Tagged: fraudulent transactions

FATF Releases Updated Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing Report

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to combat money laundering and terrorism financing, has released an updated report, titled, Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing. Published on September 14, 2020, the report notes that… Read More

Over 90% of Actual Cryptocurrency related Transactions within a Financial Institution Might Not Even be Detected: Report

Current Financial Crimes Enforcement Network (FinCEN) regulations state that it’s the responsibility of all financial service providers to accurately and promptly identify and report any suspicious or potentially fraudulent activity. This activity may be related to how criminals or bad actors exploit convertible virtual currencies… Read More

UK Fintech Modulr Reportedly Becomes First Non-bank or Building Society to Join Confirmation of Payee Service

Earlier this week, Modulr reportedly became the very first non-bank or building society to join the Confirmation of Payee service, which allows people to check whether the payment details they’ve provided for an individual or company match the details that are held by the recipient’s… Read More

AI and Machine Learning Algorithms are Increasingly being Used to Identify Fraudulent Transactions, Cybersecurity Professional Explains

The retail banking sector has been hit with numerous scams during the past few years. Cybercriminals are now also beginning to increasingly go after much larger corporate accounts by launching sophisticated malware and phishing attacks, according to Beate Zwijnenberg, chief information security officer at ING… Read More

Chainalysis Introduces New Website, Market Intel, which gives Digital Asset Managers and Regulators Access to Meaningful Insight about Crypto Activity

Leading blockchain analysis firm, Chainalysis, which recently secured $49 million in capital through a Series B round, announced on July 27, 2020, that it has launched Market Intel, its newly designed website for asset managers and regulatory agencies. The new site may be used to… Read More

South Korea’s Regulators to Look into Security of Fintech Apps after Unauthorized Payments Made via Viva Republica’s Toss Platform

South Korea’s Financial Supervisory Service (FSS), a financial regulator that examines and supervises financial institutions under the oversight of the Financial Services Commission (FSC), is reportedly planning to look into the security of various Fintech platforms, due to unauthorized payments being conducted via Toss. Toss… Read More

UK’s Financial Conduct Authority Reports that Number of Suspicious Transactions and Order Reports Decreased for the First Time in 2019

The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), reports that the number of suspicious or potentially fraudulent transactions and order reports (STORs) recorded by the agency have decreased for the first time since it began recording them in 2016 Last year, the FCA… Read More

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