Tagged: fraud

October 4, 2024 @ 8:40 am By Omar Faridi  |  

Online marketplaces are now considered to be a “prime” target for fraudsters, according to an extensive report shared by Juniper Research. Juniper Research explained that this is because there are different ways of gaining access to sensitive information that is stored online for digital commerce… Read More

September 29, 2024 @ 11:15 pm By Michael Wong  |  

The Federal Bureau of Investigation (FBI) have seized more than $6 million in cryptocurrency from international perpetrators involved in fraudulent investment schemes, according to an official announcement. Matthew M. Graves, U.S. Attorney for the District of Columbia, along with U.S. Attorney Francis M. Hamilton III… Read More

September 24, 2024 @ 2:34 pm By JD Alois  |  

TrustToken and TrueCoin have been charged with fraud by the Securities and Exchange Commission (SEC). The news comes on the same day that SEC Chairman Gary Gensler is being grilled on Capitol Hill at a hearing of the House Financial Services Committee. Without admitting or… Read More

September 23, 2024 @ 11:52 am By Omar Faridi  |  

Metro Bank is warning its personal and business customers against a rise in impersonation scams as part of its Scam of the Month awareness campaign. Consumers are being bombarded by phone, text or email from “trusted” organizations such as their bank, the police, HMRC, delivery… Read More

September 23, 2024 @ 8:30 am By Omar Faridi  |  

Voice cloning scams – where fraudsters use AI technology to replicate the voice of a friend or family member – could be set to catch millions out, according to new research shared by Starling Bank. The data, from Starling Bank, found that over “a quarter… Read More

September 15, 2024 @ 5:45 pm By Omar Faridi  |  

Checkout.com, a global digital payments provider, announced the launch of an online course in partnership with the Merchant Risk Council (MRC) to help payment professionals combat fraud and cybersecurity threats. Debuted at MRC San Diego, ‘Fraud Essentials’ is the second in “a series of online… Read More

September 14, 2024 @ 4:48 pm By Tony Zerucha  |  

This week, SoFi (NASDAQ:SOFI) subsidiary Galileo Financial Technologies unveiled Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore, its two newest fraud-fighting tools. As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk… Read More

September 10, 2024 @ 4:05 pm By JD Alois  |  

The SEC’s Office of Investor Education and Advocacy (OIEA), the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) have jointly issued a statement cautioning consumers on affinity or… Read More

September 10, 2024 @ 10:15 am By Omar Faridi  |  

The Federal Bureau of Investigations (FBI) has published the 2023 Cryptocurrency Fraud Report. The FBI released its Cryptocurrency Fraud Report for the past year. In 2023, the FBI’s Internet Crime Complaint Center “received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud… Read More

September 9, 2024 @ 3:49 pm By JD Alois  |  

The North American Securities Administrators Association (NASAA) says it has reached a settlement with GSB Gold Standard Corporation AG (GS Partners or GSB Group), a Fintech and banking firm that allegedly solicited more than 800,000 investors around the world to participate in investments including digital… Read More

September 8, 2024 @ 4:20 pm By Omar Faridi  |  

Three in five UK consumers reportedly fear falling victim to fraud, as life gets busier in September. This, according to an update from UK Finance. UK Finance notes in a blog post that half of the people say “they feel busier when coming back from… Read More

September 4, 2024 @ 8:24 pm By Omar Faridi  |  

New consumer research reveals that four out of five Gen Z and Millennial Aussie scam victims would share their experiences if it meant helping others. Consumer research commissioned by digital bank, ubank, has revealed nearly three in ten young Aussies reported that they had “been… Read More

September 4, 2024 @ 12:17 pm By JD Alois  |  

The UK Payment Systems Regulator (PSR) has updated the status of APP scam protections. APP scams incorporate digital fraud, where users of financial or transactional Apps send money to bogus sites or fraudsters.  The PSR says that in 2023, there were over 250,000 cases of… Read More

August 28, 2024 @ 7:27 am By Omar Faridi  |  

New figures published today from KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in UK Crown Courts collectively “worth £128.2 million so far this year.”… Read More

August 27, 2024 @ 11:02 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges and received an emergency asset freeze regarding a $60 million Ponzi scam. The SEC alleges that brothers Tanner Adam and Jonathan Adam, along with their firms GCZ Global LLC and Triten Financial Group LLC, told… Read More

August 26, 2024 @ 7:09 pm By Omar Faridi  |  

Tether, which claims to be among the largest companies in the digital asset industry, reaffirms its commitment to combat illicit activities, “stop illegal use of stablecoin technology, and provide support to victims through its assistance to, and support of, law enforcement agencies globally.” As the… Read More

August 22, 2024 @ 9:11 pm By Omar Faridi  |  

Experian released its 2024 U.S. Identity and Fraud Report revealing that generative AI (Gen AI), deepfakes and cybercrime are critical threats putting intensifying pressures on businesses. The 9th annual Experian Identity and Fraud Report provides valuable insights “into emerging fraud trends such as these, as… Read More

August 22, 2024 @ 10:15 am By JD Alois  |  

In 2020, the French Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) added OmegaPro and affiliated platforms to its “blacklist” of trading platforms that consumers should avoid. Unfortunately, that was insufficient to deter people from throwing good money… Read More

August 21, 2024 @ 10:16 am By Tony Zerucha  |  

Last week, Abrigo, a provider of financial crime prevention and risk management solutions for U.S. financial institutions, today announced survey results revealing how Americans feel about financial fraud, their fears about AI’s impact on fraud, and some enduring misconceptions. The vast majority of Americans (90%) are… Read More

August 20, 2024 @ 10:43 pm By Omar Faridi  |  

Unit21, a global risk and compliance leader that proactively mitigates risks tied to fraud, money laundering, and other financial crimes, announced a new bundle of features for Automated Clearing House (ACH) transactions. These features use Generative AI (GenAI) and machine learning (ML) to “help banks,… Read More