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FDIC issues cease and desist letters alleging false or misleading representations about deposit insurance on crypto-related products

CFPB Monitor

On August 19, 2022, the FDIC issued cease and desist letters to five crypto companies, alleging they made false and misleading statements about FDIC deposit insurance and demanding immediate corrective action. According to the FDIC’s press release , “[b]ased upon evidence collected., Part 328, Subpart B.

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Top 10 Crypto scams to look for in 2023

Abrigo

banking regulators recently warned financial institutions that dealing with cryptocurrency exposes them to an array of risks. The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector," read a joint statement from the Federal Reserve, FDIC, and the OCC.

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The Current Banking Crisis – 10 Not So Apparent Lessons

South State Correspondent

Percentage of Uninsured Deposits: At the time of failure, SVB had approximately 88% of their deposits above the FDIC-insured $250k limit and ran at 95% at the end of last year. 8) Deposit Impact of Social Media: SVB’s customer base and followers were highly active on Twitter and other social media properties.

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AI fraud challenges: How to guard against losses

Abrigo

Public social media sources have made it easier for fraudsters to obtain information by looking at what people post online. Help your team plan for the unexpected with this webinar: "Building a strong future: Succession planning strategies for your AML program."

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Fraud prevention and detection: Empowering clients through education

Abrigo

Clients should also be wary of social media scams. While interacting with friends and family online can be a fun pastime, social platforms are a feeding ground for fraudsters. billion was lost to fraud through social media between January 2021 and June 2023. According to the FTC , $2.7

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Big Tech Cryptos Set For Antitrust Scrutiny

PYMNTS

As noted in this space last week, the regulator who helms Germany’s Federal Cartel Office said that cryptos – in particular, those brought by large technology firms – should be examined by regulators over antitrust concerns. In Italy, the country’s data protection regulator fined Facebook the equivalent of $1.1

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SEC Halts Texas Financial Firm’s ‘Illegal’ ICO

PYMNTS

29), the SEC’s complaint states that AriseBank “used social media, a celebrity endorsement and other wide dissemination tactics to raise what it claims to be $600 million of its $1 billion goal in just two months.” In addition, the agency was able to freeze the company’s assets and those of its two co-founders, CNBC reported.

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