PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

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PYMNTS

DECEMBER 21, 2020

Italian police charged the former head of cryptocurrency exchange BitGrail, identified by the initials of “F.F.,” with money laundering, fraudulent banking and computer fraud, Reuters reported. “It cryptocurrency exchange Exmo reported a “major” security breach on Mon. They allege that F.F. Meanwhile, U.K.

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Abrigo

AUGUST 4, 2021

Survey: Top Challenges and Trends for BSA/AML Professionals Abrigo's 2021 FinCrime survey benchmarks obstacles and trends for BSA/AML and fraud professionals. Takeaway 1 Managing false positives and keeping up-to-date on regulatory changes continue to be a challenge for financial institutions. Register for the webinar: Register Now.

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PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. The latest AMC/KYC Tracker examines current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

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PYMNTS

AUGUST 19, 2019

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. The threat actors realized they can amplify their impact by targeting specific companies such as managed service providers,” said Bennett. Fraud that was in turn prevented by the unit amounted to as much as $8.2

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PYMNTS

JANUARY 27, 2021

Instead, he embezzled their cash and cryptocurrency, the release stated. Some criminals believe mistakenly that cryptocurrency is beyond the reach of law enforcement,” said U.S. This case shows we can use criminal forfeiture to compensate fraud victims even when cryptocurrency is used in the fraud.”.

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FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan.

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PYMNTS

FEBRUARY 13, 2019

QuadrigaCX, the Canadian crypto exchange that previously lost $250 million CAD worth of cryptocurrencies and fiat, has reportedly lost an additional $500,000 CAD. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”. The digital tokens include 51 bitcoin , 0.14

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Perficient

DECEMBER 27, 2023

Manage third-party risks, especially for relationships involving higher-risk or critical activities. Other, traditional financial crime risks, especially fraud, continue to demand banks’ vigilance. Contracts should explicitly address potential default and termination.

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PYMNTS

DECEMBER 28, 2020

Cryptocurrency lending platform Vauld raised $2 million to expand into full banking services, including issuing credit and debit cards and providing fiat and crypto order books, CoinDesk reported. 28), claiming that XRP is a “cryptocurrency asset,” not a security, CoinDesk reported, citing the company’s press release.

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Abrigo

MARCH 7, 2022

Takeaway 2 Planning ahead and informing management of expected changes will help financial institutions adapt to anticipated rules and guidance. However, the panel suggested thinking and planning around AMLA requirements and informing executive management of expected changes. 2022 Regulatory Focus. 2022 Regulatory Focus.

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PYMNTS

JUNE 21, 2019

Fraud knows no boundaries. Aside from the political implications of such claims, The New Yorker ‘s report pointed to the fraud risks that organizations face, even from the C-Suite. It also highlighted the predicament that organizations face if a C-Suite executive is found committing fraud. In the U.S.,

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PYMNTS

FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. The scheme was a multilevel marketing (MLM) operation that went on for two years, and managed to scam 70,000 victims for a total of $147 million.

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PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

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FICO

NOVEMBER 15, 2021

This week is International Fraud Awareness Week — but every week is Fraud Awareness Week for FICO, as we focus on helping banks and other financial institutions worldwide detect and manage fraud. Fraud is a big burden for such organizations but there are of course other victims – people just like you and me.

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FICO

DECEMBER 17, 2020

Cryptocurrency exchange rates have skyrocketed in the past month. According to a recent report , the total of cryptocurrency related frauds and thefts stands at a staggering $7.69b. billion of losses stemming from fraud, scams, and misappropriation of funds. This includes $2.8 This includes $2.8

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PYMNTS

AUGUST 2, 2019

Data storage firm Seagate revealed that it has moved its anti-fraud blockchain project with IBM into the pilot stage. In other news, Brazil’s Tax Authority has announced that transactions involving cryptocurrencies must now be reported to the Department of Federal Revenue ( RFB ).

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PYMNTS

JUNE 22, 2020

The Securities and Exchange Commission has filed a lawsuit to freeze the assets of two brothers allegedly engaged in “an offering fraud” and in misappropriating investor funds. Fraud relating to cryptocurrency has been on the rise in recent years as the form has become more mainstream.

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PYMNTS

AUGUST 23, 2019

Traki customers will be able to use various cryptocurrencies as payment options for the retailer’s products. Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system,” Zac Cheah, co-founder and CEO of Pundi X, said in a press release. “At

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Abrigo

DECEMBER 19, 2022

Takeaway 1 Effective AML/CFT programs require ongoing training to keep AML and fraud staff compliant. Training materials for anti-money laundering & fraud professionals. Below are some of the most popular resources to help fight money laundering and fraud in 2022. Complimentary AML info. From crypto to cannabis.

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FICO

APRIL 29, 2022

With any change, fraud comes hand-in-hand. Some of the changes are related to new digital payments methods like P2P apps, tap-to-pay, and cryptocurrency, which are all growing options in retail environments. All these evolutions mean a changing landscape for retail fraud and scam trends.

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PYMNTS

MAY 12, 2020

Bitcoin has long been the marquee name — shorthand, if you will — for the cryptocurrency space. The bank is providing cash-management services for the exchanges’ U.S. A few years ago, JPMorgan CEO Jamie Dimon stated that bitcoin amounted to a fraud that was “worse than tulip bulbs.” The Risks of Fraud. bitcoin exchange.).

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PYMNTS

MAY 22, 2020

With new microchip tech by Cardano , cryptocurrency users would be able to access payment services without an internet connection. Cardano’s idea could create a fiat-like experience for users, and it could open up possibilities like authenticating and managing luxury goods, like the ability to identify a Louis Vuitton bag, for instance.

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PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

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Abrigo

MARCH 11, 2022

Takeaway 2 Planning now and informing executive management of expected changes will enable NBFIs to move forward with anticipated rules and guidance. Cryptocurrency In general, NBFIs have a higher risk tolerance for cryptocurrency than traditional financial institutions. Regulatory topics for NBFIs to watch for.

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PYMNTS

JUNE 17, 2020

Robert Farkas, the 33-year-old co-founder of crypto project Centra Tech , has pleaded guilty in court to conspiring to commit securities and wire fraud, Coindesk reported. In Saudi Arabia, the Islamic Development Bank Group is developing a new blockchain-based smart credit management system. He could face up to 10 years in prison.

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PYMNTS

MARCH 14, 2019

Strategic Treasurer and TD Bank found in their survey that the majority of respondents said manual processes are their biggest operational challenges today, more so than issues like fraud, regulatory changes or staffing. Most also said payments management is the most time-consuming process, followed by cash forecasting.

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PYMNTS

FEBRUARY 26, 2019

A man in India tricked 12 people out of $250,000 with a scam involving a fake cryptocurrency named after the Indian version of the show “Who Wants To Be A Millionaire,” according to reports. He is believed to have been running the scheme since around the crypto surge at the end of 2017, but the fraud was filed with police just last week.

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PYMNTS

MARCH 15, 2020

The New York Department of Financial Services ( NYDFS ) sent a letter to the approximate 18 cryptocurrency firms it regulates saying they have 30 days to submit a contingency plan in the face of the coronavirus epidemic. We have a standing Crisis Management Team continually reviewing new information as it comes in.

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Jeff For Banks

NOVEMBER 28, 2023

Embedded finance : Banking services will be integrated into everyday activities, such as shopping, paying bills, and managing finances. Decentralized finance (DeFi) : DeFi technologies, such as blockchain and cryptocurrencies, will disrupt traditional banking models and create new opportunities for financial inclusion.

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PYMNTS

JUNE 20, 2016

Let’s talk about money management. This week’s B2B Data Digest focuses on the flux and flow of managing cash. Examine the latest research to grasp just how cumbersome modern cash management can be. $3 reports said, as is corporate employee fraud. But poor cash flow can ultimately lead to demise. 60% of U.K.

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PYMNTS

MAY 20, 2020

Volatile market swings might not have as debilitating an effect on those who spread out their purchases of the cryptocurrency over time and in smaller amounts, Cash App said in a tweet. The news was a surprise for those who remembered CEO Jamie Dimon’s past comments that bitcoin was fraud “worse than tulip bulbs.”.

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PYMNTS

NOVEMBER 18, 2020

18), the first time the cryptocurrency has climbed above $18,000 since December 2017, CNBC reported. While the digital coin has been going through waves in its price point, some analysts and cryptocurrency fans said they think the trajectory is uphill. Bitcoin has continued to rise, hitting $18,172 Wednesday morning (Nov. Eastern Time.

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The Paypers

AUGUST 9, 2018

(The Paypers) The Paypers interviews David Sapper , Blockbid ’s COO to find out more about the cryptocurrency exchange, and how they manage onboarding and KYC while fighting fraud

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PYMNTS

AUGUST 28, 2019

Kadena’s existing blockchain clients include $3 billion asset manager USCF Investments, healthcare technology company Rymedi, and leading Latin American technology business Alteum, as well as one of the world’s top 100 largest banks, and Fortune 500 companies. “SEN SEN allows our institutional customers to deposit and withdraw U.S.

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PYMNTS

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. The group managed to get $12 million from 2,000 investors, Coindesk reports. The defendant in the case is Utah resident Daniel F.

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CB Insights

MAY 8, 2019

The New York Attorney General sued cryptocurrency exchange Bitfinex and affiliated stablecoin Tether for misleading clients and is investigating the companies for ongoing fraud. The post Client Note: Stablecoin Fraud, SoftBank Dives Into Latam, Equity Management Unicorn, And More appeared first on CB Insights Research.

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