A top US bank is preparing to handout up to $25,000 per victim of two data breaches to settle a class-action lawsuit. Flagstar Bank, N.A., has agreed to a proposed $31.5 million settlement to compensate the 2.18 million Americans whose personal information was comprised in data breaches that occurred more than four years ago. Flagstar…
An elderly Southern California couple may lose their longtime home after scammers posing as FBI agents stole nearly $1 million from them. The couple was contacted in February of last year by scammers who claimed the pair needed to clear their names by converting their money into cryptocurrency so the funds could be traced by…
Bank of America is preparing to hand out $2.25 million in a settlement over fees charged at ATMs located within 7-Eleven stores. The class action lawsuit alleges that BofA charged its customers two out-of-network fees for balance inquiry requests when only a single balance inquiry was made at the ATMs located at the convenience store…
Hackers are reportedly targeting 59 banking, fintech and cryptocurrency platforms while spreading through popular applications such as WhatsApp and Outlook. A trojan called TCLBanker is hitting Windows systems through tainted Microsoft installation packages, reports BleepingComputer. It was discovered by Elastic Security Labs, whose researchers believe it is a major evolution of the older Maverick and Sorvepotel…
A veteran banking and finance analyst says a New York City-headquartered American multinational bank continues to be his top stock pick. In a new interview on CNBC’s Closing Bell, Wells Fargo analyst Mike Mayo says he is bullish on Citigroup (C) as the bank sees significant transformation. “I was very critical of Citigroup for decades….
The American Bankers Association (ABA) is pressing for big changes to the Clarity Act, claiming the crypto market structure bill could put bank deposits at risk of losing ground to stablecoins. Last week, the Senate Banking Committee announced it had scheduled a new markup session to consider the potential legislation. Over the weekend, ABA President…
A new malware-as-a-service threat is targeting hundreds of banks around the world by giving cybercriminals tools to steal credentials and take over accounts. According to a new advisory from the cybersecurity firm iZOO Logic, the threat was identified as a Telegram-based advertisement for a malware builder known as BankGhost Builder. iZOO Logic says BankGhost Builder…
A Wells Fargo customer in Texas says the bank has refused to reimburse her after scammers drained $3,300 from her account through the payments platform Zelle. Ashlie Rinehart says she received a call on April 1st from a number that appeared on caller ID as Wells Fargo, reports Fox 26 Houston. She says the caller…
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An elderly man is at risk of losing his home after scammers impersonating Bank of America managed to empty his account. Military veteran and 82-year-old Richard Runyan says fraudsters masquerading as BofA representatives gave him a call and warned him that his account was flashing suspicious activity, reports the ABC-affiliated KIII-TV. Runyan says the call…