Financial crimes

Chase launches new anti-scam program

Key insight: JPMorganChase is launching its largest-ever anti-scam initiative, adding “trusted contacts” and dedicated intervention teams to fight record-high fraud. What’s at stake: Consumer advocates say the plan lacks a critical component: better reimbursement for scammed consumers, who rarely recover money from “authorized” payments. Supporting data: Americans lost an estimated $158.3 billion to fraud in […]

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A small Nigerian money-laundering scheme has big lessons for banks

A federal jury in Puerto Rico on Tuesday convicted Oluwasegun Baiyewu, 37, of Richmond, Texas, in a money-laundering conspiracy stemming from wide-ranging wire, mail and device fraud schemes that funneled illicit funds to Nigerian transnational organized crime groups through car part auctions. While the total dollar value of the schemes is relatively small, prosecutors only cited

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