Abrigo

NOVEMBER 3, 2021

FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. .

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Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

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PYMNTS

NOVEMBER 10, 2020

PayPal is opening its network to allow consumers to shop using cryptocurrency. In the meantime, as central banks look toward a rough timeframe of 2025 to get up and running with digital fiat, McCarthy said that over the short term we’ll see more practical use cases leveraging cryptocurrencies — especially in the business-to-business space.

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PYMNTS

FEBRUARY 9, 2020

The cost of crimes involving bitcoin and cryptocurrency hit $4.3 However, upon purchasing the cryptocurrency from PlusToken, users would eventually find that the sites didn’t work and they couldn’t get their money out. Many people who had bought cryptocurrency through the program lost everything they had supposedly purchased.

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PYMNTS

AUGUST 11, 2017

And the winner of the newest frontier of financial fraud is cryptocurrency. As cryptocurrency increases in popularity, it has attracted dangerous minds. In London, police have made an arrest of a man suspected of setting up a so-called “boiler room” for selling false cryptocurrency to various investors.

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PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

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Abrigo

DECEMBER 28, 2022

Most-read blogs on financial crime in 2022 Synthetic ID fraud, AML quality control, and SAR writing topics were among Abrigo's top blogs on AML/CFT and fraud this year. . Takeaway 1 AML/CFT and fraud professionals often keep up to date on industry trends by reading Abrigo's blog. Abrigo's top AML/CFT articles. Keep me informed.

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention. In fact, a recent GeoGuard survey found that U.S.

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PYMNTS

SEPTEMBER 11, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies. Even the U.S.

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Chris Skinner

FEBRUARY 18, 2018

Unless you have been asleep for the last year, you cannot have failed to catch the buzz around bitcoin and other cryptocurrencies such as Ethereum’s Ether and Ripple’s XRP. There are even some coins that were created as a joke that are getting significant investments, such as Dogecoin.

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PYMNTS

OCTOBER 9, 2020

Bitcoin and other cryptocurrencies are continuing to attract attention from authorities for all the wrong reasons. Justice Department report is taking aim at the “emerging threats and enforcement challenges” associated with digital currencies, establishing a “Cryptocurrency Enforcement Framework” to address problems.

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Bank Innovation

OCTOBER 3, 2017

The Acting Comptroller of the Currency of the United States, Keith Noreika, has stated that he is considering imposing a nationwide licensing program for cryptocurrency exchanges, similar to the licensing program recently enacted in Japan. Last week, Japan’s […].

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United States cryptocurrency Bitcoin National 284

Abrigo

JANUARY 4, 2023

Guidance for banks on the lookout for crypto scams and fraud The turbulent cryptocurrency scene should put bankers on high alert. You might also like this whitepaper, "Understanding cryptocurrency." Takeaway 1 Cryptocurrencies are the newest and most popular field in potential financial gains through fraud.

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Payments Source

DECEMBER 11, 2019

prosecutors with helping run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme.”. Three men were charged by U.S.

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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

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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Payments Dive

MAY 17, 2022

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

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PYMNTS

FEBRUARY 23, 2020

Binance , Nigeria’s cryptocurrency market, has seen sign-ups surge 50 percent so far in 2020. Nigeria has latched on to the cryptocurrency trend, boasting 35 million unbanked adults who possess mobile phones, the vast majority being women. Fraud has become a concern with cryptocurrency around the world.

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PYMNTS

APRIL 5, 2019

That could be the emerging story when it comes to smartphones and cryptocurrencies, given Samsung’s recent entry in this area of digital payments. But it is perhaps the presence of an in-built cryptocurrency wallet that represents the most significant departure from past devices” when it comes to the Galaxy S10. Better late than never?

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American Banker

SEPTEMBER 15, 2023

Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.

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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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PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept. FinCEN is focused on various kinds of cyber threats and cybersecurity, Blanco said.

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PYMNTS

AUGUST 19, 2019

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Fraud that was in turn prevented by the unit amounted to as much as $8.2

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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 2 Banking cannabis-related businesses and cryptocurrency are two hot topics in the BSA/AML and fraud space. The jury's still out on cannabis and cryptocurrency.

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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

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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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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PYMNTS

JANUARY 23, 2020

5AMLD’s impacts include strengthening anti-money laundering (AML) and counter-terrorist financing (CTF) regulations in the cryptocurrency space — something that has not pleased all the affected crypto companies. Worldpay On Modernizing Security To Foil eCommerce Fraud. Around The AML/KYC World. Get the full story in the Tracker.

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PYMNTS

DECEMBER 20, 2019

In Q3 2019 alone they made off with cryptocurrency valued at almost $4.5 Among the inventive ways that companies are fighting digital fraud in 2020 is Teradata’s new concept of analyzing computer mouse movements, as it turns out that hackers move their mice very differently than regular people. Fraud prevention tech has to scale.

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PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. The anonymous nature of cryptocurrency, coupled with its irreversible transactions, is especially attractive to scammers and fraudsters.

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PYMNTS

MARCH 11, 2020

This year also kicked off the implementation of the Fifth Anti-Money Laundering Directive (5AMLD), which included among its provisions requirements that cryptocurrency companies be more vigilant in preventing financial crimes from being committed over their platforms. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

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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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PYMNTS

JULY 16, 2020

In other news, Thailand’s central bank has arrived at the third step of its central bank digital currency (CBDC) formation and seeks to have greater use of the cryptocurrency by big companies, The Nation Thailand reported, citing a Bank of Thailand (BOT) official. million in cryptocurrency, CoinDesk reported.

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BankInovation

MAY 12, 2022

Bitcoin and cryptocurrencies present several challenges for investors and banks, including their use by criminals, according to Anne Boden, chief executive of Starling Bank Ltd. People are being scammed and the proceeds normally go into crypto wallets,” Boden said in a virtual interview with Bloomberg UK.

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cryptocurrency Bitcoin Fraud 98

PYMNTS

MAY 12, 2019

and an investor in cryptocurrency, won $75.8 The report noted it’s one of the biggest court judgments involving cryptocurrency and an individual. It also shines a light on the scams and schemes going on in the cryptocurrency world as the price remains volatile and well under its high of nearly $20,000. The tokens were worth $23.8

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PYMNTS

DECEMBER 2, 2019

Looking back at 2019, and at cryptocurrencies, we may well make the declaration that fraudsters got a lot more brazen … which may mean 2020 is the year lawmakers and regulators clamp down through a global, concerted effort to root out financial crime. billion in fraud and theft seen last year. billion number is a huge jump from the $1.7

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PYMNTS

SEPTEMBER 24, 2018

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions. All told, U.S.

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