Tagged: fraud

November 10, 2021 @ 7:46 am By Omar Faridi  |  

Socure, the provider of digital identity verification and fraud solutions, has confirmed its oversubscribed $450M round at a $4.5B valuation from various growth equity and public market investors. Socure achieved a $4.5B valuation only seven months after its $1.3B Series D investment round, on the… Read More

November 1, 2021 @ 10:52 am By Omar Faridi  |  

UK-based Fintech firm Modulr notes that unless you’ve been living in a completely different digital dimension, you can’t have “failed to hear about the data breaches and high-profile phishing scams that have been hitting the recent headlines.” The team at Modulr writes in a blog… Read More

October 28, 2021 @ 3:16 pm By Omar Faridi  |  

REDi Enterprise Development Inc., a financial crimes management solutions provider, has formed a partnership with fraud detection software provider Advanced Fraud Solutions (AFS), in order to offer an integrated card fraud detection solution to banks and credit unions. As mentioned in a release, the partnership… Read More

October 28, 2021 @ 9:43 am By Omar Faridi  |  

dLocal, a tech-first payments platform that enables enterprise merchants to connect with  consumers in emerging markets, has introduced its latest developments for risk management. The first product in the stack is Smart Defense, which is described as an advanced, custom-built solution that combats fraud by… Read More

October 27, 2021 @ 10:33 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today announced a $38.8 million settlement of charges against Akazoo S.A., a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 SPAC business combination. Akazoo’s… Read More

October 8, 2021 @ 3:40 pm By Tony Zerucha  |  

As is the case with any technology, when a new service becomes popular, it will also grab the attention of fraudsters. The latest process to get this treatment is the buy now pay later (BNPL) sector, a service recently adopted by Walmart and Target. With… Read More

October 6, 2021 @ 8:08 pm By Tony Zerucha  |  

The value of hacked PayPal accounts has surged in 2021, while verified cryptocurrency accounts will cost you a pretty penny, research analyzed and originally published by wette.de reveals. In September, such an account was worth 9.2 cents for every dollar in the account. That is… Read More

October 5, 2021 @ 8:36 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has leveled fraud charges against erstwhile hemp firm CannaFarma Hemp Products Corp, (CSE:CNFA) and its founders. According to the SEC, the company allegedly committed fraud in a securities offering that raised $15 million from investors. The SEC claims that… Read More

September 29, 2021 @ 10:59 pm By Omar Faridi  |  

Veriff, an international ID verification provider, is teaming up with SimpliFi, a Cards as a Service (CaaS) platform for the MENA region and Pakistan, in order to protect SimpliFi clients from identity fraud within their “instant” card issuance programs. Through their partnership, Veriff will be… Read More

September 24, 2021 @ 10:39 am By Omar Faridi  |  

Vesta, a transaction guarantee platform for digital or online purchases, has published its Global Card-Not-Present (CNP) Fraud Report, which features an analysis of millions of virtual transactions from Q1 2020 through Q1 2021 in order to track how CNP fraud has evolved during that particular… Read More

September 23, 2021 @ 10:53 am By JD Alois  |  

The Securities and Exchange Commission has filed charges against a quant analyst for “perpetrating a years-long front-running scheme that generated illicit profits of at least $8.5 million.” Sergei Polevikov, who worked at two asset management firms, allegedly abused his position to benefit from information he… Read More

September 20, 2021 @ 4:32 pm By JD Alois  |  

The Securities and Exchange Commission has leveled fraud charges against TruCrowd and three issuers in allegations of fraud regarding $2 million of unregistered securities apparently offered via two investment crowdfunding offerings. As far as we are aware, this is the first significant enforcement action pertaining… Read More

September 16, 2021 @ 6:22 pm By Omar Faridi  |  

The Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), and Singapore Police Force (SPF) recently revealed that malicious actors overseas had been able to divert and use SMS one-time passwords (OTPs) to carry out fraudulent credit card transfers impacting 75 banking clients based… Read More

September 16, 2021 @ 7:24 am By Omar Faridi  |  

The team at digital bank Starling asks whether you’ve every agreed to plans for something you “really didn’t want to do.” The UK-based banking challenger also asks whether you’ve “walked down the high street and been unable not buy something from that fast-talking street vendor.”… Read More

September 14, 2021 @ 3:50 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has leveled fraud charges against App Annie and its co-founder and former CEO Bertrand Schmitt. The SEC says App Annie and Schmitt have agreed to settle the fraud charges and will pay a penalty of over $10 million to… Read More

September 14, 2021 @ 11:23 am By Omar Faridi  |  

MonetaGo, a Fintech-focused services provider, reveals that it has created a platform to address financing fraud in the trade finance sector on an international level. The trade finance industry has been impacted by duplicate financing fraud. In these types of cases, companies can acquire financing… Read More

September 14, 2021 @ 10:40 am By Omar Faridi  |  

The Coronavirus crisis has led to an international surge in digital commerce sales and online or all-digital businesses, as nationwide lockdowns have forced customers to engage with e-commerce platforms. As consumers continue to use digital commerce platforms and make cashless payments with virtual cards and… Read More

September 8, 2021 @ 9:18 pm By JD Alois  |  

Last week in the blitz towards the Labor Day holiday weekend, the Securities and Exchange Commission (SEC) filed an administrative proceeding pertaining to Direct Lending Investments (DLI) and an enforcement action that alleged securities fraud. In mid-2019, the SEC filed charges against DLI and its… Read More

August 25, 2021 @ 9:51 pm By Tony Zerucha  |  

The Securities and Exchange Commission (SEC) today charged Manish Lachwani, the former CEO of HeadSpin, an app testing company, with defrauding investors out of $80 million by falsely claiming the company had achieved strong and consistent growth in acquiring customers and generating revenue. The SEC’s… Read More

August 16, 2021 @ 11:48 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged HempAmericana its CEO, and six others with allegations of a penny stock fraud scheme. The SEC also charged certain of the participants with operating as unregistered dealers, and has obtained emergency relief to halt ongoing conduct. HempAmericana… Read More