PYMNTS

SEPTEMBER 12, 2019

Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. A team of analysts can only handle so many potential fraud cases at a time, after all. . A report found that the U.S. imposed a full $23.52 million. .

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

AUGUST 26, 2019

Each of the defendants has been charged with “conspiracy to commit fraud, conspiracy to launder money, and aggravated identity theft,” according to the complaint and reports said other defendants also face fraud and money laundering charges. She worked for De Niro from 2008 until her resignation in April.

Fraud 145

Fraud Online Portland Los Angeles 145

PYMNTS

APRIL 9, 2019

The letter also calls on the Financial Conduct Authority (FCA) to investigate Lloyds Chief Executive Antonio Horta-Osorio, claiming he knew about the ongoing fraud as far back as 2011, but failed to initiate an investigation. The scam has already led to the imprisonment of several former executives.

Fraud 122

Fraud Groups Report Regulation 122

PYMNTS

DECEMBER 11, 2019

While Lloyds, which acquired HBOS in 2008 and subsequently discovered fraudulent activity at the unit, has paid out “generous” awards to impacted SMBs, Cranston added the process has “serious shortcomings.”. A 2017 trial related to the case led to six people being sentenced to jail for their participation in the fraud.

Fraud 100

Fraud Regulation Report Groups 100

PYMNTS

JUNE 22, 2017

Fighting fraud is a lot harder online, and a lot harder for merchants and consumers, as card-not-present transactions become the preferred method of malfeasance. In one recent announcement, payments provider TSYS and real-time learning technology platform Featurespace said they were joining forces to offer fraud prevention tools.

Fraud 162

Fraud Tools Cards Online 162

BankInovation

JULY 13, 2022

As part of the British multinational aerospace and defense company BAE Systems, London-based NetReveal delivered positive financial performance after BAE acquired the company in 2008, Mike Foster, […].

System 96

System Fraud Software Company 96

PYMNTS

MARCH 1, 2019

He served jail time in connection with fraud and conspiracy, centered on accounting tricks that were partly used to cover financial losses. The Enron fraud resulted in estimated losses in the tens of billions of dollars, and relied in part on mark-to-market accounting, which inflated asset values. Founder and Chairman Kenneth L.

Fraud 108

Fraud Payments Report New York 108

PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008.

Capital 268

Capital New Jersey Groups New York 268

PYMNTS

AUGUST 3, 2017

Back in 2004, fraud was on the rise globally. Digital fraud was a new beast, and people didn’t know any better than to be tricked by phishing emails that today would raise red flags for even the most technologically illiterate consumers — sketchy email addresses, poor grammar and those classic sob stories from Nigerian princes, to name a few.

Fraud 123

Fraud Payments Security Data 123

PYMNTS

SEPTEMBER 14, 2016

ACI Worldwide advises that, as the world moves toward immediate payment ecosystems, a holistic view of the transaction, with layered controls from origination to the application of real-time rules, is the only way to push the pedal to the metal on faster payments and put the brakes on fraud. million in 2008 and then to £59.7

Fraud 100

Fraud Payments Customer Experience Exercises 100

PYMNTS

MAY 9, 2016

Though the industry knew it was coming, the sharp migration of fraud from in-store to online channels with the growing adoption of EMV is still enough to keep any online merchant up at night. The data show that since the October 2015 EMV liability shift, United States fraud attacks have jumped by 11 percent. contact-form-7].

Fraud 100

Fraud Online United States Cyber Security 100

PYMNTS

MAY 23, 2017

In the latest Data Drivers, Uri Rivner, head of Cyber Strategy and vice president of Business Development at BioCatch , stated that as countries around the world embrace faster payments, they may do well to heed some sobering statistics on fraud gleaned from the United Kingdom’s own experience. Data Point One: 300 Percent. In the U.K.,

Fraud 101

Fraud Payments Data Cards 101

PYMNTS

SEPTEMBER 30, 2016

Fraudsters have been causing problems for retailers over the past four quarters, leading to a 137 percent jump in fraud attacks and affecting $7 out of every $100 made in retail sales, according to the latest PYMNTS.com Global Fraud Attack Index. The collaborative study with Forter measures the rate of fraud attempts made on U.S.

Fraud 100

Fraud Data Cyber Security Study 100

PYMNTS

DECEMBER 7, 2017

Today in PYMNTS’ data, fast food chains are reporting consumer satisfaction following implementation of mobile order-ahead offerings, retail stores are closing at a near-record pace, “unthinkable” numbers of executives share their companies have experienced cyber fraud, real-time faster payments finally make their way to the U.S.

Fraud 101

Fraud St. Louis Retail Data 101

PYMNTS

MARCH 27, 2020

It’s too soon to tell how coronavirus will impact the venture capital ecosystem, but some analysts are turning to the economic crisis of 2008 to make some educated guesses. In a recent report, CrunchBase looked back at how VC investors reacted to the market downturn over a decade ago. Arkose Labs.

Cards 181

Cards Fintech Capital California 181

Perficient

AUGUST 16, 2023

He was promoted to President and CEO in 2008. Shan Hanes, who served as the bank’s President and CEO until its closure, joined the firm in 1993 as an agricultural loan officer and Informational Technology Officer.

United States 221

United States Kansas FDIC Risk Management 221

PYMNTS

OCTOBER 15, 2020

The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled. And not only do hard times stimulate fraud, but they also create financial vulnerability among consumers. So, I think there’s a real kind of threat emerging right now.”.

Company 243

Company Fraud Compliance Course 243

PYMNTS

OCTOBER 8, 2019

Three former Barclays executives are facing a retrial and accused of participating in a “dishonest mechanism” to pay Qatar extra fees in exchange for emergency fundraising to avoid a bank bailout during the financial crisis in 2008. s Serious Fraud Office (SFO) also originally charged the bank itself, but those charges were jettisoned. .

Fraud 108

Fraud Regional Report Security 108

PYMNTS

AUGUST 20, 2020

A multitude of SMB investors are looking to help, but lending to digitally focused SMBs comes with its own hurdles, including fraud risks and inefficient lending procedures driven by stiff regulatory measures. One of the most pressing issues plaguing SMB lenders is the risk of fraud. Fraud targeting SMB lenders has increased by 7.3

Fintech 177

Fintech Fraud Lending Regulation 177

PYMNTS

JULY 16, 2020

The people warning BaFin about Wirecard’s potential fraud and money laundering activity included investors, U.S. In another instance, two short sellers accused Wirecard in 2016 of participating in money laundering and fraud. authorities, journalists and others in the know about the company, according to WSJ.

Report 169

Report Fraud Regulation Marketing 169

PYMNTS

SEPTEMBER 9, 2016

PYMNTS recently spoke with Luis Rojas, vice president of product management for Guardian Analytics , an online banking security firm, about the effect of a faster processing environment, the potential for increased fraud and how to mitigate that risk. The Mountain View, Calif.-based People are bracing for a similar spike here,” he added.

Fraud 100

Fraud Analytics Data Payments 100

FICO

MARCH 26, 2018

In order to understand the impact on fraud that real-time payments can have, it is useful to consider the wider payments account eco-system and the lifecycle of fraud. As this diagram shows real-time payments are a catalyst for fraud at multiple points, not just in payment transactions.

Fraud 88

Fraud Payments Examples System 88

PYMNTS

JUNE 10, 2019

The group’s genesis traces to West Africa in 2008, where Craigslist was used as a conduit to send counterfeit checks. The fraud evolved into romance scams a few years later, then BEC scams in 2015. “I In other news, spotlighting individual cases of payments fraud, as reported by the Grimsby Telegraph , a finance manager for U.K.

US 129

US Fraud Groups Report 129

PYMNTS

OCTOBER 29, 2018

The new director of the Serious Fraud Office ( SFO ) has stepped down from the prosecution of four former Barclays bankers over potential conflicts of interest. Osofsky joined the fraud office in August from U.S. In addition, Varley and Jenkins were slapped with a second charge of conspiracy to commit fraud.

Fraud 139

Fraud Compliance Lending Capital 139

PYMNTS

JANUARY 23, 2019

Four former high-ranking bank officials at Barclays have been accused of hiding 322 million pounds ($420 million) in payments to Qatar in exchange for investing in the bank and cash infusions in 2008, according to a report from Reuters. All four were charged with conspiracy to commit fraud by false representation.

Fraud 115

Fraud Security Marketing Report 115

PYMNTS

APRIL 23, 2020

The first was the burst of the dot-com bubble in 2000; the second was the 2008 financial crisis. When it comes to cybersecurity and fraud protection, it is critical to have monitoring tools in place to manage both internal and external fraud detection. and global economies.

Fraud 159

Fraud Tools Policies Operations 159

PYMNTS

SEPTEMBER 23, 2019

As we noted in the recent Digital Banking Tracker, the CNP fraud has taken a leg down in favor of fraud that looks to snag credit card numbers. Check Fraud, Too. In another example of decidedly low-tech fraud, in Oklahoma, a woman recently sentenced to prison stole $400,000 from her employer through signed paper checks.

Cards 124

Cards Data Florida Fraud 124

PYMNTS

DECEMBER 18, 2020

The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking. The fact that the bank let it continue until 2008, or even beyond, impeded or frustrated the detection of the money laundering activities,” the indictment read, according to Bloomberg.

Compliance 203

Compliance Regulation Report Innovation 203

PYMNTS

APRIL 7, 2020

Goldman Sachs Group – accuses the investment bank of suppressing secret dealings with a notable hedge fund manager as well as other conflicts of interest prior to the 2008 financial crisis. The class-action lawsuit – the Arkansas Teacher Retirement System v.

Arkansas 200

Arkansas Security Fraud Management 200

PYMNTS

FEBRUARY 19, 2019

During a fraud trial on Tuesday (Feb. 19), the former chairman of Barclays bank said that Qatar was “not as central” to the bank’s plans to fundraise billions in 2008, according to a report in the Financial Times. We at Barclays did not anticipate how much worse things were going to get,” he said.

Capital 115

Capital Fraud National Marketing 115

PYMNTS

APRIL 9, 2020

Kato added that Paidy has shown they can deploy quick remedies “in the inevitable battles against fraud” and advance the services offered. . Founded in 2008 by Lee Smith and Russell Cummer, Paidy has raised $224.6 million across seven funding rounds.

Customer Experience 230

Customer Experience Resources Fintech Fraud 230

CFPB Monitor

APRIL 30, 2020

After looking at how the 2008 financial crisis and its aftermath might inform regulators’ response to the pandemic, we discuss how collections, loss mitigation/hardship programs, and originations of existing products and new programs designed to assist pandemic-impacted consumers (including changes to credit risk/fraud models to address the pandemic’s (..)

Lending 60

Lending Fraud Regulation 60

PYMNTS

DECEMBER 9, 2019

The lawyer was previously convicted in 2016 for attempted fraud involving Anheuser Busch InBev heiress Amicie de Spoelberch, who is the widow of Luka Bailo. The suspicions began in 2008 when a whistleblower leaked information about thousands of clients of HSBC private bank. The lawyer stashed the money in Singapore, Dubai and Monaco.

Comparison 130

Comparison Fraud Report Company 130

PYMNTS

JULY 11, 2018

Falkowski was sentenced to 30 months in a federal prison for being the brains behind a $1 million fraud scam. To protect himself, he created faulty invoices to trick QVC into paying for his fraud. The fraud happened from 2008 until he was fired in 2013, noted the report. QVC former director James D.

Company 102

Company New York City Fraud Retail 102

Banking 2020

SEPTEMBER 15, 2015

In the UK, the scheme was launched nearly seven years ago back in May 2008, and in the years following there was a surge in online banking fraud. in 2008 and £59.7 After receding, online banking fraud losses jumped again last year to reach more than £60 million. Losses went from £22.6 million in 2007 to £52.2m Prevention.

Fraud 40

Fraud Payments St. Louis Security 40

PYMNTS

SEPTEMBER 20, 2018

The indictment, which was unsealed on Tuesday (September 18) in a federal court in Baltimore, charged the men with conspiracy, wire fraud, identity theft and money laundering. It’s been ten years since the 2008 financial crisis, and it is easy to forget the financial system is one built on trust,” he added.

Baltimore 167

Baltimore Maryland Texas Nevada 167

PYMNTS

JANUARY 12, 2020

Matthias, who has served as chair since 2008, will be succeeded by Thomas Eichelmann, a board member since 2019 and the head of its audit committee. Singapore police raided Wirecard in February on allegations of fraud and creative accounting. Matthias will stay on the board until his term expires in 2021.

Fraud 101

Fraud Report Strategy Retail 101