Authorized fraud occurs when a legitimate party initiates a payment only to have a bad actor intervene and hijack the funds. Unauthorized fraud, on the other hand, happens when bad actors initiate or redirect a payment through an account takeover or by stealing account-holder credentials.
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois. The proposal includes the merger of Discover Bank, of Greenwood, Delaware, into Capital One, National Association, of McLean, Virginia.
After the plaintiff filed over 50 frivolous suits against multiple financial firms, banks and government agencies, the court dismissed the complaint for being “disjointed and incomprehensible.”
Federal Trade Commission Chair Lina M. Khan today appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss the agency's FY 2025 budget request and ongoing work to promote open, competitive markets and protect American consumers and businesses from fraud.
Last Friday, May 10, the Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) granted the plaintiffs’ preliminary injunction motion and stayed the Rule. The Rule was set to become effective tomorrow, May 14.
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