PYMNTS

MARCH 2, 2018

For their alleged roles in a massive stock fraud and money laundering scam involving a Picasso, the U.S. In addition, prosecutors said eight defendants, including offshore bank Loyal Bank Ltd, planned to launder proceeds from the fraud. million British pounds, which an undercover agent had said were proceeds from the fraud.

Fraud 161

Fraud Taxes Security Management 161

PYMNTS

FEBRUARY 26, 2020

Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales platform. On fake tax returns, he said the bitcoin was gifted to him from a relative. dripping fraud and deceit every step of the way….

Fraud 207

Fraud Bitcoin Washington Taxes 207

PYMNTS

APRIL 14, 2017

While the fraud ecosystem continues to rapidly develop and advance, big data may prove itself to be a strong weapon in combatting fraud. With that thought in mind, DataVisor set off on a mission to utilize harness and analyze that could potentially detect fraud and protect billions of users around the world.

Fraud 112

Fraud Online Big Data Taxes 112

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Financial crime is a constant worry for banks, credit unions, FinTechs and other financial institutions (FIs) and businesses, with total fraud losses totaling $1.45 trillion a year. billion) in attacks.

Fraud 222

Fraud Payments Security Data 222

PYMNTS

OCTOBER 17, 2018

The FTC examined fraud reported directly to the agency and excluded reports about shop-at-home purchases, finding that from January through September of this year, gift cards and reload cards were reported as a payment method in 26 percent of the fraud reports, up from just 7 percent in 2015 — a 270 percent increase.

Cards 174

Cards Payments Fraud Google 174

PYMNTS

MARCH 18, 2020

Fraud is a perennial concern for quick-service restaurants (QSRs), and digital channels open ample new avenues for cybercrime, with hackers targeting restaurants for their cash, data and even customers’ loyalty points. The following Deep Dive explores the different types of social engineering fraud and how restaurants can combat them.

Fraud 177

Fraud Training Data Taxes 177

PYMNTS

DECEMBER 27, 2016

PYMNTS consulted 21 payments executives from across the industry to share their insights on the biggest takeaways from 2016 as part of the “Payments 2016, The Year Of…” eBook. Payments 2016: The Year Of The Emergence Of The Global Citizen. 2016 saw more people transacting across borders in larger sums than ever before.

Payments 113

Payments eBook Regional Study 113

PYMNTS

SEPTEMBER 15, 2020

He also cited “banks’ aversion to taking on risk and fraud” in a proactive manner that leads them to create and promote new card offerings. For the traditional FIs, evolution is slow, he said, in what has traditionally been a “swipe” market, and where in a swipe market, fraud has traditionally been borne by the issuer.

System 258

System Operations Fintech Taxes 258

Abrigo

JUNE 27, 2023

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. Then, in January 2016, FinCEN issued the first Geographic Targeting Order (GTO) related to real estate a few months before the release of the Panama Papers. In the GTO, FinCEN began requiring U.S.

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El Paso Miami United States New York City 195

PYMNTS

MARCH 2, 2018

Millennials are apparently reporting losing money to fraud more often than seniors. Forty percent of those aged 20-29 who reported fraud indicated they lost money, while only 18 percent of those 70 and older said they lost any funds. Overall, the FTC is seeing that consumers are losing more money due to fraud in 2017 than 2016.

Millennials 138

Millennials Fraud Taxes Report 138

PYMNTS

JUNE 14, 2018

million, in 2016 alone. with more than 16,800 victims recorded in 2016. “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement. That figure rose to 10,000 last year.

Fraud 109

Fraud Taxes Resources National 109

PYMNTS

AUGUST 30, 2019

Today in the payments news roundup, travel technology firm Amadeus is teaming with Visa’s CyberSource to bolster anti-fraud measures for the industry. Trending: Merchants Struggle With The (Un)Certainty Of eCommerce Sales Taxes. Also, Netflix turned 22 on Thursday (Aug. Citi Banks On API Calls To Make Treasury Ops Real Time.

social media 101

social media Payments Fraud Taxes 101

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

OCTOBER 8, 2019

Plaintiffs say that the actions of iFinex was “part fraud, part pump-and-dump and part money-laundering.”. The umbrella company running Bitfinex and Tether , iFinex, has been hit with a $1 trillion class-action lawsuit. Together, Bitfinex and Tether manipulated a market that, by design, is supposed to be decentralized,” states the lawsuit.

Bitcoin 181

Bitcoin Taxes cryptocurrency Innovation 181

PYMNTS

MARCH 12, 2019

In addition, the problem of fraudulent tax returns could keep growing as digital processes come to the tax-filing-and-return space. billion : The amount of theft, at a minimum, caused by fraudulent tax returns in 2016. 172 billion: The value of peer-to-peer (P2P) transfers consumers made via their bank accounts in 2018.

Taxes 122

Taxes Regional Data Mobile 122

PYMNTS

MARCH 26, 2018

Complex tax law has been linked to the rise in eInvoicing in B2B commerce, according to Julie Park, managing director of VAT and customs duty at The VAT Consultancy. She pointed to Latin America , which enacted some of the world’s first eInvoicing mandates for the purposes of tax rule enforcement. billion every year.

Taxes 102

Taxes Fraud Compliance Regulation 102

CFPB Monitor

JULY 6, 2016

In its Summer 2016 Supervisory Highlights , which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt collection, mortgage origination, small-dollar lending, and fair lending. million to more than 257,000 consumers.

Lending 68

Lending Regulation Compliance System 68

PYMNTS

OCTOBER 22, 2018

In 2016, the Australian Tax Office pushed for a nationwide standard of electronic invoices. In addition, the Treasury noted that two of the potential benefits for small businesses using eInvoicing is a decrease in both error and fraud. “Research shows it costs $30.87 to process a paper invoice, $27.97

Taxes 139

Taxes Fraud National Industry 139

PYMNTS

FEBRUARY 22, 2019

Internal Revenue Service (IRS) said that ahead of tax season, preparers and other victims received requests to change direct deposit activity. News comes this week from Mississippi that state workers are being targeted by similar fraud attempts. It has been alleged that, in 2016, he falsified two invoices for a total of £700 ($911.65

Mississippi 135

Mississippi Minnesota Fraud Report 135

PYMNTS

JUNE 15, 2018

In the Middle East , RAK Bank has said it will offer Sage accounting software to business banking customers, in an agreement that helps those firms manage value-added tax (VAT) compliance mandates. The software firm, Sage, has had five of its accounting offerings focused on VAT, accredited by the UAE Federal Tax Authority.

Fintech 115

Fintech Compliance Software Taxes 115

PYMNTS

OCTOBER 10, 2018

One of the biggest problems with wire, particularly in the B2B payments space, is its target for fraud, and the Federal Bureau of Investigations (FBI) says instances of business wire fraud, commonly referred to as the business email compromise, are climbing. Thieves attempted to steal $5.3

Fraud 116

Fraud Compliance Innovation Payments 116

PYMNTS

DECEMBER 4, 2018

The center of the money laundering investigation at Deutsche Bank lies at a tiny unit that was barely able to eke out a profit and had been up for sale since the early part of 2016, reported Financial Times. In 2016, it operated trusts for around 900 clients, with €311m in assets.

Virgin Islands 116

Virgin Islands Taxes Operations America 116

PYMNTS

JULY 22, 2019

KeyBank’s Costly Payroll Fraud Problem . Regional banking force KeyCorp disclosed a massive fraud that could potentially cost as much as $90 million – according to reporting out of CNBC last week. A loss for KeyCorp – but by far not the weeks’ biggest, or most explosive case of fraud. Starting with.

Data 100

Data Security Fraud Indiana 100

PYMNTS

APRIL 2, 2019

The FCA said it saw evidence that Innovative Finance ISAs, which are used to shelter peer-to-peer loans from capital gains and income tax, were marketed along with cash ISAs even though they don’t give the same level of protection to consumers. They were released pending further investigations.

Capital 108

Capital Taxes Fraud Marketing 108

PYMNTS

APRIL 7, 2017

He cited third-party apps in spaces like expense reporting, payments and tax management as a few of the areas that stand to benefit from an agreement like the one made with Wells. reached a new high in 2016, with 1,093 incidents marking a 40 percent increase from 2015 levels.

Data 191

Data Technology Security Tools 191

PYMNTS

DECEMBER 10, 2018

The unit, which was based in the British Virgin Islands, was part of the bank’s Global Trust Solutions (GTS) business, which had been for sale since 2016. The business was handling trusts in low-tax locations like Germany and the Virgin Islands. In October of 2017, a deal was reached to sell the unit to N.T.

Virgin Islands 167

Virgin Islands Taxes America Report 167

CFPB Monitor

FEBRUARY 2, 2017

The scope of global and domestic initiatives to prevent and detect money laundering, fraud, and the financing of terrorism is expanding. Money Laundering Watch begins with Part One of a 2016 year in review , focusing on key federal and state regulatory developments in Anti-Money Laundering and related enforcement actions.

Policies 60

Policies Compliance Leadership Fraud 60

Fintech Labs Insights

APRIL 13, 2016

FinDEVr alum and long-time Magento partner, Avalara announced that its sales-tax calculation solution, Compliance Cloud, will be a part of Magento 2.0 In addition, customers will get access to Avalara’s tax prep, filing and remittance services. ” Seattle-based Avalara has spent the first quarter of 2016 lining up partners.

Taxes 12

Taxes Fraud San Jose San Francisco 12

PYMNTS

JUNE 13, 2019

Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud. Only 22 percent reported changing their login information following a security breach – down from 25 percent in 2016 – with most citing they were afraid they would forget their new passwords. More than 4.5

Security 129

Security blockchain San Francisco United States 129

PYMNTS

MAY 9, 2016

The firm published its 2016 Small Business Fraud Report , emphasizing the risks that small businesses face in back-office fraud. Small businesses are also found to be adopting anti-fraud tools more slowly than larger companies, researchers said. Dive into the data below to make up your own mind. .

America 100

America National Capital Survey 100

PYMNTS

DECEMBER 2, 2018

Since the publication of the Panama Papers in 2016 we have reviewed the whole issue and, in doing so, cooperated closely with the regulatory authorities. Late last week federal authorities in Germany raided six offices of Deutsche Bank on Thursday morning (November 29), searching for evidence about money laundering and offshore tax havens.

Taxes 129

Taxes Course Report US 129

PYMNTS

JUNE 17, 2019

The bank has been under investigation since 2016, and it took a 95 million euro provision in April for a potential fine related to the crime. Nordea Bank’s Danish headquarters was raided and searched by the country’s state prosecutor for potential ties to illegal money laundering, according to a report in Reuters.

Virgin Islands 103

Virgin Islands Taxes Groups Report 103

FICO

FEBRUARY 9, 2021

When the country voted in favour of Brexit in June 2016, it signalled the start of a long, painstaking journey to split from the European Union. Unpaid tax warning - Criminals have come up with a new twist on the unpaid tax scam. Fraud cannot be stopped if it’s not spotted first. . Playing the Long Game.

Taxes 52

Taxes Fraud Data Examples 52

PYMNTS

DECEMBER 8, 2016

Not so for other parts of the world: Government mandates are looking to reduce corruption and fraud and enhance reporting capabilities through eInvoicing requirements. In Europe, analysts at the Organization for Economic Cooperation and Development found that eInvoice mandates are helping Europe to promote tax compliance and detect fraud.

Compliance 100

Compliance Regulation Taxes Fraud 100

PYMNTS

JULY 1, 2016

The Consumer Financial Protection Bureau said Thursday (June 30) that it has, through the first four months of 2016, recovered $24.5 In other cases, some collectors were able to illegally steer consumers to affiliate companies for tax and other services. million for consumers harmed by illegal auto finance and other types of loans. .

Training 101

Training Taxes Lending Payments 101

PYMNTS

FEBRUARY 21, 2018

Ubin was first announced in 2016 with the central bank launching a partnership with blockchain company R3. Perhaps it isn’t surprising that analysts are now musing about how to avoid a repeat of the Punjab National Bank fraud scandal, and some are looking towards blockchain to do so.

blockchain 130

blockchain Los Angeles Regulation Oregon 130

Lars Markull

DECEMBER 4, 2019

The legislator wants to prevent tax fraud and is hoping that more merchants will record accurate sales numbers, and thus, tax payments will increase. The law actually goes back to the end of 2016, however, the final details were adopted just in June 2019. Some background. The public debate. The purpose? My opinion.

Taxes 53

Taxes Course System Strategy 53