Tagged: fraud

June 23, 2022 @ 9:49 am By JD Alois  |  

The UK Financial Conduct Authority (FCA) says it is dealing with scams faster by scanning thousands of websites daily and shutting them down when a nefarious actor appears. The FCA reports that between May 2021 and April 2022, it added 1,966 possible scams or frauds… Read More

June 23, 2022 @ 12:33 am By Omar Faridi  |  

​​Enfuce, which claims to be one of the fastest-growing Fintech firms in Europe, has reportedly chosen Konsentus Verify in order to protect its clients from unauthorized/fraudulent third parties gaining access to account data and funds. Enfuce offers a modern, flexible, scalable, open banking service that… Read More

June 20, 2022 @ 5:58 pm By Omar Faridi  |  

Quavo Fraud & Disputes, the provider of cloud-based fraud and dispute management SaaS solutions for issuers, announced its partnership with the omnichannel payments platform Qolo “to reduce dispute processing costs and fraud losses for issuing financial institutions.” Quavo’s Disputes as a Service™ offering “features automated… Read More

June 14, 2022 @ 11:34 pm By Omar Faridi  |  

LHV UK, a banking services provider to more than 200 Fintech and crypto firms, is pleased to announce its Confirmation of Payee (CoP) service is currently live for all its direct clients. Introduced in July 2020, CoP is a fraud prevention system that’s led by… Read More

June 14, 2022 @ 11:25 am By Omar Faridi  |  

SurePay, the Confirmation of Payee provider, announced that it has supported Virgin Money with the implementation of its UK Confirmation of Payee solution in order to protect consumers against fraudulent activities and misdirected payments. Confirmation of Payee is a way of giving users more assurance… Read More

June 9, 2022 @ 3:26 pm By JD Alois  |  

Fraud and scams will always persist. While the game largely remains the same the methods will change and adapt as technology allows. The cat and mouse process continues with bad actors looking to part honest money from good people and evade immediate detection. Meanwhile, there… Read More

June 4, 2022 @ 2:39 pm By JD Alois  |  

The US Federal Trade Commission (FTC) says that more than $1 billion has been lost to crypto scams since the beginning of 2021 impacting over 46,000 individuals. According to the FTC, the median individual reported loss stood at $2,600. The top cryptos involved in the… Read More

May 30, 2022 @ 10:17 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) has imposed an additional capital requirement of around SGD 330 million on OCBC Bank. The city-state’s regulatory authority noted that this latest move was in response to the deficiencies in the banking institution’s response to a set of “spoofed”… Read More

May 26, 2022 @ 11:24 am By Omar Faridi  |  

Doppel, a real-time, cross-chain monitoring service for detecting NFT fraud and counterfeits, recently announced the close of a $5 million seed investment round led by FTX Ventures. Additional participants in the seed round reportedly “include Solana Ventures, Polygon Studios, OpenSea Ventures, Dapper Labs, SV Angel,… Read More

May 26, 2022 @ 6:38 am By Omar Faridi  |  

New Zealand’s Buy Now Pay Later (BNPL) service provider Laybuy recently revealed that it has appointed risk management professional Jamie Byles as its Chief Risk Officer (CRO). In this position, which is reportedly a part of Laybuy’s senior leadership team and based in London, Jamie… Read More

May 19, 2022 @ 11:00 am By JD Alois  |  

The Securities and Exchange Commission has obtained final judgments on consent against Sohrab “Sam” Sharma, Robert Farkas, and Raymond Trapani in regards to Centra Tech and an initial coin offering (ICO) deemed to be an unregistered security by the SEC. The SEC states that Centra… Read More

May 15, 2022 @ 10:35 pm By Omar Faridi  |  

New payment checks at online checkouts are “proving invaluable” as Nationwide Building Society reports it is “protecting its members from an additional 2,000 cases of online card fraud a month.” Despite the fact that some transactions now take a little longer, new research from UK’s… Read More

May 6, 2022 @ 5:46 pm By Omar Faridi  |  

LexisNexis Risk Solutions, part of RELX, has announced the acquisition of BehavioSec, “an advanced behavioral biometrics technology provider.” Founded in Sweden in 2008 with a presence in the U.S., Canada and EMEA, BehavioSec provides “a highly predictive behavioral biometrics solution that uses behavior analysis for… Read More

May 4, 2022 @ 11:35 pm By Omar Faridi  |  

Early Warning Services, LLC, announces Verify Identity, a synthetic identity fraud detection solution “for qualifying financial services organizations (FSOs), mobile network providers, corporations and government entities.” This new technology service combines predictive scoring with rules-based solutions “to determine the likelihood that a prospective customer is… Read More

May 3, 2022 @ 8:35 am By Omar Faridi  |  

As the COVID-19 pandemic winds on into its third year, waves of new virus variants continue to “wreak havoc with supply chains,” according to an update from Verifi. Firms responsible for taking goods through each step on the journey “from manufacturing to customers’ doorsteps find… Read More

April 28, 2022 @ 9:35 am By JD Alois  |  

The Securities and Exchange Commission has issued charges against Block Bits Capital, LLC, Block Bits Capital GP I, LLC, and the co-founders Japheth Dillman and David Mata, alleging fraudulent offering of unregistered securities. Block Bits along with Dillman and Mata, apparently raised about $1 million… Read More

April 27, 2022 @ 9:06 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Sung Kook (Bill) Hwang, the owner of the family office Archegos Capital Management, with allegations of a massive fraud that “resulted in billions of dollars in losses.” The SEC alleges that Hwang and Archegos purchased security-based swaps… Read More

April 25, 2022 @ 7:58 am By Omar Faridi  |  

Pindrop, which claims to be an international leader in voice tech, recently shared its annual Voice Intelligence & Security Report “uncovering how companies might be accidentally inviting fraud, threat mongers from the dark web and bad actors better prepared to pass authentication.” As noted in… Read More

April 21, 2022 @ 7:00 am By JD Alois  |  

Marqeta (NASDAQ: MQ), a future-facing card issuance platform, has announced a new set of tools to battle the ever-present fraudsters that challenge all financial services firms. “RiskControl” is a new feature designed to provide Marqeta customers with a comprehensive service to handle end-to-end risk management… Read More

April 19, 2022 @ 8:30 am By Omar Faridi  |  

Seon, a startup that’s focused on assisting Fintechs like Revolut with addressing online fraud, has secured $94 million in capital, in order to implement various tools for preventing sanctions evasion by Russia. The London-headquartered firm secured the funding via an investment round that was led… Read More