PYMNTS

DECEMBER 18, 2020

Criminals seeking to exploit unmet demand for the COVID-19 vaccine are selling doses – many presumably fake – on the "dark web," the portion of the internet dominated by merchants who operate beyond easy reach of law enforcement agencies, the Financial Times reported on Friday (Dec.

Report 274

Report United States social media Guidelines 274

PYMNTS

DECEMBER 16, 2020

According to Mexican regulators, the two companies in charge of the country's credit and debit settlements represent "a near monopoly," and big businesses need to sell shares in those companies, the Associated Press (AP) reported. Fraud is also highly typical because of this, the AP reported.

Regulation 209

Regulation System Cards Fraud 209

Abrigo

JUNE 5, 2023

Banking reports to inform risk management and strategy These reports on capital, growth, and liquidity help financial institutions spot warning signs. Takeaway 2 Reports that assess capital, growth, and liquidity provide banking professionals data to drive decisions. Regulators review them to assess safety and soundness.

Report 195

Report Risk Management Capital Data 195

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions. Credit Decisions. Textual analysis.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

JULY 2, 2020

The president of the Federal Financial Supervisory Authority (BaFin), Germany’s financial regulator, said the $2.1 billion accounting scandal at the center of Wirecard AG’s insolvency was a “massive criminal act,” Reuters reported. “It Its auditor, Ernst & Young ( EY ), has said it was the result of a sophisticated global fraud.

Regulation 142

Regulation Fraud Report Community 142

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? For example, in the pharmaceutical industry, manufacturers can use regtech to ensure that marketing complies with FDA requirements. Of course, banks and credit unions are highly regulated industries, and this is increasing.

Technology 195

Technology Fraud Compliance Regulation 195

Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? For example, in the pharmaceutical industry, manufacturers can use regtech to ensure that marketing complies with FDA requirements. Of course, banks and credit unions are highly regulated industries, and this is increasing.

Technology 195

Technology Fraud Compliance Regulation 195

PYMNTS

JULY 15, 2020

After weeks of relentless headlines on the collapse of Wirecard , the High Court of Justice in London handed the German payments company a victory on Wednesday (July 15), the Financial Times (FT) reported. Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court.

Fraud 160

Fraud Taxes Groups Compliance 160

PYMNTS

SEPTEMBER 11, 2019

A network to better coordinate financial innovation among federal and state regulators is being launched by the Consumer Financial Protection Bureau (CFPB) in partnership with several states, the agency said in a press release. State regulators in every state were invited to join. .

Regulation 171

Regulation Innovation South Carolina Indiana 171

PYMNTS

APRIL 16, 2019

A German markets regulator has filed a complaint with prosecutors alleging that shares of Wirecard were manipulated by someone who potentially had prior knowledge of a forthcoming damaging article written by the Financial Times , according to Reuters. . The Financial Times has said it stands by its reporting.

Regulation 116

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Abrigo

FEBRUARY 9, 2024

real estate market alone. If approved as written, professionals involved in real estate closings and settlements will have to report information to FinCEN about non-financed residential real estate transfers to legal entities or trusts. WATCH NOW Takeaway 1 Real estate money laundering is a serious issue , with a n estimated $2.3

Training 195

Training Fraud Trends Report 195

PYMNTS

JULY 31, 2020

Regulators in China are preparing to move against once-hot Luckin Coffee Inc. which admitted booking millions of dollars in nonexistent sales, The Wall Street Journal reported on Friday (July 31). According to the report, Luckin has admitted that employees fabricated transactions totaling $300 million.

Regulation 151

Regulation Fraud Report Security 151

PYMNTS

DECEMBER 2, 2019

Looking back at 2019, and at cryptocurrencies, we may well make the declaration that fraudsters got a lot more brazen … which may mean 2020 is the year lawmakers and regulators clamp down through a global, concerted effort to root out financial crime. billion in fraud and theft seen last year. billion number is a huge jump from the $1.7

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Fraud Report cryptocurrency National 130

PYMNTS

JULY 15, 2020

The European Securities and Markets Authority (ESMA), the European Union’s (EU) financial watchdog, plans to examine how German regulators handled oversight of Wirecard AG , the collapsed payments company that is facing a series of criminal allegations. It reported nearly $4 billion of debt to creditors, after it revealed that $2.1

Regulation 141

Regulation Guidelines Groups Report 141

PYMNTS

SEPTEMBER 16, 2019

17) will discuss the fraud problem stemming from influencer marketing. The event strives to unite the worlds of communications and marketing to stimulate conversations about digital marketing and influencer campaigns, PR Daily reported on Monday (Sept. He said, “$1.3 billion is a conservative estimate.

social media 150

social media Regulation New York City Baltimore 150

PYMNTS

DECEMBER 12, 2019

The China Securities Regulatory Commission , China’s security watchdog, is setting up a technology regulation bureau and will announce Yao Qian as its new department chief, the Chinese business publication Caijing said on Wednesday (Dec. 11), as reported by Coindesk.

Bitcoin 131

Bitcoin Fraud Regulation social media 131

PYMNTS

DECEMBER 16, 2020

Robinhood has come under the watchful eye of regulators — this time in Massachusetts. State regulators are set to file a complaint on Wednesday (Dec. 16) saying that the stock-trading platform failed to protect its customers and their assets, violating state laws and regulations.

Massachusetts 178

Massachusetts Regulation Security Compliance 178

PYMNTS

SEPTEMBER 2, 2020

While Felix Hufeld acknowledged the nation’s regulatory agency should have called for investigation sooner, he told reporters Wednesday (Sept. 2) that he will not resign “as long as my country and Europe have trust in me,” the Financial Times reported. for too long we relied on formal instruments,” he said, the newspaper reported.

Regulation 175

Regulation Fraud Report Examples 175

PYMNTS

OCTOBER 8, 2018

The Commodity Futures Trading Commission (CFTC) reported an increase in enforcement actions in the last fiscal year, partly due to a rise in cryptocurrency cases and spoofing schemes. In addition, the agency won a court case establishing cryptocurrencies as commodities and giving it the ability to regulate those markets.

Regulation 159

Regulation cryptocurrency Minneapolis Fraud 159

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. Takeaway 1 Cryptocurrencies are the newest and most popular field in potential financial gains through fraud. But with increased popularity comes more opportunity for fraud. DOWNLOAD WHITEPAPER.

social media 195

social media Fraud cryptocurrency Trends 195

PYMNTS

JULY 2, 2020

A report in The Wall Street Journal (WSJ) said EY is now facing claims that the firm failed to identify “unorthodox financial arrangements” dating back to 2016, and, according to emails seen by the publication, that EY may have had questions surrounding those arrangements, but signed off on Wirecard’s financials regardless.

Fraud 152

Fraud Report Company Regional 152

PYMNTS

JUNE 26, 2020

Brussels is seeking an investigation into the Federal Financial Supervisory Authority ( BaFin ), Germany’s financial regulatory authority, for its failure to supervise Wirecard, the Financial Times reported. On Monday (June 22), he was arrested on charges of misrepresenting Wirecard’s accounts and market manipulation. million) bail.

Regulation 152

Regulation Capital Policies Course 152

PYMNTS

NOVEMBER 3, 2020

Folksam said it had accidentally allowed big tech companies to access customers’ private data, Bloomberg reported. The firm said it discovered the breach after an internal audit and that it has reported the breach to Swedish regulators.

Groups 255

Groups Data Report America 255

PYMNTS

MARCH 11, 2020

Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. FIs in the United Arab Emirates are also looking to get ahead of fraud with improved digital KYC practices. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide.

Fraud 150

Fraud Payments Guidelines Regulation 150

PYMNTS

DECEMBER 17, 2018

A report from IT Governance at the end of last week showed that only 29 percent of firms in the EU have “fully” implemented the GDPR tenets, and the lack of full compliance means that possible penalties loom – to the tune of four percent of a fined firm’s annual top line. The report surveyed more than 200 firms across a range of industries.

Report 167

Report Fraud Compliance Apple 167

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

PYMNTS

JUNE 29, 2020

Numerous regulators had discussions over the years about tightening supervision on Wirecard or adding it to a list of potential subjects for more investigations, but all decided against it, Reuters reports. Still, nothing happened, Reuters reported.

Regulation 144

Regulation Report Capital Company 144

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 ).

blockchain 148

blockchain Fraud Data Report 148

PYMNTS

SEPTEMBER 19, 2019

A reported 3,813 data breaches across a number of industries — collectively exposing 4.1 This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 AI, ML Innovations Necessary to Stop Account Opening Fraud.

Fraud 144

Fraud Data Mobile Tools 144

Abrigo

JUNE 27, 2023

Key Takeaways Real estate markets are vulnerable to money laundering and fraud because of their transaction size and appreciation over time. Regulations such as Geographic Targeting Order updates help identify AML risks by requiring identification for certain real estate purchases. Why real estate?

El Paso 195

El Paso Miami United States New York City 195

PYMNTS

DECEMBER 11, 2019

The BBC reported this week that an independent review by London School of Economics professor Sir Ross Cranston concluded that Lloyds must reassess SMBs’ claims. Lloyds has said it will fully adhere to Cranston’s recommendations, according to reports. I am very sorry that this has happened.”.

Fraud 100

Fraud Regulation Report Groups 100

Abrigo

JUNE 3, 2021

Takeaway 3 To fight cryptocurrency-related risks and mitigate losses, be vigilant and stay on top of fraud trends. As this market expands, so does a new frontier of cyber-fraud. According to the “ 2021 Crypto Crime Report” published by Chainalysis, 55% of all cybersecurity crime is comprised of just 270 deposit addresses.

cryptocurrency 368

cryptocurrency Fraud Trends Training 368

PYMNTS

AUGUST 14, 2020

China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Regulators and law enforcement will try their best to recoup the money, he told China Central Television Friday (Aug. 14), per the report.

Lending 315

Lending Regulation Industry Fraud 315

Abrigo

FEBRUARY 9, 2023

Takeaway 2 It can be difficult to find a comprehensive PEP list, but a PEP list can be an essential addition to a bank’s fraud detection system. Financial institutions review these lists to detect and report known illicit actors before they enter their institutions. Quality lists can be found through trusted scan product vendors.

Fraud 195

Fraud Training Software Compliance 195

PYMNTS

JANUARY 31, 2019

Accelerated payments are taking off in several markets around the world, and NACHA’s latest figures demonstrate U.S. The growth of Same-Day ACH seems to also suggest that previous concerns about the risk of more fraud as a result of accelerated transactions has not held the industry back from adopting the functionality.

Fraud 182

Fraud Payments Compliance Regulation 182

Perficient

FEBRUARY 29, 2024

By harnessing alternative data sources and supplementing conventional credit reports, institutions can offer fairer assessments of creditworthiness, extending credit opportunities to underserved populations. By ensuring compliance with regulations, banks mitigate risks and maintain trust with customers and regulatory authorities alike.

Trends 221

Trends Industry Analytics Compliance 221

PYMNTS

NOVEMBER 7, 2019

The Bank of England has told HSBC to improve compliance controls for non-fiscal factors like fraud and staff conduct, according to a report by Reuters. The shortcomings were pointed out by Prudential Regulation Authority regulators. percent following the report. businesses, which had the greatest losses.

Compliance 101

Compliance Fraud Taxes Regulation 101