Have your customers been asking about virtual currencies, such as Bitcoin? Do you have answers for their questions? Occasionally the Consumer Financial Protection Bureau (CFPB) lives up to their name. Recently the CFPB published a very helpful Consumer Advisory entitled Risks to Consumers Posed by Virtual Currencies. The Advisory explains how virtual currencies work and various risks associated with the product. It includes several real world stories of losses resulting from fraud and mishandling of virtual currencies. […]
Tag: Fraud
TURNING A BLIND EYE WON’T FLY
On April 25, the U.S. District Court for the Eastern District of North Carolina entered a consent order and approved a settlement resolving the DOJ’s complaint charging Four Oaks Bank with unlawfully allowing third party merchants to work through the bank to defraud consumers. Four Oaks’ clients included a Texas-based third-party payment processor that provided access to the national payment system to a wide variety of merchants. Four Oaks was specifically informed that many of […]