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Scammers Prove Corporate Payments Fraud Comes In All Shapes And Sizes

PYMNTS

But the BEC scam is not the only kind of business payments fraud plaguing firms today. This week's B2B Digest looks at how corporate finance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. PYMNTS breaks down the numbers behind the latest cases below.

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Indiana University fund backs emerging anti-fraud tech vendor

Payments Source

Innovate Indiana is taking part in a $2.6 million investment in Rippleshot, a company that uses artificial intelligence to detect card fraud.

Indiana 60
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Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9. Shares fell on the news.

Fraud 142
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 Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud

PYMNTS

So now, the investigation deepens and broadens, with payroll fraud under the microscope. In another high profile incidence of payroll fraud, this past July, Cleveland based KeyCorp disclosed a massive instance of fraud that could potentially cost $90 million.

Fraud 174
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Bitcoin Daily: SIMBA Chain Lands $1.5M Blockchain Contract From US Air Force; Centra Tech Co-Founder Pleads In Crypto Fraud Case

PYMNTS

The South Bend, Indiana-based company will now also be partnering with Boeing as it moves into the next phase of its research in investigating blockchain’s potential for military supply value. Air Force has granted blockchain firm SIMBA Chain a $1.5

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CFPB Rolls Out Innovation Regulator Network

PYMNTS

The network will also advance “regulatory certainty” for innovators and stay abreast of changes in the market while helping reduce fraud, discrimination and deception. Inaugural members of ACFIN include state attorneys general of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.

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Crime (Against Amazon) Doesn’t Pay

PYMNTS

According to a recent article from Fortune, Erin and Leah Finan, a husband and wife fraud team from Muncie, Indiana, scammed Amazon out of $1.2 The couple did not use the world’s most complex scam to perpetrate the fraud, either. The couple will face up to 20 years behind bars for fraud and money laundering.

Indiana 102