Tagged: scams

March 5, 2023 @ 11:14 pm By Omar Faridi  |  

Feedzai, a key player focused on fighting financial crime with AI, has joined the Global Anti Scam Alliance (GASA) – a not-for-profit organisation whose goal is “to protect consumers across the world from scams – as a corporate member.” GASA brings together governments, law enforcement,… Read More

March 4, 2023 @ 2:34 pm By Omar Faridi  |  

Crime fighters worldwide have seen “an alarming uptrend in both traditional and crypto-related scams since the onset of the COVID-19 pandemic,” according to an update from Binance. Over the past years, Binance has been “engaging in discussions with law enforcement agencies worldwide about how to… Read More

February 20, 2023 @ 10:24 pm By Omar Faridi  |  

Pump and dump schemes in traditional finance are quite simple: Holders of a tradable asset, such as stock in a company, will “heavily hype and promote the asset to other investors, often using misleading statements, causing the price to rise rapidly as new investors buy,”… Read More

January 22, 2023 @ 5:00 pm By Omar Faridi  |  

  Bitcoin (BTC), the flagship cryptocurrency, has fallen from a high of nearly $70,000, which it reached in late 2022, to just over $20,000 at the time of writing. Meanwhile, Ethereum (ETH), the second-largest crypto-asset by market cap and the largest smart contract platform, has… Read More

January 15, 2023 @ 9:47 pm By Omar Faridi  |  

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint thematic Report on national financial education initiatives on digitalization, with “a focus on cybersecurity, scams, and fraud.” The Report identifies good practices “that national competent authorities and other public entities can… Read More

November 27, 2022 @ 11:23 pm By Omar Faridi  |  

CertiK has unveiled “an underground ring of KYC actors for hire, used by rogue developers to scam Web3 communities.” Basic KYC verifications “are regularly effective at annoying honest retail users, but unfortunately less so at stopping determined criminals from defrauding victims and laundering their stolen… Read More

November 16, 2022 @ 9:22 pm By Omar Faridi  |  

It’s not your “imagination.” Digital scams are “everywhere in our daily lives.” And as the holiday season approaches, fraudsters are “counting on you to let your guard down and take the bait,” according to an update from Visa (NYSE: V). Whether in the workplace or… Read More

September 4, 2022 @ 2:31 pm By Omar Faridi  |  

So far in 2022, $2,338,910,183 billion has been “lost to various scams and exploits in the Web3 world and a total of ~377 attacks recorded this year,” according to an update shared by CertiK. Just like in July, August has “seen the same number of… Read More

August 31, 2022 @ 10:00 am By Omar Faridi  |  

The FBI [Federal Bureau of Investigation] is warning investors that cybercriminals are “increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal cryptocurrency, causing investors to lose money.” The FBI has “observed cybercriminals exploiting vulnerabilities in the smart contracts governing DeFi platforms to steal investors’… Read More

August 22, 2022 @ 8:43 am By Omar Faridi  |  

The past 12 months have seen phishing attacks rise 29% globally to reach a new record of 873.9M attacks, with the highest uptake of over 400% in the retail and wholesale industries, according to the 2022 ThreatLabz Phishing Report by ZscalerTM. The United States, Singapore,… Read More

August 8, 2022 @ 10:30 am By Omar Faridi  |  

We recently connected with Kåre Kjelstrøm, Chief Technology Officer at layer-1 blockchain company Concordium. Kåre, who has an MS in Computer Science from the University of Aarhus, Denmark, is leading the development of Concordium’s blockchain platform – which embeds encrypted ID into on-chain transactions in… Read More

July 4, 2022 @ 3:40 pm By Omar Faridi  |  

In a bid to prevent more Australians falling victim to scams, Commonwealth Bank has introduced AI tech to detect suspicious and unusual behavior on its virtual banking platforms, keeping more clients safe by alerting them to potential scams. The new AI technology uses machine learning… Read More

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 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 @ 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

April 17, 2022 @ 8:00 pm By Omar Faridi  |  

We recently connected with Bill Sytsma, Senior Vice President at Callsign, a digital trust pioneer servicing some of the top banks in the US, to discuss authorized push payment (APP) fraud. Bill began working at Callsign in January 2021, where he is responsible for the… Read More

April 1, 2022 @ 8:07 am By Omar Faridi  |  

Millions of UK bank account holders are “putting themselves at a much greater risk” of fraud by ignoring warnings provided by the Confirmation of Payee (CoP) service. This, according to research by Lloyds Bank. When sending funds online to someone that hasn’t been paid before,… Read More

March 20, 2022 @ 11:59 pm By Omar Faridi  |  

In recent years, the peer-to-peer market has become “a competitive alternative to traditional assets due to attractive returns on investments, their predictability (yield and term are known in advance), ease of management and low volatility.” according to an update from Robo.cash. However, Robocash clarifies that… Read More