Tagged: fraud

August 15, 2023 @ 9:42 am By Omar Faridi  |  

PULSE, a Discover Financial Services (NYSE: DFS) company and operator of the PULSE debit network, has agreed to an extension of its partnership with global analytics software provider FICO (NYSE: FICO). PULSE and FICO collaborate “to deliver fraud-detection technology that reduces losses and risk exposure… Read More

August 14, 2023 @ 3:41 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals as well as an unincorporated entity called Fundsz. The complaint charges them with fraudulent solicitation from clients to purportedly trade in cryptocurrencies and precious metals. Filed in District Court in Florida, the following… Read More

August 4, 2023 @ 8:01 am By Omar Faridi  |  

A married and aspiring rapper couple from New York City recently pleaded guilty to money laundering conspiracies arising from the hack and theft of approximately 120,000 Bitcoin from Bitfinex, a global cryptocurrency exchange. Ilya Lichtenstein, 35, and Heather Morgan, 33, were arrested in February 2022… Read More

August 3, 2023 @ 10:29 am By Omar Faridi  |  

CrowdStreet, one of the most established real estate investment platforms in the US, has been hit with a damning article claiming the $63 million in customer cash has gone missing. The errant funds stem from an office project in Atlanta that was reported in 2022…. Read More

August 1, 2023 @ 4:25 pm By Omar Faridi  |  

InRoads Credit Union, which claims to be a leader in innovative member experiences and an Eltropy customer, recently shared that by leveraging Eltropy‘s Video Banking solution, the Portland, Ore.-based credit union “achieved a 0% fraud rate, effectively safeguarding members and defeating fraudulent impersonations.” Kim Preston,… Read More

July 26, 2023 @ 11:41 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed charges against Michael and Amanda Griffis of Clarksville, Tennessee, according to a statement issued by the Commission. The complaint charges the defendants with defrauding over 100 people and failing to register with the CFTC in connection with a… Read More

July 25, 2023 @ 5:32 pm By JD Alois  |  

The Federal Bureau of Investigation (FBI) says that in 2022, investment scams were the costliest type of fraud in the US. The FBI states in its Internet Crime Report 2022 (IC3) that fraud complaints jumped from $1.45 billion in 2021 to $3.31 billion in 2022…. Read More

July 21, 2023 @ 6:25 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against the issuer of DWE and BPC alleging the issuance of unregistered securities.  The SEC claims that  Alexander Elbanna and his affiliated entities have committed fraud. According to the SEC, between February 2018 and April 2021,… Read More

July 20, 2023 @ 11:07 pm By Omar Faridi  |  

Feedzai, a provider of financial crime and risk management solutions, is introducing Railgun, its next-generation AI engine designed to target and intercept financial fraud before it can occur. In order to scale, today’s risk engines force financial institutions to limit the data they use to… Read More

July 20, 2023 @ 8:04 am By Omar Faridi  |  

Kushki, a Paytech connecting LatAm to digital payments and helping Latin American businesses reduce the costs and complexity of digital transactions, has shared key insights with Crowdfund Insider. Kushki focuses on improving acceptance rates and reducing fraud. The company points out that it has been… Read More

July 14, 2023 @ 9:21 am By Omar Faridi  |  

On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. As noted via social media, the team claims they contacted the MPC node operators and… Read More

July 13, 2023 @ 9:26 am By Amal Ahmed  |  

E-commerce experienced exponential growth in the last few years as new players appeared on the playing field – fraudsters who are taking advantage of retailers’ return policies. Returns became the norm amidst the pandemic and beyond. And while PSD2 Strong Customer Authentication (SCA) presents difficulties… Read More

July 13, 2023 @ 9:10 am By Omar Faridi  |  

The Multichain hack could potentially be a “rug pull,” as an additional $103 million in funds were recently drained. Multichain, which is described as a cross-chain bridge protocol, reportedly saw another $103 million transferred to other blockchain addresses. This, according to security company Beosin. This… Read More

July 13, 2023 @ 7:46 am By Omar Faridi  |  

2023 so far has been a year of “recovery” for cryptocurrency after a chaotic 2022, with prices of digital assets like Bitcoin up over 80% on the year as of June 30, the team at Chainalysis noted. And that’s not the only “good news” for… Read More

July 8, 2023 @ 3:23 pm By Omar Faridi  |  

Apple has reportedly removed several malicous lending apps targeting unsuspecting users in India. The apps had allegedly used unethical methods in order to collect repayments, like threatening to send deepfake nudes to the borrowers’ personal contacts. In the last week, Apple (NASDAQ:AAPL) has removed various… Read More

July 7, 2023 @ 3:59 pm By Omar Faridi  |  

From romance scams to fictious online deals, impersonation scams of all kinds have plagued people and businesses over recent years and “shaken the confidence of victims.” However, the tide is turning. Mastercard (NYSE: MA) is taking the fight to the fraudsters “with its one-of-a-kind AI… Read More

July 6, 2023 @ 6:23 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges regarding a multi-million dollar Bitcoin fraud, according to a release. Randy Craig Levine, formerly of Coral Gables, Florida, and Philip Reichenthal of Homestead, Florida, have been charged with engaging in a deceptive and fraudulent… Read More

July 5, 2023 @ 10:09 pm By Omar Faridi  |  

Credit unions and community banks, facing a surge in sophisticated fraud along with the challenge of protecting their members’ personal information, are “taking proactive steps to combat this alarming trend.” As the financial industry grapples with increasing fraud threats, community financial institutions (CFIs) are “turning… Read More

July 4, 2023 @ 7:19 am By Omar Faridi  |  

The National Anti-Scam Centre will be coordinating an investment scam fusion cell in order to address the growing problem of investment-related scams, which are now costing Australian consumers well over $1 billion a year. The fusion cell will reportedly be led by the ACCC and… Read More

June 30, 2023 @ 9:37 am By Omar Faridi  |  

Sardine announced the formation of SardineX, an industry-wide, independent consortium to curtail payment fraud by bringing together established financial institutions and emerging fintech organizations to establish trust across multiple payment rails. Founding members reportedly “include Chesapeake Bank, Visa, Airbase, Blockchain.com, Alloy Labs Alliance, iLex, and… Read More