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.

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Manage third-party risks, especially for relationships involving higher-risk or critical activities.

Compliance 221

Compliance FDIC Regulation Fraud 221

FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan.

Fraud 52

Fraud Management Data Compliance 52

PYMNTS

FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. As part of his plea agreement, Chen admitted to operating the U.S.

Bitcoin 130

Bitcoin Fraud cryptocurrency California 130

PYMNTS

JUNE 21, 2019

Fraud knows no boundaries. Aside from the political implications of such claims, The New Yorker ‘s report pointed to the fraud risks that organizations face, even from the C-Suite. It also highlighted the predicament that organizations face if a C-Suite executive is found committing fraud. In the U.S.,

Fraud 108

Fraud Baltimore cryptocurrency Maryland 108

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

cryptocurrency 193

cryptocurrency Fraud Security Bitcoin 193

Abrigo

DECEMBER 19, 2022

Takeaway 1 Effective AML/CFT programs require ongoing training to keep AML and fraud staff compliant. Training materials for anti-money laundering & fraud professionals. Below are some of the most popular resources to help fight money laundering and fraud in 2022. Complimentary AML info. From crypto to cannabis.

Resources 195

Resources Training Fraud Compliance 195

PYMNTS

JUNE 17, 2020

The military’s need for tracking its multi-part, expensive operations has only increased with the introduction of 3D printing, according to Coindesk. 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.

blockchain 132

blockchain Fraud Indiana Bitcoin 132

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. billion of cryptocurrency reportedly was lost to theft or fraud – double that of the previous year.

cryptocurrency 206

cryptocurrency United States social media Regulation 206

PYMNTS

MARCH 15, 2020

The New York Department of Financial Services ( NYDFS ) sent a letter to the approximate 18 cryptocurrency firms it regulates saying they have 30 days to submit a contingency plan in the face of the coronavirus epidemic. We have a standing Crisis Management Team continually reviewing new information as it comes in.

cryptocurrency 150

cryptocurrency Bitcoin New York Regulation 150

PYMNTS

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. The group managed to get $12 million from 2,000 investors, Coindesk reports. The defendant in the case is Utah resident Daniel F.

blockchain 131

blockchain Analytics Utah cryptocurrency 131

PYMNTS

AUGUST 28, 2019

Kadena’s existing blockchain clients include $3 billion asset manager USCF Investments, healthcare technology company Rymedi, and leading Latin American technology business Alteum, as well as one of the world’s top 100 largest banks, and Fortune 500 companies. “SEN SEN allows our institutional customers to deposit and withdraw U.S.

Policies 116

Policies National cryptocurrency Bitcoin 116

PYMNTS

NOVEMBER 18, 2020

18), the first time the cryptocurrency has climbed above $18,000 since December 2017, CNBC reported. While the digital coin has been going through waves in its price point, some analysts and cryptocurrency fans said they think the trajectory is uphill. Bitcoin has continued to rise, hitting $18,172 Wednesday morning (Nov. Eastern Time.

Bitcoin 151

Bitcoin Report cryptocurrency Security 151

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. Most also said payments management is the most time-consuming process, followed by cash forecasting.

Fraud 115

Fraud Survey Taxes Regulation 115

Perficient

SEPTEMBER 16, 2022

Consumer protection – Concern for the consumer was emphasized throughout the letter as the FRB highlighted risks to the public due to price volatility, misinformation, fraud, as well as the outright loss or even theft of assets. Engaging in Crypto-Asset-Related Activities: A Federal Reserve Checklist. Financial risk. Legal risk.

Compliance 275

Compliance Risk Management System Regulation 275

PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. System integration provider NEC XON is also looking into biometric KYC for mobile network operators and financial institutions (FIs). How Zillow Co mbats Real Estate Fraud.

Video 161

Video Fraud Compliance Security 161

CFPB Monitor

JULY 27, 2020

cryptocurrency custody services on behalf of customers, including by holding the unique cryptographic keys associated with cryptocurrency.” Through intermediated exchanges of payments, banks facilitate the flow of funds within our economy and serve important financial risk management and other financial needs of bank customers.

National 113

National cryptocurrency Risk Management Regulation 113

PYMNTS

MARCH 3, 2020

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Apple Parts Maker Foxconn Back To Work In China.

Apple 132

Apple National cryptocurrency Payments 132

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.

Regulation 169

Regulation cryptocurrency Groups Innovation 169

PYMNTS

SEPTEMBER 18, 2018

EOS refers to “a decentralized operating system [that] is developed to support decentralized applications in commercial scale by providing them [with] all the essential support and features,” as per one common definition. The EOS token is taken as a cryptocurrency in ICO.”. The company has since confirmed the hack.”.

Security 186

Security cryptocurrency blockchain Bitcoin 186

PYMNTS

MARCH 23, 2018

The drop came as news surfaced that Japanese regulators were scrutinizing cryptocurrencies. The new service will include blockchain tools for developers of a wide range of apps that serve a variety of needs, from supply chain data tracking to insurance fraud prevention. Bitcoin was trading at $8,505.18 as of 4:24 a.m., In the U.K.,

Bitcoin 116

Bitcoin cryptocurrency blockchain Report 116

PYMNTS

NOVEMBER 22, 2020

Malicious actors have now managed to momentarily take control over several cryptocurrency platforms by scamming employees at GoDaddy, the domain hosting service for these sites, in multiple attacks. But the hackers had tried to use their internal email access to change passwords for third-party services, such as Slack and Github.

cryptocurrency 131

cryptocurrency Bitcoin Security Innovation 131

PYMNTS

JANUARY 28, 2020

The Clearing House, which operates one of the U.S.’s Expanding access to the payment rail for corporates, the financial institution said, will support those clients’ cash flow management initiatives. currently accept cryptocurrency as payment, with even more investing in crypto for their own use.

Payments 199

Payments blockchain cryptocurrency Innovation 199

PYMNTS

APRIL 6, 2018

The head of two cryptocurrency exchanges in South Korea were detained by law enforcement for allegations they embezzled the assets of customers. Coinnest apologized on its website for “causing grave concern” and saying it has removed the managers from overseeing company business. “We

Bitcoin 108

Bitcoin cryptocurrency blockchain Management 108

PYMNTS

AUGUST 27, 2020

In other news, LVC Corporation , which operates LINE, is announcing the launch of two new products: LINE Blockchain Developers, a developer platform for blockchain services; and the BITMAX Wallet, for managing digital assets, a press release stated. The aggregator was banned other times, including in 2017.

Bitcoin 153

Bitcoin blockchain cryptocurrency Cards 153

PYMNTS

SEPTEMBER 11, 2019

Cryptocurrencies — Facebook’s Libra included — face at least some new headwinds as they target a mainstream embrace. Granting a license would be contingent on managing those risks, according to reports. In reference to the regulatory climate, don’t expect it to ease anytime soon.

social media 116

social media cryptocurrency Regulation United States 116

PYMNTS

NOVEMBER 12, 2019

Facebook has announced the launch of Facebook Pay , a payment system meant to operate through Facebook, Instagram , Messenger and WhatsApp. Users will also be able to view payment history, update settings or manage payment methods all in one place. The feature will have real-time support in the U.S.

Payments 138

Payments Security cryptocurrency System 138

PYMNTS

APRIL 12, 2019

Customers must pay using a cryptocurrency app, which requires them to first undergo identity verification. More vending machines are also adopting mobile payment acceptance — even for traditionally coin-based operations like laundry machines. Automated vending is also being applied to cannabidiol (CBD oil).

Retail 149

Retail Mobile cryptocurrency Security 149

PYMNTS

JULY 27, 2017

noted the report, plans to extradite Vinnik, who two sources told Reuters is the key person behind the cryptocurrency platform that was down since earlier this week. “An Their respective operators have also been arrested. Two cybercriminals in Germany were arrested as the operators of Hansa (their nationality seems to be unknown).

cryptocurrency 100

cryptocurrency Bitcoin National Operations 100

PYMNTS

DECEMBER 14, 2018

Known as the Mule Insights Tactical Solution (MITS), the technology is going live after a number of pilots that showed banks could uncover and disrupt mule accounts — and, in doing so, expose and shut down large money laundering operations. Fraud has been around as long as money has been around. Fraud: Stretching Across Generations.

Fraud 158

Fraud Analytics Course System 158

PYMNTS

SEPTEMBER 29, 2020

Another key component of the platform is helping companies manage various KYC and AML regulations in different jurisdictions across the world. The announcement comes on the heels of Jumio’s Sept. The financial terms of Jumio ’s acquisition of Beam’s AML platform were not disclosed.

San Francisco 153

San Francisco Compliance Regulation cryptocurrency 153

Abrigo

MAY 12, 2022

Protect your financial institution from cybercrime With cybercrime constantly evolving, what can businesses and financial institutions do to prevent fraud? Takeaway 2 In 2021, ransomware, business email compromise (BEC) schemes, and cryptocurrency crime were among the top incidents reported. These measures can help.

Fraud 195

Fraud Training cryptocurrency Software 195

PYMNTS

JUNE 6, 2019

Dutch billionaire John de Mol, who created the reality TV program “Big Brother,” is suing Facebook for allowing fake ads which used his name and image to commit bitcoin-related fraud that swindled 1.7 million euros ($1.9 million) from its victims.

Bitcoin 135

Bitcoin ATM blockchain social media 135

PYMNTS

SEPTEMBER 30, 2019

Visner of the National Cybersecurity Federally Funded Research and Development Center (FFRDC) — managed by nonprofit MITRE , in support of the NIST National Cybersecurity Center of Excellence — told Karen Webster that cybersecurity threats to institutions and enterprises exist at several levels. Unseen and possibly unknown. The Bad Actors.

United States 164

United States National System cryptocurrency 164

PYMNTS

JULY 1, 2019

Blockchain has potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions. Many still have hopes for blockchain, but it’s still very much a work in progress.

blockchain 211

blockchain Payments Retail Innovation 211

PYMNTS

SEPTEMBER 7, 2017

There’s interaction with marketing and customer service teams, an eagle eye on data fraud — oh, and no small amount of effort devoted to innovation. For example, our Fraud Desk department is a business model innovation we came up with to help customers who need to augment their fraud operations that go beyond our models/products.

Analytics 116

Analytics Fraud Innovation Industry 116

PYMNTS

SEPTEMBER 17, 2018

In a recent interview with PYMNTS, Mike Sutter, senior director and general manager of commerce at HomeAway , offered an inside look at how the company is working to solve those challenges and simplify the payment process. Going forward, HomeAway plans to explore emerging payment technologies, including cryptocurrencies.

Data 122

Data Analytics Security Payments 122