Perficient

JULY 20, 2023

In today’s business environment, physical checks present several challenges that hinder operational efficiency, including time-consuming processing, high costs, and susceptibility to errors or fraud. And despite this being a significant decrease in volume, check fraud continues to increase. billion payments (27.23

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PYMNTS

SEPTEMBER 24, 2019

The CEO and founder of the New York payroll company MyPayrollHR was arrested and charged Monday (Sept. 23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said.

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PYMNTS

FEBRUARY 9, 2020

5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Steiner said he helped the 49-year-old Mann allegedly defraud two finance companies out of nearly $13 million between 2013 and 2019.

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PYMNTS

FEBRUARY 13, 2019

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1 million in Dec.

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PYMNTS

DECEMBER 20, 2018

The United States Department of Justice announced on Thursday (Dec. 20) that it’s bringing charges against two Chinese nationals for an alleged global hacking campaign that affected multiple companies and military branches, including 100,000 members of the U.S. Navy, CNBC reported. The men are at large.

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PYMNTS

JANUARY 11, 2021

The great digital shift – and the rising tide of eCommerce – has placed greater pressure on companies to verify their customers and guard against account takeovers. To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million. In a Monday (Jan. In a Monday (Jan.

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PYMNTS

AUGUST 26, 2019

The Hill reported that the 252-count indictment was unsealed after authorities arrested 14 of the defendants in the United States; 11 of them had been based in Los Angeles; the remainder are outside the United States. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims.

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PYMNTS

JULY 8, 2020

Adding to the series of legal difficulties for Wirecard , the Justice Department is looking to see if the German payments company had an essential part in a purported $100 million bank fraud case involving a digital cannabis firm, The Wall Street Journal reported, citing unnamed sources. The FBI’s New York field office and the U.S.

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PYMNTS

JUNE 22, 2020

Vinnik, who’s currently held in France but wanted in the United States and his native Russia, allegedly laundered billions of dollars through BTC-e, one of the world’s largest digital-currency trading exchange, the Associated Press reported Monday (June 22). But the U.S. for violations of the Bank Secrecy Act.

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PYMNTS

OCTOBER 22, 2020

s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem. That meant the rollout was rocky and filled with delays almost everywhere it went, especially in the United States. Why 3DS 2.0 Moreover, he noted that the 3DS 2.0

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PYMNTS

OCTOBER 10, 2019

Indian pharma mogul Shivinder Singh was taken into custody in Delhi on charges of fraud and the misappropriation of funds. The brothers have both denied all the fraud allegations against them. billion sale of drugs company Ranbaxy to Japan’s Daiichi Sankyo in 2008 — the biggest foreign acquisition of an Indian company.

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Abrigo

MARCH 3, 2021

While the typologies of EIP fraud are not new, FinCEN has provided examples of trending types of EIP-related criminal activities. . Takeaway 1 FinCEN has provided examples of the trending types of EIP fraud. . Takeaway 3 FinCEN has requested specific SAR filing instructions for EIP fraud. . Red flags for EIP fraud.

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PYMNTS

JULY 21, 2020

“COVID [is] forcing … states and cities and municipalities to address a problem that’s really been going on for years and years — that is, their systems are outdated,” Townsley-Solis said. They are going to have to update how they mitigate and control fraud and risk and update their systems. There’s No Time To Waste.

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PYMNTS

DECEMBER 26, 2018

The Federal Bureau of Investigation (FBI) is warning about a new form of fraud that targets companies, schools and nonprofits around the United States. As a result, law enforcement agencies around the world have increased their efforts against money mule fraud.

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PYMNTS

JANUARY 8, 2021

Equifax has inked a deal to purchase artificial intelligence (AI)-powered fraud prevention and digital identity technology provider Kount for $640 million. Kount’s staff members will become a part of Equifax’s United States Information Solutions (USIS) business unit and will still be based in Boise, Idaho, according to a Friday (Jan.

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PYMNTS

JUNE 14, 2019

Many of the headlines centered on payments fraud have focused on the damage done to smaller suppliers and vendors, especially in the U.K. But beyond the now-familiar conduits of fraud done across email or through fake invoices, some lures have come through ties with cryptocurrencies. The scheme took place over three years.

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PYMNTS

JULY 21, 2017

If a data breach is a sprint — where a fraudster grabs as much data as he or she can, as quickly as possible, in an effort to maximize ill-gotten gains — the fight against fraud is a marathon. Fraud varies country to country, region to region. Europe may offer a tell on the fraud to come. A marathon that never ends.

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Abrigo

FEBRUARY 15, 2023

It is also important to note that while we may think of corruption as an international issue in other countries, such as Venezuela or Nicaragua, corruption can also happen within the United States. Fraud - Fraud is believed to be the largest generator of proceeds for criminals in the U.S. or internationally.

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PYMNTS

JANUARY 4, 2019

It’s no surprise that payments fraud is on the rise. Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Then again, the fraud may be a bit more low-tech and on-site.

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PYMNTS

MARCH 8, 2019

United States prosecutors are bringing criminal charges against the leaders of OneCoin, a cryptocurrency, alleging they were operating a pyramid scheme worth in the multi-billions, when selling the currency. Ignatov is from Bulgaria and was charged with wire fraud conspiracy. The scheme amounts to fraud, prosecutors say.

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Abrigo

JANUARY 3, 2024

1, 2024, many companies must begin reporting information about who ultimately owns or controls them to a federal beneficial ownership registry. 1, 2024, many companies are required to begin reporting to the U.S. Reporting companies created or registered before Jan. Reporting companies created or registered after Jan.

Fraud 221

Fraud Regulation Report Compliance 221

PYMNTS

DECEMBER 18, 2020

The paper said that prior to the approval of vaccines by regulators in the United States and the European Union, authorities had warned that fraudsters would use the opportunity to launch scams or sell stolen doses. INTERPOL states on its website : "(W)e are seeing an increase in counterfeit medical products, fraud and cybercrime.".

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PYMNTS

JUNE 15, 2018

CNBC reported late Friday (June 15) that Holmes, who left the CEO post that same day, was indicted on criminal wire fraud charges. The company said Friday that Holmes remains chairman of the Theranos board. The scope of the fraud? The indictment was also lobbed by the Feds at ex-Theranos President Ramesh “Sunny” Balwani.

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PYMNTS

DECEMBER 7, 2018

7), Canadian prosecutors officially accused Huawei Chief Financial Officer Meng Wanzhou of sanctions fraud. 1 in Vancouver by Canadian officials at the request of the United States. Meng used a Hong Kong company known as Skycom Tech to do business with telecom companies based in Iran from 2009 to 2014.

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PYMNTS

AUGUST 29, 2018

29) showed that counterfeit fraud ticked down at U.S. To that end, Visa said that, as of its latest “Visa Chip Card Update,” as many as 67 percent of storefronts in the United States now accept chip cards. The company further elaborated that counterfeit fraud dollars at all U.S. merchants slipped 46 percent.

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PYMNTS

NOVEMBER 8, 2018

PNC Bank’s Treasury Management unit is testing a new solution to address card-not-present (CNP) fraud for commercial clients. The company said in a press release Wednesday (Nov. 7) that it is piloting Dynamic CVV2 technology for commercial card customers. “Almost all U.S. “Almost all U.S. ” .

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Fraud Cards United States Online 116

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.

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Fraud Online United States Cyber Security 100

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. The Association of Real Estate License Law Officials estimates that there are more than 3 million active real estate licensees in the United States. In 2017, over 5.51 In 2017, over 5.51

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PYMNTS

FEBRUARY 23, 2018

23) that counterfeit fraud, as measured in dollars, dropped 70 percent in December 2017 compared to September of 2015. In an infographic provided by the payments giant, the company estimated that 2.7 The company said 67 percent of Visa credit and debit cards have chips. Visa announced news on Friday (Feb.

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PYMNTS

JULY 15, 2019

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. This past week it was reported that, per an investigation by the Australian Institute of Criminology, such fraud amounted to $42 million over the past year. Grayson Jr., owner of Zealcon Corp.,

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Fraud Cards Taxes Payments 109

Jeff For Banks

NOVEMBER 28, 2023

I asked Google Bard, a large language model tool, the following: "Describe the future of banking in the United States in buzzwords." Artificial intelligence (AI) and machine learning (ML) : AI and ML will be used to automate tasks, improve customer service, and detect fraud. Here is what it came up with.

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United States Analytics Risk Management Google 91

PYMNTS

OCTOBER 19, 2018

Those fraudsters can learn new techniques and keep a step ahead of companies, regulators, law enforcement and governments. At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. million fraud crimes in 2017, Trilli said, and $22.1 billion worth of fraud losses. In the U.S.,

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PYMNTS

JUNE 23, 2020

Vinnik, who’s currently held in France but wanted in the United States and his native Russia, allegedly laundered billions of dollars through BTC-e, one of the world’s largest digital currency trading exchange, the Associated Press reported Monday (June 22). 10 of this year. 10 of this year.

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PYMNTS

MARCH 15, 2019

Barclays said this week that as many as one in seven small businesses (SMBs) have been victimized by invoice fraud within the past 12 months. Emailage CEO Rei Carvalho said in a statement, “This research shows a lack of concern among many SMB owners when it comes to fraud prevention.

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Abrigo

APRIL 18, 2022

Innovation is key in the world of decentralized currencies The United States will have to be creative to stay competitive globally as digital assets enter the mainstream. However, today it is still a relatively new market that does not have mainstream usage within the United States. Priorities.

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PYMNTS

MARCH 6, 2020

Efficiency is just one piece of the puzzle, he said, while fraud mitigation is another piece that is becoming more important. As scammers get more sophisticated, he notes, check fraud is on the rise. As it stands, AvidXchange helps one in four banks across the United States automate AP and payments.

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PYMNTS

DECEMBER 1, 2020

Bitcoin’s price has been steadily rising in recent weeks, climbing above $19,000 last week , thanks to the pandemic-driven shift toward digital payments and cryptocurrency adoption by several mainstream companies, including Square and PayPal. In other news, Gutemberg Dos Santos was extradited from Panama to the United States on Nov.

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Bitcoin cryptocurrency United States Fraud 201