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Bank Tellers Charged in NYC Identity Theft Ring
New York Attorney General Eric Schneiderman on Tuesday announced the arrest of five people, including three bank tellers, for taking part in an identity theft ring.
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MORE HUMANE, LESS HUMAN: By automating debt collection, TrueAccord can improve the experience for the consumer through an intermediary that “doesn’t get angry or go off-script,” says CEO Ohad Samet.
TrueAccord, which formed in 2013, announced Tuesday its official launch along with the close of a $5 million venture capital funding round. more »
The House of Representatives approved an update to the Truth in Caller ID Act of 2009 that protects consumers from receiving calls and text messages on cell phones from a phone number that is deliberately falsified. more »
An Internet-based operation that finds potential borrowers for mortgage refinancing lenders will pay a $500,000 penalty to settle charges it tricked consumers with false ads. more »
The bankers involved don't want to talk about it. But listen closely and read between the lines, and you can see why they might be willing to sacrifice some fees to participate in Apple's mobile payment platform. more »
A Wednesday hearing by a House Financial Services Subcommittee will examine whether medical debt should be considered part of the credit scoring and reporting system. more »
Bloomberg News
Home Depot Inc. confirmed that hackers infiltrated its computer systems at stores in the U.S. and Canada. more »
The settlement requires Google to change certain billing practices and refund consumers at least $19 million. more »
Paul Schaus is president and of CCG Catalyst.
If third-party vendor risk management is becoming an overwhelming chore for your bank, perhaps you're interpreting the most recent guidance from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. too literally. more »
The Federal Trade Commission announced Thursday the winners of its "Zapping Rachel" robocall contest held earlier this month at the DEF CON 22 hacking conference. more »
Carrie Hunt is senior vice president of government affairs and general counsel at the National Association of Federal Credit Unions.
The lazy, hazy days of summer appear to have no effect on cybercriminals. If anything, they seem to be emboldened to conduct more attacks. more »
Bloomberg News
The U.S. won a Dutch top court ruling allowing it to seek the extradition of a Russian man suspected of helping to lead a ring that hacked 17 companies including Nasdaq OMX Group Inc. and 7-Eleven Inc. more »
"Data furnishers have the legal duty to identify consumers accurately, correctly recount the consumers' payment histories, and keep their own information and record-keeping in order," the CFPB's Cordray said.
The errors - attributed to software purchased by a vendor - resulted in inaccurate customer credit information being reported to the credit bureaus. The CFPB warns that blaming vendors for technical snafus is not acceptable. more »

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