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A new lawsuit accuses Bank of America of mining data from its customers and unlawfully sharing the results with law enforcement agencies.
According to a lawsuit filed by Florida resident Neil Castellon, Bank of America runs one of the “most sophisticated data surveillance systems in the American financial sector and possesses technological capabilities that would be the envy of any 21st-century...
One of the top ten largest commercial banks in the US says it’s raising fees on a long list of services.
People with business bank accounts at Truist are being notified of fee increases effective January 1st of this year.
The changes impact checking account features and transactions fees across general banking, ACH transfers, cash management and more.
For example, mobile deposited items now cost...
A married couple from Texas has been convicted of masterminding a multimillion-dollar pyramid scheme that promised massive returns in little time.
According to a new press release from the U.S. Department of Justice (DOJ), Frisco, Texas couple LaShonda and Marlon Moore co-founded and operated an illegal pyramid scheme that targeted victims during the Covid-19 pandemic.
Court documents reveal...
A fraudster has now taken more than $2 million from crypto traders by posing as a Coinbase support agent, according to on-chain analysis.
Blockchain investigator ZachXBT says the con artist impersonates Coinbase staff to trick users into approving wallet transfers.
The stolen funds are then routed through multiple wallets and converted across chains to obscure the trail. ZachXBT links the...
A scammer posing as an FBI official has successfully taken a Wells Fargo customer’s entire life savings.
Diane Fendley of Houston received what she believed was an urgent fraud alert text purportedly from Wells Fargo’s fraud department asking if she had unauthorized charges at a major retailer, reports the local news station KHOU.
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When she denied the charges, Fendley was...
A cybersecurity breakdown at a digital payments firm is affecting hundreds of thousands of Americans.
GSPlatformCo Inc., which manages payment processing, tax compliance and customer billing for online marketplaces, says hackers accessed a system containing customer data in April of last year.
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The company realized what happened in November and reported the incident to...
Bank of America (BofA) says one sector of the stock market could wildly outperform the rest if the Federal Reserve continues to cut interest rates.
In a new 2026 outlook meeting, BofA head of US Equity and Quantitative Research Savita Subramanian says that consumer staple companies, or lower price-point retailers, will greatly benefit if the Fed continues to loosen monetary policy.
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US banks are taking new steps to stop illicit transactions on Zelle.
JPMorgan Chase, Citibank, Bank of America, Wells Fargo and other US banks are implementing new measures to protect its customers from falling victim to scams when using Zelle to send people money, reports NBC San Diego.
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Chase says it no longer allows its customers to send Zelle payments to contacts made...
A $10 million class action settlement is on the table after one of the biggest student loan servicing pipelines in the United States suffered a data security incident.
The case stems from an August 2022 cyberattack on Nelnet, which services student loans and also provides a web portal and payment processing technology to other servicers.
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Plaintiffs allege that the breach...
A Massachusetts woman has been charged in federal court for allegedly siphoning government and pension funds tied to a person who died in 2019.
The Office of the Inspector General says 60-year-old Gina M. Cummings has been charged with one count of bank fraud and released on conditions following her initial appearance before U.S. Magistrate Judge Jennifer C. Boal.
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Cummings...