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Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9. Shares fell on the news.

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Facebook Faces Billions In Possible GDPR Fines

PYMNTS

Also in Europe, the European financial markets regulator has said that it wants to spend one million euros to promote market stability in the region as pertains to cryptocurrencies and FinTechs. That document focuses on budgets and regulatory efforts across the region. Banking, Eyed by the Fed.

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Community banks most likely to approve small business loans

Abrigo

According to a recent survey from four Federal Reserve Banks, small regional and community banks have the highest approval rate for small business loans. The 2014 Small Business Credit Survey was a joint operation conducted by the Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia.

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Mall Chain Owner Considering Selling Off Its Malls

PYMNTS

The Cleveland-based firm says that it is “reviewing strategic alternatives for its retail portfolio.” Forest City Realty Trust owns 14 regional malls throughout the country and 19 specialty retail centers, which are mostly located in New York City, like the East River Plaza near the FDR Drive at 116th Street.

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Lumen Aims To Boost Weight Loss Through Metabolism Measurements

PYMNTS

Just two weeks ago, Lumen brought to market its device and app, which quickly sold out. According to Marketing VP Daniel Rosenfeld , one of his main challenges is getting consumers to understand that the Lumen device is just the beginning of – and only part of – using the measurements properly. With the pandemic, that hasn’t changed.

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Blockchain’s Inroads Through National Frameworks And Trade Finance

PYMNTS

The newswire said that Berlin exists as a “hub” for the industry, where roughly 10 startups focus on blockchain, and end markets span energy, pharma and transportation. The move by Germany would follow at least some initial forays into exploring blockchain use from regions as far-flung as Britain and Singapore.

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Visa’s PayWorks Acquisition, Amazon’s Prime Day Top This Week’s News

PYMNTS

Cleveland-based regional banking firm KeyCorp disclosed a massive instance of fraud that could potentially come at a cost of $90 million. PayPal is rolling out international digital money transfer service Xoom in the United Kingdom as well as 31 markets spanning Europe. and closed at $204.87.

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