Banks today face a significant challenge in protecting their customers from scams and fraud. As financial crimes become more sophisticated, banks must balance robust security measures with customer experience. This article examines the efforts banks are making in this area and whether they are
Bank of America is at the center of a significant data breach that occurred on or around March 6, 2025. Edelson Lechtzin LLP, a national class action law firm, is actively investigating the incident. The breach was identified when the bank detected suspicious activity on its network, revealing that
Tax season in Canada not only brings the usual challenges of filing returns and ensuring all documents are in order but also an increase in tax-related scams that target individuals' personal information and finances. The Canada Revenue Agency (CRA) has warned about rising incidences of
The Federal Deposit Insurance Corporation (FDIC) has recently made a landmark decision to remove its reputational risk criteria from the evaluation of bank supervision. This criterion, argued by many in the cryptocurrency industry to be a subjective standard, had previously facilitated the
The rising tide of economic crime and its enablers has ignited calls for tighter regulatory measures. Among the loudest voices is Baroness Margaret Hodge, the UK's anti-corruption champion, advocating for a new criminal offense targeting lawyers who facilitate such crimes. At an event at the
Spencer Askew, the founder of E-Freight Solutions Worldwide, LLC, a logistics and supply company, recently admitted to committing bank fraud and lying to the United States Department of Veterans Affairs (VA), marking a significant development in the case. In March of this year, Askew pleaded guilty
