Tagged: fraud

March 21, 2024 @ 1:15 pm By Omar Faridi  |  

Research by Sumsub, a global verification platform with 1B+ identities database, shows an alarming surge of fraud networks across multiple regions. The company discovered the trend prior to “launching its upgraded comprehensive Fraud Prevention Solution aimed to help businesses fight fraud networks and other rising… Read More

March 19, 2024 @ 10:04 pm By Omar Faridi  |  

BIGG Digital Assets, a digital assets firm and owner of Netcoins, Blockchain Intelligence Group, and TerraZero, has announced a new anti-fraud service The new initiative is aimed at aiding small capitalization companies in “safeguarding against investment fraud. BIGG reassures its stakeholders that it remains untouched… Read More

March 19, 2024 @ 10:00 pm By Omar Faridi  |  

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. Nacha governs the ACH Network, the payment system that enables Direct Deposits and Direct Payments in the US…. Read More

March 19, 2024 @ 1:35 pm By Omar Faridi  |  

Global financial technology Fintech FIS (NYSE: FIS) has announced that its SecurLOCK card fraud management solution is poised to deliver an increase in accurately identified and prevented fraudulent card transactions utilizing a new collaboration with FIS Fintech Accelerator alumnus Stratyfy. The gains anticipated from this collaboration… Read More

March 14, 2024 @ 6:47 pm By JD Alois  |  

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

March 12, 2024 @ 10:24 am By JD Alois  |  

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

March 6, 2024 @ 2:59 pm By Omar Faridi  |  

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

March 5, 2024 @ 10:00 pm By Omar Faridi  |  

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

March 4, 2024 @ 11:10 am By JD Alois  |  

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

February 27, 2024 @ 11:59 am By Omar Faridi  |  

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

February 19, 2024 @ 5:33 pm By Omar Faridi  |  

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

February 17, 2024 @ 4:05 pm By Omar Faridi  |  

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

February 15, 2024 @ 3:36 pm By JD Alois  |  

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

February 14, 2024 @ 10:26 am By Omar Faridi  |  

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

February 13, 2024 @ 5:29 pm By Omar Faridi  |  

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

February 9, 2024 @ 6:24 pm By Omar Faridi  |  

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

February 2, 2024 @ 5:33 pm By JD Alois  |  

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

January 31, 2024 @ 4:22 pm By Omar Faridi  |  

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

January 29, 2024 @ 10:24 pm By JD Alois  |  

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

January 27, 2024 @ 4:35 pm By Omar Faridi  |  

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