Tagged: fraud

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

January 25, 2024 @ 3:49 pm By JD Alois  |  

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

January 25, 2024 @ 7:37 am By Omar Faridi  |  

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

January 18, 2024 @ 10:02 pm By Omar Faridi  |  

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

January 18, 2024 @ 9:40 am By JD Alois  |  

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

January 16, 2024 @ 12:39 pm By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) is reportedly willing to postpone the Terraform Labs trial for Do Kwon‘s extradition. The SEC agreed to the delay of the civil trial against Terraform Labs and its co-founder Do Kwon for allegedly carrying out a $40 billion… Read More

December 30, 2023 @ 8:19 pm By Omar Faridi  |  

Ubank’s Chief Product Officer, Andrew Morrison, has provided his top tips on staying alert and scam-savvy this holiday season. For many of us at this time of year, the focus has shifted to holiday gift-giving, finalizing travel plans, and managing money coming in and out… Read More

December 29, 2023 @ 10:22 am By Omar Faridi  |  

The AMF is warning the public against several companies proposing atypical investments without being authorised to do so. The Autorité des Marchés Financiers regularly “updates its black lists of new websites and entities proposing atypical investments to investors in France without being authorized to do… Read More

December 26, 2023 @ 8:45 am By Tony Zerucha  |  

AU10TIX, a global technology provider of identity verification and management services, this week released its Q3 2023 Global Identity Fraud Report. Drawing insights from millions of transactions processed across 249 countries from July to September 2023, the report uncovers significant trends in the world of… Read More

December 24, 2023 @ 12:53 pm By Omar Faridi  |  

Socure, the provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, announced that it has eliminated 204,536 synthetic identities from the U.S. economy in 2023 to date. The company’s Sigma Synthetic Fraud solution has reportedly “prevented more than $3 billion in… Read More

December 23, 2023 @ 11:18 am By Omar Faridi  |  

Following consultations over the last few months, the UK’s Payment Systems Regulator regulator confirms its new reimbursement requirement which will “prompt a step-change in fraud prevention and see the vast majority of money lost to APP frauds reimbursed to victims.” The policy statement confirms “that… Read More