Tagged: fraud

October 18, 2023 @ 7:25 pm By Omar Faridi  |  

AU10TIX, a global technology firm focused on identity verification and management, today released its Q2 2023 Global Identity Fraud Report. Drawing insights from millions of transactions processed in 249 countries from April to June 2023, the report “identifies emerging regional and industry-specific patterns of ID… Read More

October 17, 2023 @ 9:20 pm By Omar Faridi  |  

Revolut, the global financial superapp with more than 35 million customers worldwide, has revealed a significant expansion to its Financial Crime (FinCrime) headcount, doubling its size since 2021. Recognizing the critical role of human intelligence in fraud detection and prevention, alongside technology and AI, Revolut… Read More

October 13, 2023 @ 1:59 pm By Omar Faridi  |  

To give even more visibility to security and empower people to identify possible financial scams, Nubank (NYSE:NU) announces the campaign #PareceMasNãoÉoNubank (it looks like Nubank, but it isn’t). Through educational videos on major digital platforms, the company seeks to alert its customers to everyday situations… Read More

October 10, 2023 @ 11:15 pm By Omar Faridi  |  

Hong Kong’s authorities have claimed that 11 of the city’s Binance clients had been targeted in a series of phishing scams that were reportedly carried out via text messages. Hong Kong law-enforcement agencies have cautioned users of the scam as part of an October 9,… Read More

October 10, 2023 @ 5:44 pm By Omar Faridi  |  

Point Predictive, the firm focused on AI-powered fraud solutions for the auto lending industry, has joined forces with Metro Jobber’s, Inc., a wholesale automotive distributor, to tackle the growing issue of auto loan fraud in the Detroit Metropolitan area. This strategic partnership is set “to… Read More

October 9, 2023 @ 9:07 am By Tony Zerucha  |  

This week, Trulioo, a global identity verification platform, announced new research revealing that 79% of responding organizations have experienced business identity theft, which involves defrauding, extorting or stealing money from a company. The findings stem from the Trulioo September 2023 Global Know Your Business (KYB)… Read More

October 8, 2023 @ 3:42 pm By Omar Faridi  |  

Veriff, a global identity verification (IDV) provider, launched its new Fraud Protect & Fraud Intelligence packages. These offerings aims to “provide organizations powerful tools and expertise to mitigate fraud attempts and verify more genuine users efficiently.” Each package is tailored “towards meeting the specific needs… Read More

October 4, 2023 @ 10:19 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an enforcement action against  Zera Financial and Luis A. Romero. The complaint states that. Zera and Romero have raised more than $2.28 million from about 168 investors. The money is said to have been “dissipated.” The SEC… Read More

September 29, 2023 @ 5:06 pm By JD Alois  |  

Three Arrows Capital (3AC), a digital asset hedge fund, co-founder Su Zhu has been arrested at the Changi Airport in Singapore, according to multiple reports. 3AC was a catalyst in the crypto collapse of 2022. Things took a dramatic turn for the worse when TerraUSD/LUNA… Read More

September 28, 2023 @ 11:42 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Pedram Abraham Mehrian and two companies he controlled with allegations of conducting a multi-year Ponzi-like scheme. The SEC claims that Mehrian misled investors who purchased $17.5 million in promissory notes. The SEC claims that Mehrian and two… Read More

September 27, 2023 @ 9:24 am By Omar Faridi  |  

JPMorgan‘s (NYSE: JPM) UK-based retail bank Chase has reportedly decided to ban crypto-related transactions that are made by its clients, starting from October 16, 2023. This bank says it made the decision because of a significant rise in fraudulent activities and scams. A bank representative… Read More

September 25, 2023 @ 4:07 pm By JD Alois  |  

The Securities and Exchange Commission has charged Matthew Motil with allegations he operated a Ponzi like scam that pilfered $11 million from 50 investors. Motil, based in North Olmstead, Ohio, ran a podcast called “The Cash Flow King.” According to the SEC’s complaint, Motil promoted… Read More

September 24, 2023 @ 10:24 pm By Omar Faridi  |  

Metro Bank’s ‘Scam of the Month’ for September 2023 is a warning to drivers about the influx of second-hand car scams “as approximately a million drivers take possession of their new 73 licence plate cars from September.” Purchase scams can take many forms; “with the… Read More

September 23, 2023 @ 6:04 pm By Tony Zerucha  |  

New data suggests an increase in fraudulent activities within the automotive, credit card, and mortgage sectors, according to the latest Equifax Canada Fraud Trends Report. The report also suggests the uptick in fraud is being driven by financial pressures faced by consumers and by bold… Read More

September 18, 2023 @ 8:45 am By Omar Faridi  |  

The scams deluge that flourished during the COVID-19 pandemic and proliferates yet today has heightened the public’s fraud anxiety. Rampant fraud is also “reshaping individuals’ expectations about organizations’ obligations to protect them – and the compromises they are willing to make to enhance security” –… Read More

September 16, 2023 @ 4:51 pm By Omar Faridi  |  

Riskified (NYSE:RSKD), a firm focused on ecommerce fraud and risk intelligence, published “Policy Abuse and Its Impact on Merchants: Global Benchmarks 2023,” revealing how consumer misuse of refunds, returns, and promotional programs, “alongside resellers, is forcing retailers and other merchants to strike a difficult balance… Read More

September 15, 2023 @ 6:18 pm By Omar Faridi  |  

CertifID, a wire fraud protection company, today announced $20M in new funding. CertifID’s Series B raise was led by Arthur Ventures, which also invested in CertifID’s $12.5M Series A in May 2022. CertifID’s Series B investment round comes on “the heels of strong adoption of… Read More

September 14, 2023 @ 8:02 am By Omar Faridi  |  

Deduce, which claims to be the “only” patented technology platform designed to prevent AI-generated identity fraud, announced $9M in funding led by Freestyle Capital, with additional investment by Foundry and True Ventures. The funding will launch Deduce’s GenAI Identity fraud solution “out of stealth and… Read More

September 12, 2023 @ 1:50 pm By Omar Faridi  |  

Visa Inc. (NYSE:V), which claims to be world leader in digital payments, released the Fall 2023 edition of its Biannual Threats Report which “highlights emerging fraud schemes targeting the global economy.” This edition showcases “a significant rise of phishing schemes proliferated through generative AI tools,… Read More

September 9, 2023 @ 3:20 pm By Omar Faridi  |  

Faruk Fatih Özer, the former Chief Executive of collapsed Turkey-based cryptocurrency exchange Thodex, has reportedly been sentenced to 11,196 years in prison on Thursday (September 7, 2023). Stealing around $2 billion from his clients led to the CEO of one of Turkey’s biggest virtual currency… Read More