consumer satisfaction with mobile and online banking innovation and scam prevention

Ballard Spahr LLP on

The Consumer Bankers Association has released the results of a national survey that looked at how consumers value banking services and innovation.  The survey was conducted in February 2023 and included 1,197 adults across...more

Ballard Spahr LLP

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

Ballard Spahr LLP on

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

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