Tagged: fraud

November 22, 2023 @ 11:08 am By Omar Faridi  |  

Revolut Head of Financial Crime is warning consumers to “stay vigilant amidst surging frauds this sale season as e-commerce scams such as fake websites become increasingly sophisticated.” Revolut’s single use virtual disposable cards, which “protect shoppers’ card details so they are never shared with vendors,… Read More

November 22, 2023 @ 8:40 am By Omar Faridi  |  

Identity fraud rose by more than a fifth this year, “amid warnings that fraudulent activity is set to peak over the Christmas shopping period.” New analysis from Experian reveals “that identity fraud rose by 22% in 2023, when compared to 2022, with the trend expected… Read More

November 21, 2023 @ 9:04 am By Omar Faridi  |  

Tether, the largest company in the cryptocurrency ecosystem, and leading global crypto exchange and Web3 technology company OKX, announced that they have assisted the United States Department of Justice (DOJ) in an investigation that “led to Tether proactively and voluntarily freezing approximately 225 million in… Read More

November 20, 2023 @ 7:33 pm By Omar Faridi  |  

Feedzai, the world’s first RiskOps platform for financial risk management, and Chartis Research, leaders in risk technology research and insights, have released a joint report exploring how financial firms are responding to fraud in the APAC region. Leading the charge in the global fight against… Read More

November 17, 2023 @ 6:11 pm By Omar Faridi  |  

Holiday shopping season is a favorite time of year for many, but as consumers everywhere start preparing to open their wallets ahead of Black Friday, “a new type of threat has begun rearing its ugly head: AI-based fraud.” The recent boom in AI capabilities and… Read More

November 17, 2023 @ 9:03 am By Omar Faridi  |  

At Gemini, they believe that the crypto ecosystem must include guardrails and an appropriate level of transparency to protect users from financial crime and fraud. Gemini claim they have always “been dedicated to regulatory compliance and believe that adherence to the Travel Rule is an… Read More

November 17, 2023 @ 7:22 am By Omar Faridi  |  

Onfido, the global automated identity verification provider, today announced the findings of its 2024 Identity Fraud Report and unveiled its Fraud Lab. The report points to the increasing availability of simple-to-use AI tools “as the reason for a 31X increase in deepfakes1 and 5X increase… Read More

November 13, 2023 @ 8:52 am By Omar Faridi  |  

A growing number of British investors risk being defrauded by a wave of fake adverts posted on social media, according to a new a warning issued by Lloyds Bank. The number of cryptocurrency investment scams reported1 “by victims so far this year has risen by… Read More

November 13, 2023 @ 8:22 am By Omar Faridi  |  

The UK’s Financial Conduct Authority (FCA) says it is working with payment service providers to do more “to protect consumers from fraud, including authorized push payment (APP) fraud.” While FCA‘s review of firms’ fraud controls and complaint handling found examples of good practice, they were… Read More

November 9, 2023 @ 10:41 pm By Omar Faridi  |  

Apiture, a provider of digital banking solutions, announced the introduction of enhanced fraud detection through a partnership with DefenseStorm, provider of the only built-for-banking cyber risk management platform. Integrated with the Apiture Digital Banking Platform, the DefenseStorm GRID Active Fraud Detection solution “protects financial institutions… Read More

November 3, 2023 @ 5:21 am By Omar Faridi  |  

FTX founder and former CEO Sam Bankman-Fried has been found guilty Thursday (November 2, 2023) on all seven counts that are related to fraud as well as money laundering. Bankman-Fried was indicted on fraud charges on December 22, 2022, following the collapse of his crypto… Read More

November 1, 2023 @ 1:50 pm By JD Alois  |  

The Securities and Exchange Commission has charged SafeMoon LLC, founder Kyle Nagy, SafeMoon US LLC, its CEO John Karony, and CTO Thomas Smith, for fraud through the unregistered sale of a crypto asset security. Simultaneously, criminal charges were filed in the US Attorney’s Office for… Read More

October 30, 2023 @ 6:08 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged SolarWinds (NYSE:SWI) and its chief information security officer with fraud and failures in regard to “allegedly known cybersecurity risks and vulnerabilities.” The hack has been attributed to Russian criminals. The SEC believes that investors were harmed by… Read More

October 24, 2023 @ 10:13 pm By Omar Faridi  |  

Riskified (NYSE: RSKD), which claims to be a leader in ecommerce fraud and risk intelligence, today announced a partnership and integration with Plaid, the data network powering the digital financial ecosystem. This partnership empowers online merchants, marketplaces, and trading platforms to approve ACH (Automatic Clearing… Read More

October 24, 2023 @ 10:11 pm By Omar Faridi  |  

nSure.ai, an innovator in AI-driven fraud prevention, and Justt, a firm focused on smart chargeback automation, today announced a new partnership. This collaboration will aim to “provide fraud protection and chargeback management capabilities tailored for high-risk digital transactions in gaming, gift card, and cryptocurrency.” As… Read More

October 24, 2023 @ 10:09 pm By Omar Faridi  |  

Jumio, the provider of automated, end-to-end identity verification, risk assessment and compliance solutions, today unveiled at Money20/20 USA Jumio 360° Fraud Analytics, its new fraud-fighting technology that uses AI-driven predictive analytics to identify fraud patterns with more sophistication and accuracy than ever before. According to… Read More

October 19, 2023 @ 8:15 am By Omar Faridi  |  

The most common scams this year have been revealed – “with more than seven in 10 adults targeted by scams in the last 12 months, being hit on average three times each week – over 150 times a year.” Scams through digital platforms, social media… Read More

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