Tagged: crime

AI Enhanced Financial Crime and Deepfakes Becoming Major Problem for Banking Institutions, US Treasury Dept Warns

A recent report released by the US Treasury has called on banking institutions to enhance their risk management controls/frameworks so that they can avoid being overwhelmed by AI-powered fraudsters and malicious cybercriminals. The research report, which is reportedly the end result of an executive order… 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

Crypto Crime Report: Money Laundering Declines in 2023, New Tactics Being Used by Swindlers

Money laundering facilitated by crypto and the platforms that enable digital asset transactions exp[experienced a notable decline in 203 when compared to the year prior. According to a report by Chainalysis, in 2023, $22.2 billion was laundered in contrast to $31.5 billion laundered in 2022…. 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

Berlin’s TransactionLink, the No-Code Platform, Partners with Regtech AMLYZE to Enable AML and KYC Automation

AMLYZE, a RegTech specializing in anti-financial crime solutions for FinTechs, banks and crypto businesses, is excited to announce a strategic partnership with TransactionLink, the Berlin-based no-code platform, in a move that will aim to “transform the landscape of Anti-Money Laundering (AML) and Know Your Customer… Read More

Latin America Can Enhance Economic Growth by Addressing Issues Related to Crime – IMF Analysis

Crime has long been a “top-of-mind” concern for households across Latin America and the Caribbean, according to an update shared by the International Monetary Fund (IMF). The IMF noted in a blog post that the LatAm region accounts “for nearly half of the world’s intentional… Read More

Tether Assists US DOJ, Secret Service in Criminal Investigations, Victim Recovery

Tether, which claims to be one of the largest companies in the cryptocurrency industry, says that it continues its unwavering commitment “to combat illicit activities and provide support to victims through its assistance to, and support of, law enforcement agencies.” As the U.S. Department of… Read More

UK Arrests Eight in SIM Swap Hack of Celebrities Where Bitcoin and Money Were Stolen

The UK National Crime Agency (NCA), working in concert with the US Secret Service, Department of Homeland Security, Federal Bureau of Investigation, and Santa Clara DA’s Office, have arrested eight men, aged 18 to 26, in England and Scotland in regards to SIM Swap hacks… Read More

Cyberpolice of Ukraine Investigates Three Defendants in Alleged $42 Million Crypto Laundering

The Cyberpolice of Ukraine reports that it has exposed a criminal group that laundered approximately $42 million in cryptocurrency. Last week, the law enforcement agency posted that three individuals have been accused of the crime and now face up to 8 years in jail. According… Read More

Busted: U.S. Arrests Russian Rapper Maxim Boyko For Cryptocurrency Laundering

The U.S. Federal Bureau of Investigation (FBI) reportedly arrested Russian rapper Maxim Boyko for cryptocurrency laundering. According to the Moscow Times, Boyok was arrested at a Miami condo this past weekend. The Affidavit submitted to support Boyko’s arrest revealed that the rapper “knowingly and intentionally conspire… Read More

STIFLE Act of 2020: Proposed Legislation on Illicit Trafficking Includes Review of Virtual Assets, Crypto Exchanges & Online Marketplaces

Transnational crime and trafficking is estimated to be around $1.6 trillion to $2.2 trillion annually. In recognition of this growing area of crime, legislation is in the works to require the Comptroller General of the United States to study the phenomena. The “Stopping Trafficking, Illicit… Read More

Report: Cryptocurrencies, Still a Boon for Criminals, are Contributing to the Opioid Crisis

Though the cryptocurrency sector is working to close gaps and exploit transparency features in crypto to reduce criminal use, Internet-borne “decentralized” currencies continue to offer appealing cross-border and cash-like features that support crime, including opioid trafficking, law enforcement officials told Washington DC-based news outlet Roll… Read More

UN Official Says Cryptocurrencies Making Child Exploitation Easier, More Profitable

Content warning: This article contains brief descriptions of the abuse of children. Reader discretion is advised. Cryptocurrencies are making cyber-crime, terror financing, money laundering and child exploitation much easier, Neil Walsh, chief of the Cybercrime and Anti-Money-Laundering section of the United Nation’s Office on Drugs and Crime… Read More

Australian Police Arrest Drug Dealer and Close Two Associated Cryptocurrency Trading Platforms

Police in Australia have arrested a 27-year-old man and charged him with 14 counts related to possession and distribution of hard drugs and steroids. As a related aspect of the drug bust, police have also, “suspended the registration of two digital currency exchange businesses where… Read More

Consulting Firm PwC Says Crypto Increasingly Facilitating Crime and Not “Decentralized” Economy

In its latest “Strategic Alliance Bulletin,” auditing firm PwC (formerly-known-as PricewaterhouseCoopers) has countered the sanguine narratives in crypto by stating unequivocally: “Cryptocurrency has increasingly been associated with serving criminal and nefarious purposes, rather than supporting the decentralisation of ‘traditional’ currency.” That said, the company does… Read More

Norwegian Police Seeking Public’s Help in Kidnapping Case; Monero Ransom Demanded

Police and Norwegian media are reporting that the wife of one of Norway’s richest people went missing from her home October 31st, and hasn’t been seen since. According to Norwegian police, “the main hypothesis” is that 68-year-old Anne-Elisabeth Hagen was abducted. Police say they found… Read More

FBI Investigating “Call of Duty” Players Suspected of Stealing $3.3 Million in Cryptocurrency

A man in Bloomington, Indiana claims he was coerced into cooperating with a group of “Call of Duty” players that “cryptojacked” (stole) $3.3 million dollars of cryptocurrency from various victims, Chicago Sun Times reports. Though no charges have yet been laid, unsealed court documents show… Read More

UK Fintechs Collaborate to Prevent Financial Crimes

Since the 2017 launch of the United Kingdom Fintech Financial Crime Exchange (FFE), the group has accumulated seventeen Fintech market leaders. The Exchange allows for Fintech firms to share information and work together in order to prevent the prevalence of financial crimes. The FFE was founded… Read More

Software, Hardware & Humans: Knightscope Seeks $20M on SeedInvest

It has been two weeks since Knightscope announced its “mini-IPO” Reg A+ equity crowdfunding campaign on SeedInvest where the company is seeking to raise $20 million.  Based in Mountain View, in the heart of Silicon Valley, the startup says that it is currently worth $80 million…. Read More

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