The Toronto-based mobile banking company labelled over 1,000 transactions for a combined $1.049 million as fraudulent. The firm said it’s fixed the issue, and that no customers lost money. (The Globe and Mail)
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The Toronto-based mobile banking company labelled over 1,000 transactions for a combined $1.049 million as fraudulent. The firm said it’s fixed the issue, and that no customers lost money. (The Globe and Mail)
Talking point: Users exploited a glitch that allowed money to be claimed if a sender cancelled, so long as a receiver accepted within milliseconds. Koho said it brought in external auditors to address the issue. The firm also flagged a research paper from the Federal Reserve Bank of Kansas City showing the total rate of payment-card fraud in the U.S. was about 0.12 per cent in 2016, well below its rate.
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