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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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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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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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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Perficient

JANUARY 27, 2022

Technological innovation has recently ushered in a wave of digital assets with money-like characteristics, including cryptocurrencies based on the combination of cryptographic and distributed ledger technologies, which together provide a foundation for decentralized, peer-to-peer payments.

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Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Cryptocurrency In general, traditional financial institutions have a low risk tolerance for banking cryptocurrency.

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PYMNTS

OCTOBER 26, 2017

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.”.

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PYMNTS

JUNE 21, 2019

The endless speculation over Facebook’s plans to build a new set of global payments rails and launch a global cryptocurrency comes to an end today with the official launch of Libra. How To Build A High Performing Platform Payments Fraud Team. For digital platforms, fraud represents a two-headed beast. Or does it?

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PYMNTS

JULY 22, 2019

And there is no shortage of interest in the region in that ability, with particular interest coming from the financial services sector, the cryptocurrency markets and in the healthcare vertical. The Latin American market isn’t going to slow down — not from an innovation standpoint, and not from a regulatory standpoint.

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Bank Innovation

DECEMBER 5, 2017

The Securities and Exchange Commission, or SEC, has filed charges of fraud against the organizers of a $15 million ICO, the agency announced yesterday. The 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.

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PYMNTS

AUGUST 2, 2019

Data storage firm Seagate revealed that it has moved its anti-fraud blockchain project with IBM into the pilot stage. In other news, Brazil’s Tax Authority has announced that transactions involving cryptocurrencies must now be reported to the Department of Federal Revenue ( RFB ).

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PYMNTS

OCTOBER 4, 2019

Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum. The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent.

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PYMNTS

AUGUST 12, 2019

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 Cryptocurrency security firm CipherTrace revealed that crypto criminals have already stolen more than $1.2 Ultimately, thieves and scam artists will need to launder the cryptocurrency stolen or scammed in Q1 2019.

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PYMNTS

JUNE 17, 2020

Robert Farkas, the 33-year-old co-founder of crypto project Centra Tech , has pleaded guilty in court to conspiring to commit securities and wire fraud, Coindesk reported. The goal of using blockchain is to hopefully cultivate a reliable source of information, documenting every data point necessary to keep track of the supply chain.

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PYMNTS

MARCH 14, 2019

Strategic Treasurer and TD Bank found in their survey that the majority of respondents said manual processes are their biggest operational challenges today, more so than issues like fraud, regulatory changes or staffing. Even fewer — 5 percent — have adopted blockchain, and only 2 percent use cryptocurrencies.

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PYMNTS

APRIL 15, 2019

Not every innovation is a good innovation. The marketplace operators sell the data to cybercriminals who use it for identity theft, online fraud and other crimes – and the data is worth anywhere from $5 to $200. The fraud is fairly easy to pull off because it bypasses many existing controls for capturing it.

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PYMNTS

SEPTEMBER 5, 2019

Also, Visa says chip cards have reduced counterfeit fraud by 87 percent since their inception, and Grab is planning to earmark $150 million for additional research into artificial intelligence (AI). “But it also means recognizing the wider social benefits from innovation and allowing them space to develop.”.

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PYMNTS

JUNE 24, 2019

The think pieces have come in waves, as have the reactions from analysts, cryptocurrency enthusiasts and regulators — and the world waits to see exactly what Facebook and its cadre of payments and commerce players design. The news about Libra has been out for about a week. There will be perceptual hurdles to clear, and regulators to convince.

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Abrigo

MARCH 11, 2022

Thanks to an increase in mobile payments precipitated by the pandemic and rising security concerns due to the Russian conflict in Ukraine, the world of financial fraud prevention is more dynamic than ever. Cryptocurrency In general, NBFIs have a higher risk tolerance for cryptocurrency than traditional financial institutions.

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Jeff For Banks

NOVEMBER 28, 2023

Decentralized finance (DeFi) : DeFi technologies, such as blockchain and cryptocurrencies, will disrupt traditional banking models and create new opportunities for financial inclusion. Artificial intelligence (AI) and machine learning (ML) : AI and ML will be used to automate tasks, improve customer service, and detect fraud.

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Bank Innovation

OCTOBER 13, 2016

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. As 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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PYMNTS

JANUARY 19, 2021

Trezor , a cryptocurrency wallet hardware provider, warned users Monday (Jan. The DFSA is committed to remain ‘open for business’ with respect to innovation in the financial services sector and we continue to explore how our regulatory regime can accommodate new and innovative business models,” the DFSA said in its 2021-2022 Business Plan.

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PYMNTS

JANUARY 9, 2018

In an interview with TheStreet.com, PayPal chief executive officer Dan Schulman said that while PayPal is focused on innovating in the payment market, it’s not focused specifically on the digital currency. “I PayPal has a lot of room to innovate with blockchain technology. “I

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PYMNTS

AUGUST 26, 2019

From a ride-hailing company expanding into Vietnam to Visa implementing new tools to fight fraud, today’s payments news runs the gamut. House Financial Services Committee Chair Maxine Waters met with Swiss government officials about the viability of Facebook’s proposed cryptocurrency Libra.

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PYMNTS

OCTOBER 7, 2019

Securities and Exchange Commission (SEC) is seeking to “modernize” the regulation of exchange-traded funds (ETFs) in a bid to make those investment vehicles more innovative, and give them quicker entrance to the market. Might that pave the way for the emergence of cryptocurrency ETFs?

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PYMNTS

JANUARY 18, 2022

The CEO and CFO of the BitMEX cryptocurrency derivatives exchange announced today that they have reached an agreement to purchase a 268-year-old German bank in order to establish “a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland.”. Regulated” is a word Höptner returned to repeatedly in the announcement.

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PYMNTS

NOVEMBER 11, 2020

Meanwhile, hackers purportedly sought $11 million worth of cryptocurrency from Japanese computer gaming company Capcom in return for not providing illicitly gathered private data, CoinDesk reported.

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PYMNTS

JANUARY 28, 2020

When it comes to payment rail innovation, transaction speed is often the catalyst driving change. currently accept cryptocurrency as payment, with even more investing in crypto for their own use. New research from HSB , for instance, found that one-third of small and medium-sized businesses (SMBs) in the U.S.

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CFPB Monitor

JULY 27, 2020

cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” It makes the “suggestion” to confer first with the OCC before onboarding any cryptocurrency clients. The key phrase above is “any lawful business.” The letter states that the OCC.

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PYMNTS

JANUARY 1, 2021

s Competition and Markets Authority (CMA) — chiefly for a new watchdog group — the proposed regulatory regime is intended “harness the full potential of digital markets, driving greater competition and innovation,” according to a CMA statement. In the nascent and burgeoning cryptocurrency space, the U.S.

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Abrigo

NOVEMBER 11, 2021

Usually, the ransom is a substantial amount of money or cryptocurrency. Monitoring this type of activity is where the keen eye of AML and fraud investigations professionals is crucial and where AML software can provide significant support. . This is a classic layering method using innovative technology. Trends and Typologies.

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Abrigo

NOVEMBER 11, 2021

Usually, the ransom is a substantial amount of money or cryptocurrency. Monitoring this type of activity is where the keen eye of AML and fraud investigations professionals is crucial and where AML software can provide significant support. . This is a classic layering method using innovative technology. Trends and Typologies.

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PYMNTS

SEPTEMBER 8, 2020

European crypto exchange Eterbase has announced a hack, affecting hot wallets for six of its listed cryptocurrencies and allowing hackers to make off with $1.6 billion in assorted cryptocurrencies, CoinDesk reported. In other news, Hong Kong's Diginex has raised $20 million as a funding round from private investors, Bloomberg reported.

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PYMNTS

SEPTEMBER 29, 2017

Switzerland is the latest nation to take a harder look on this new crowdfunding method, which allows cryptocurrency entrepreneurs to raise millions by creating and selling digital “tokens.”. Bancor Protocol, a Zug-based foundation enabling the creation of other cryptocurrencies, raised over $150 million in June.

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PYMNTS

SEPTEMBER 11, 2019

Pump and dump is a type of fraud that manipulates the price of an asset through a rush of high-volume purchases by fraudsters. Meanwhile, cryptocurrency payment processor BitPay has been accused of blocking donations to Hong Kong for several weeks. The surge artificially inflates demand, and then the actors dump their tokens.

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PYMNTS

SEPTEMBER 17, 2020

Two individuals from Russia who were recently sanctioned by the Treasury Department purportedly put into place copycat websites for cryptocurrency exchanges that that tricked people into providing login information, CoinDesk reported. After that time, they purportedly stole ether, bitcoin and NEO to the tune of $20 million.

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PYMNTS

SEPTEMBER 8, 2020

European crypto exchange Eterbase has announced a hack, affecting hot wallets for six of its listed cryptocurrencies and allowing hackers to make off with $1.6 billion in assorted cryptocurrencies, CoinDesk reported. In other news, Hong Kong's Diginex has raised $20 million as a funding round from private investors, Bloomberg reported.

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