Bank fraud articles
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China Construction Bank Sued in US Over Reinsurance Fraud Losses
China Construction Bank Corp., the nation's third-largest commercial lender, was accused in a US lawsuit of enabling a massive fraud in the reinsurance
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Digital fraud-hit banks turn to startups to cope with risks
A massive rise in attacks on the country’s digital banking ecosystem from fraudsters, coupled with regulatory pressure on stringent implementation of customer verification guidelines, has forced legacy financial institutions to turn to data analytics startups for tech support.These startups are using advanced technology to help strengthen the customer onboarding processes of financial institutions and help them manage risk.One of such startups is Mumbai-based Data Sutram, which is providing...
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China Construction Bank Sued in U.S. Over Reinsurance Fraud Losses
State-owned lender allowed employees to conspire with Israeli insurance startup Vesttoo to sell reinsurance policies that weren’t real, according to a complaint filed by the Porch Group