i2c President Says Blockchain Will Unlock Cryptocurrency

PYMNTS

PayPal is opening its network to allow consumers to shop using cryptocurrency. Crypto has been held up by critics as a conduit to fraud and money laundering. Cryptocurrency cryptocurrency digital money economy Featured News Fiat i2C Masterclass News pymnts tv tokenization video

Report: $50B In Cryptocurrency Moved Out Of China

PYMNTS

More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of the nation’s strict limits on how much money can be sent abroad, according to a new report. Cryptocurrency has not been without controversy.

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New US 'Cryptocurrency Enforcement Network' Takes Aim At Bitcoin Scammers

PYMNTS

Bitcoin and other cryptocurrencies are continuing to attract attention from authorities for all the wrong reasons. That includes direct engagement with banks, financial institutions (FIs) and the community of actual cryptocurrency users. “To

IRS Offers $625K For Help Cracking Cryptocurrency Secrecy

PYMNTS

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.

The United States May License Bitcoin and Cryptocurrency Exchanges

Bank Innovation

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. This hypothetical licensing program could put into place a nation-wide, unified regulatory framework for cryptocurrency exchange platforms.

Suspect Caught In Alleged London Cryptocurrency Fraud

PYMNTS

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. “Victims were cold-called by sales people who allegedly persuaded them to invest in a cryptocurrency which does not exist and is therefore worthless.”

DOJ Seizes $24M In Crypto As Part Of Brazilian Internet Fraud Probe

PYMNTS

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Security & Fraud brazil cryptocurrency Department of Justice fraud international legal News What's Hot

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FinCEN Director Tells Banks To Look Out For Crypto Fraud

PYMNTS

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. Kenneth A.

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Cryptocurrency security isn't totally anonymous. And that's good.

Payments Source

ISO and agent Cryptocurrencies Payment fraud Risk AuthenticationUnlike using cash in the analog world, on the Internet everybody--including hackers--leaves digital traces, says Bird & Bird's Martin von Haller Grønbæk.

Will Smartphone Makers Cozy Up To Cryptocurrencies?

PYMNTS

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. South Korea-based Samsung has indicated it wants to add more cryptocurrency support to that mobile device as well. Better late than never?

SEC Files First ICO Fraud Charges Against Canadian Organizer

Bank Innovation

The Securities and Exchange Commission, or SEC, has filed charges of fraud against the organizers of a $15 million ICO, the agency announced yesterday. Cryptocurrency Exclusive cryptocurrency Financial Regulation fraud ICOs online fraud SECThe regulator filed charges against Canadian organizers Dominic Lacroix and Sabrina Paradis-Royer, as well as a firm named PlexCorps, for violating U.S. securities laws. The organizers and the firm were also […].

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Skry, Terbium Labs Team Up to Fight Blockchain Fraud

Bank Innovation

Unfortunately, those traits also lead to a fair amount of fraud; which is why Terbium Labs, a “dark web intelligence provider,” has teamed Read More. Security Technology Virtual Currency Bitcoin BlockChain cryptocurrencies fraud Skry Inc Terbium LabsAs we know, two of the most prized traits of blockchain technology, specifically when one is talking about the bitcoin blockchain, are its anonymity and its immutability.

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Cryptocurrency platforms frequently leave themselves open to attack

Payments Source

Cryptocurrency platforms need to take precautions as the number of security incidents seems to be increasing, writes Gaurav Banga, founder and CEO of Balbix. ISO and agent Cryptocurrencies Digital payments Payment fraud Phishing

Libra Forces Cryptocurrency Regulators To Reexamine Procedures

PYMNTS

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. This week , it was reported that the Financial Action Task Force (FATF), the global anti-money laundering organization, is monitoring the planned Libra cryptocurrency, a signal of the growing scrutiny on cryptocurrency’s potential for money laundering and terrorism financing. Cryptocurrency and Blockchain.

Despite the blockchain, cryptocurrencies still carry fraud risk

Payments Source

The risks of fraud, along with the current reputation of such currencies as often being used for money laundering and other criminal activities, has caused worry in the market, writes John Verver, and advisor to ACL. ISO and agent Cryptocurrencies Blockchain Retailers SEC Canada

Report: Overcoming ID Fraud’s Technology Blind Spots

PYMNTS

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. Fighting The Rise Of Corporate Banking Fraud With AI And Machine Learning.

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How cryptocurrency is killing the 'money mule'

Payments Source

A new strain of malware that targets cryptocurrency users — but not users of mainstream payment options like bank accounts — highlights how much the cybercrime game is changing behind the scenes. Cryptocurrencies Personally identifiable information Financial crimes Payment fraud

Financial Crime-Fighters Turning The Tide Of COVID-Era Fraud

PYMNTS

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.

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QuadrigaCX Loses Another $500K CAD Worth Of Cryptocurrencies

PYMNTS

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.”. QuadrigaCX has been in the headlines ever since its disclosed that it can no longer access $190 million in cryptocurrency that it held on behalf of clients, due to the death of its 30-year-old-founder.

DDoS Attacks With Cryptocurrency Demands Increasing

PYMNTS

Distributed denial of service attacks, otherwise known as DDoS , have now added a cryptocurrency mining twist to the scam, requiring victims to pay the ransom. In one example, a note demanded 50 XMR, or Monero, which is a cryptocurrency. Fortune noted that Monero has become an attractive cryptocurrency for the bad guys because it is harder to trace than bitcoin. Security & Fraud Akamai bitcoin cryptocurrency DDoS Hackers Monero News phishing ransom What's Hot XMR

Crypto Fraud Scores More Than $4B In 2019

PYMNTS

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. Since bitcoin was introduced over a decade ago, cryptocurrency has become widespread — and many people are drawn to it as a potential way to get rich.

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Crackdown on cryptocurrency fraud widens with SEC subpoenas

Payments Source

Cryptocurrencies Crime and misconduct SECThe Securities and Exchange Commission may be focusing on the sale of options known as simple agreements for future tokens in connection with initial coin offerings.

Bitcoin, Other Cryptocurrencies Continue Decline Over Regulation Fears

PYMNTS

With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018. Citing Japan’s Nikkei Business Daily , TheStreet.com reported that two cryptocurrency exchange startups took back their applications to the Financial Services Agency in Japan after they were told to beef up their security features.

Is It Time For Cryptocurrency To Become More Regulated?

PYMNTS

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. Congress is considering numerous bills to clarify legal issues surrounding digital money, and last month the Financial Action Task Force (FATF) issued a final set of cryptocurrency guidelines to require more transparency of digital asset transactions and prevent them from being used for criminal activities.

New Zealand Seizes $90M In Bitcoin Fraud Case

PYMNTS

Security & Fraud cryptocurrency fraud money laundering new zealand News What's HotNew Zealand police have frozen $90 million they say belongs to alleged bitcoin scammer Alexander Vinnik in what’s being called the country’s largest money seizure ever.

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Is Cryptocurrency A Speculative Bubble?

PYMNTS

It’s been a big year for cryptocurrency. In September, JPMorgan Chase CEO Jamie Dimon called bitcoin a “ fraud.” Goldman Sachs joined in the conversation earlier this month, saying that bitcoin and cryptocurrencies like it are “ not the new gold ” and lose out to the precious metal in a “majority of the key characteristics of money.”. Karen Webster of PYMNTS compared cryptocurrency to an emperor with no clothes earlier this month.

Data: How secure are cryptocurrency wallets?

Payments Source

As both the volume and value of digital currencies increase, so will inevitable attempts to commit fraud and theft. In this nascent stage, what is protecting cryptocurrency buyers and sellers? Bitcoin Cryptocurrencies Mobile wallets Cyber security

Crypto’s $2.5 Million Daily Fraud Problem

PYMNTS

Gox hack that saw $473 million in bitcoin disappear, the Bitfinex hack in which $72 million in value was lost overnight and the reigning champion crypto hack, the January 2018 Coincheck hack that saw $530 million in cryptocurrency go missing. million that, in his estimate, is stolen from cryptocurrency exchanges all over the world every single day. Cryptocurrency bitcoin cryptocurrency Cyberattack digital currency hack News

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Bitcoin Daily: US Prosecutors Seek Prison Time In ICO Fraud Case; Judge Orders Telegram To Pay $625K To Crypto Firm For Legal Fees

PYMNTS

Bitcoin Australia Blockchain Centra Tech cryptocurrency fraud Lantah legal News Telegram Messenger What's Hot

Worldpay On Modernizing Security Defenses To Foil eCommerce Fraud

PYMNTS

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. The January AML/KYC Tracker examines 5AMLD’s significance, as well as other efforts to thwart the fraud attempts challenging the financial sector. Worldpay On Modernizing Security To Foil eCommerce Fraud.

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Bitcoin Daily: Crypto Investors See Fed's Call For Stimulus As Reason To Buy Bitcoin; Fraud Loss Prompts Crypto Lender Cred To File Chapter 11

PYMNTS

Bitcoin Blockchain cryptocurrency Digital Payments fraud international News What's HotDubai International Finance Centre ( DIFC ) has announced that Ripple has set up its new headquarters in the Centre, a press release says.

Hard Problems in Cryptocurrency: Five Years Later

Vitalik Buterin

In 2014, I made a post and a presentation with a list of hard problems in math, computer science and economics that I thought were important for the cryptocurrency space (as I then called it) to be able to reach maturity. One of the largest problems facing the cryptocurrency space today is the issue of scalability. Fraud proofs , allowing individual nodes that learn of an error to broadcast its presence to everyone else: [link].

Prosecutors Charge OneCoin Leaders With Fraud In Pyramid Scheme

PYMNTS

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. His older sister Ignatova, also from Bulgaria, was charged with wire fraud, and also securities fraud and conspiracy. The scheme amounts to fraud, prosecutors say.

US Crypto Investor Awarded $75M In Fraud Suit

PYMNTS

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. Reuters noted that losses from the theft of cryptocurrency have increased to $1.2 That was 70 percent of all the fraud in 2018, reported Reuters, citing CipherTrace.

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Bitcoin Daily: Australia Bans Crypto Investor For 7 Years For Alleged Fraud; UK Digital Payments Startup Ziglu Debuts P2P Payments In Fiat, Crypto

PYMNTS

Because of the COVID-19 pandemic, the watchdog has seen a 20 percent spike in consumers losing money from cryptocurrency scams, the report says. Bitcoin Blockchain cryptocurrency Digital Banking Digital Payments fraud Mobile Applications News regulations What's Hot Ziglu