Fraudsters exploit weak passwords, auto-reload functions to wipe money from Starbucks cards.
Company warms credit unions to be aware of scams involving home equity lines of credits and wire transfers.
A U.S. District Court judge in Alexandria, Va., sentenced Timothy J. Coughlin, 63, of Indianapolis to more than seven years in federal prison the week of Oct. 20 for embezzling $10 million through a fake credit union.
Timothy J. Coughlin embezzles $10 million through a bogus credit union, receives seven-year sentence.
A 2014 JPMorgan study found 60% of credit unions and banks were exposed to actual or attempted payments fraud in 2013.
Credit unions may offer better rates and more features on checking accounts than banks do, but it's more in response to marketing challenges than it is a matter of member service, according to WalletHub.com, the online personal financial website.
Indianapolis man accused of bilking more than 5,000 investors.
At press time, the SEC said it was continuing its investigation after charging an Indianapolis man with fraud for conducting an Internet offering that cost investors millions of dollars who invested funds in fictitious credit unions.
The $252M Widget Financial FCU helps the FBI bust a five-person ring that stole $10 million over nine years.
SEC says Ponzi scheme targeted 5,000 investors promising high deposit returns.