Complacency at banks can take the form of overconfidence – and a sloppiness with details – or of low engagement from a struggle with work/life balance or even from a decline in a sense of personal well-being. When bank employees grow complacent, serious consequences can arise.

A new survey conducted by Morning Consult on behalf of the ABA found that a strong majority of U.S. consumers are happy with their credit cards and do not want the government to interfere with their card rewards programs. The survey also gauged consumers’ views on debit interchange fees paid by retailers, overdraft protection and cannabis banking.

Crypto investment scams cost Americans billions of dollars. On this episode of the ABA Banking Journal Podcast, officials from the FBI’s Criminal Investigative Division and the Commodity Futures Trading Commission break down how these scams work, typologies and red flags bankers should look out for and how banks can build proactive partnerships with law enforcement.

As members of the ABA gathered in New York last month for our Annual Convention, it might surprise you to learn what issue kept dominating the discussion among bank leaders from across the country.
While they were certainly interested in the election, the economy and conflict in the Middle East and Europe, the topic really bringing bankers together right now is the fight against fraud.

The Consumer Financial Protection Bureau’s push for open banking could close doors to economic opportunity for many Americans, financial analyst Karen Petrou wrote in a recent blog post on her firm’s website.

The percentage of synthetic identities among accounts opened by U.S. lenders for auto loans, bank credit cards, retail credit cards and unsecured personal loans reached an all-time high at the end of the first half of 2024, the credit reporting agency TransUnion said in a new report on fraud.

Older Americans reported losing more than $1.9 billion to fraud in 2023, but since most fraud isn’t reported, the actual figure could be as high as $61.5 billion, the Federal Trade Commission said in its annual report to Congress on protecting older consumers.

As the ABA unveiled a broader anti-fraud agenda at its annual convention, the association continued its advocacy to push the Federal Communications Commission to issue new rules to help stem the flow of illegal texts and calls to consumers, sending a new letter to the agency after a recent meeting with Commissioner Nathan Simington’s staff.

The Financial Action Task Force has updated its lists of jurisdictions with strategic deficiencies in countering anti-money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, the Financial Crimes Enforcement Network announced.

Employers that use algorithmic scores and other third-party consumer reports to gather information about potential hires and current employees may violate Fair Credit Reporting Act rules depending on how they train their algorithms, the Consumer Financial Protection Bureau said in a recent circular.

The financial industry group FS-ISAC released a new white paper to help banks and other financial institutions understand the risks posed by deepfake technology. "Deepfakes in the Financial Sector: Understanding the Threats, Managing the Risks" provides guidance to aid cybersecurity teams in enacting preventative measures and control mitigations to protect their firms, customers and reputations, as well as the public’s trust in the financial system, according to the report.

November 13
Webinar: Investing in Innovation: CAFE Fintech Accelerator

November 13
Webinar: Navigating the Intersection of Cyber Risk Management and Governance

November 20
Webinar: Critical Risk Conversations – Part 4

December 5
Webinar: Cyber Claim Trends and Risk Management: Before and After an Incident

December 10
Webinar: A Data-Driven Approach for Optimizing Enterprise Risk Reporting

December 11
Webinar: Generative AI: How to Manage Risks and Opportunities