Tagged: fraud

SEC Files Charges Against CryptoFX, Alleges $300 Million Crypto Ponzi Scam

The Securities and Exchange Commission has filed charges against CryptoFX LLC, alleging a $300 million crypto Ponzi scam. The SEC states that 17 individuals have been charged in a plot based in Texas that targeted the Latino community in the US as well as other… Read More

Tether Says it Helped the Feds Regarding Tech Scam

Tether, the largest stablecoin issuer in the world (USDT), says it helped Uncle Sam battle an alleged tech scam. Tether says that it assisted the Feds in seizing $1.4 million in stolen funds from a fraud. The company said this highlights its commitment to fighting… Read More

Kroll Expands Digital Tech Offering with Fraud and Compliance Solutions

Kroll, the independent provider of global risk and financial advisory solutions, announced the launch of two new digital solutions designed to help organizations identify and manage compliance, fraud and legal risks. As organizations globally respond to shifting financial, regulatory and reputational risks, these solutions enable… Read More

Regtech Unit21 Introduces AI-Enhanced Features to Bolster Fraud and AML Operations

Unit21, a key provider focused on Fraud and AML solutions, unveiled its new AI-powered features at Fintech Meetup. The innovative Ask Your Data and AI Copilot tools are “designed to significantly enhance the decision-making capabilities and operational efficiency of fraud analysts, compliance officers, and risk… Read More

Former COO of Wirecard Jan Marsalek Was a Russian Spy, Now Lives in Russia

A payments provider and once one of the most successful Fintechs in Germany, Wirecard collapsed into a pile of allegations of fraud and misconduct. Wirecard, at one time part of the DAX and valued in the billions of dollars, became a huge embarrassment for regulators… Read More

Nearly $160B Lost to Fraud and Scams, Research Report Claims

The rise of fraud in the United States continues apace, costing a huge $159 billion in one year alone, according to new research released today by Feedzai in partnership with the Global Anti-Scam Alliance (GASA). The 2023 State of Scams report shows “that nearly a… Read More

FTX Creditors File Lawsuit Against Bankruptcy Law Firm Sullivan & Cromwell, Claiming Involvement in Fraudulent Actitivies

Failed crypto exchange FTX‘s creditors are reportedly suing bankruptcy law firm Sullivan & Cromwell (S&C), as part of an extensive lawsuit that is alleging major fraud involvement. Digital currency exchange FTX creditors are now seeking damages against Sullivan & Cromwell for its previous engagements with… Read More

Fraudsters Are Leveraging Generative AI to Dupe Consumers and Businesses – Research Report

Experian released its 2024 Future of Fraud Forecast, which identifies five fraud threats consumers and businesses should be cautious of this year. Today’s fraudsters are sophisticated and will “deploy the latest technology, such as generative artificial intelligence, to dupe consumers and businesses.” According to an… Read More

She Beverage Founders Must Pay $12 Million in Disgorgment Plus Interest and Penalties, Sold Securities and Used Most of the Money for Luxury Purchases, Vacations, Cars etc.

The Securities and Exchange Commission (SEC) has obtained a final judgment against She Beverage and its principles, including Lupe L. Rose, Sonja F. Shelby, and Katherine E. Dirden. The charges pertain to a suit filed by the SEC in 2021. Approximately 2000 investors were impacted… Read More

Bank of Russia Reportedly Identified Over 5700 Entities with Signs of Illegal Activity, Crypto a Frequent Variable

In 2023, the Bank of Russia reports that it had identified 5,735 different entities (companies, projects, individual entrepreneurs and others) with signs of illegal activity , including signs of financial pyramids. According to a report from the Bank of Russia, this is 15.5% more than… Read More

As Fraud Losses Top $10B in Past Year, FTC Announces Increased Efforts to Protect Consumers

Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, “marking the first time that fraud losses have reached that benchmark.” This marks a 14% increase “over reported losses in 2022.” Consumers reported losing more money “to investment… Read More

IDEX Biometrics and KONA I to Introduce Biometric Payment and Access Cards in Japan

IDEX Biometrics and KONA I are partnering to deploy biometric payment and access cards in Japan. With credit card fraud reported by Japanese companies increasing by 30% year over year to USD 294 million, banks in the market are showing interest for biometric smartcard solutions,… Read More

Bitcoin Academy, Founder Charged with Fraud by SEC

The Securities and Exchange Commission has filed fraud charges against American Bitcoin Academy operated by Rockwell Capital Management and founder Brian Sewel. The company and Sewel have agreed to settle the charges without admitting or denying the allegations. Rockwell Capital Management has also agreed to… Read More

AccessPay Introduces Confirmation of Payee and Sanctions Screening Capabilities to Fraud Prevention Suite

AccessPay says it has added Confirmation of Payee (CoP) and Sanctions Screening capabilities to its Fraud & Error Prevention Suite, launched in 2023. The new capabilities will enable finance teams “to avoid fraudulent and non-authorized payments, as well as accidental misdirection of funds.” They will… Read More

SEC Charges HyperFund with Fraud, Alleges Crypto Pyramid Scam, Criminal Charges Filed Too

The Securities and Exchange Commission (SEC) has filed charges against HyperFund and its principles alleging a $1.7 billion “Crypto Pyramid scheme.” Founders Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) were said to have promoted HyperFund which allegedly claimed guaranteed returns for… Read More

SEON, the Fraud Prevention and AML Platform, Announces Expansion of Executive Team

SEON, the end-to-end fraud prevention and AML platform helping companies mitigate fraud and safeguard against revenue threats, announced the expansion of its executive leadership with the appointment of Björn Heckel as Chief Technology Officer. With more than 20 years of experience as a software engineering… Read More

The SEC, FINRA, NASAA Issue Warning on AI Fraud

The Securities and Exchange Commission (SEC) Office of Investor Education and Advocacy, the North American Securities Administrators Association (NASAA), and the Financial Industry Regulatory Authority (FINRA) have jointly issued a warning regarding the rise of investment frauds involving the use of artificial intelligence (AI) –… Read More

Ingenico, a Global Enabler of Payment Acceptance, Teams Up with Cybersource, Visa’s Fraud Management Platform

Ingenico, a global enabler of payment acceptance and services, has announced a strategic partnership with Cybersource, Visa’s agnostic global payment and fraud management platform. The partnership will create a global unified commerce solution “for use in Asia Pacific first, followed by other regions.” The partnership… Read More

Regtech ComplyAdvantage Releases Financial Crime Report, Examining Fraud, Money Laundering, Illicit Activities

ComplyAdvantage has launched its annual report into fraud, money laundering, and financial crime: The State of Financial Crime 2024. The latest research report identifies “the criminal use of artificial intelligence (AI) as an emerging fraud challenge while revealing that most financial institutions are investing in… Read More

Hong Kong Monetary Authority Warns Public on Fake Video Interview of Chief Executive

Deepfakes are a growing concern. As technology improves and AI services proliferate, it is getting easier for bad actors to create completely bogus content that intends to dupe the unsuspecting. Today, the Hong Kong Monetary Authority (HKMA) has issued a warning to the public to… Read More

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