NY AG sues Citi over denied fraud claims
Payments Dive
JANUARY 31, 2024
“If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.
Fraudsters ‘Flourishing’ On Zelle, New York Times Reports
Bank Innovation
APRIL 23, 2018
Bank P2P service Zelle is having some issues with fraud, with some customers reporting that hackers, exploiting weaknesses in the platform, had cleaned out their bank accounts: even if those customers had never used, or head of Zelle, according to a New York Times report this weekend.
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Mastercard Rolls Out Security Tools To Prevent Gas Station Fraud
PYMNTS
MAY 18, 2020
Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said.
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Invoice Fraud Strikes Amazon In $19M Scam
PYMNTS
AUGUST 24, 2020
In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime. In a statement, Acting Manhattan U.
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New York Grand Jury Looking Into Facebook’s Data Sharing Agreements
PYMNTS
MARCH 14, 2019
Facebook is the subject of a criminal investigation by federal prosecutors over the data deals it inked with some of the biggest technology companies, reported The New York Times. Facebook has been working to remove the partnerships during the past two years, reported The New York Times. Privacy advocates contend it does.
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PAAY Partners With Bluefin To Further Secure eCommerce Transactions
PYMNTS
NOVEMBER 10, 2020
Atlanta payments encryption firm Bluefin is partnering with New York mobile payments processor PAAY to advance eCommerce security. Founded in 2007 by Miles and John Perry, who serves as chief executive officer, Bluefin specializes in encryption and tokenization payment and data security. . also known as 3DS 2.0
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Blockchain Tracker: SEB’s New York Bridge To Stockholm, Credit Cards And Fraud Prevention
PYMNTS
NOVEMBER 9, 2016
Quite possibly, the biggest blockchain news this week was that Swedish bank SEB announced that intends to build a blockchain channel between New York and Stockholm to enable customers to make real-time transfers, as soon as next year. Blockchain may be building bridges quicker than expected. That will be the long-term benefit.”.
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Study: COVID-19 Fraud Reaches $100M
PYMNTS
AUGUST 5, 2020
losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. The five most targeted states by the scams include the ones with the biggest populations: California, Florida, New York, Texas and Pennsylvania. Those cases have cost victims a total of $97.5
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Strategies for fighting remote authentication fraud
Independent Banker
NOVEMBER 30, 2021
As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. Online U.S.
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Synthetic Identity Fraud: Prevention & Detection Tips for Financial Institutions
Abrigo
MARCH 4, 2022
Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.
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Banking Computer-Security Incident Notification Requirements Take Effect
Abrigo
APRIL 6, 2022
New Rule Outlines Computer-Security Incident Notification Obligations for Banks Financial institutions and their service providers should prepare to meet new computer-security notice requirements by May 1, 2022. . Computer-security incident notifications required. Expand and Clarify.
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Bitcoin Daily: Blockchain Exec Pleads Guilty To Securities Fraud; Investor Hits BitMex Crypto Exchange With $300M Lawsuit
PYMNTS
DECEMBER 12, 2019
The CEO of Shopin, a blockchain-powered startup, has pleaded guilty to securities fraud related to $42.5 New York Attorney General Letitia James ordered Eyal to step down as CEO and surrender $450,000 of Shopin related cryptocurrency as well as pay $600,000 to Springleap investors.
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130 Metro Bank Hit By More Fraud Probes
PYMNTS
MAY 31, 2019
’s Metro Bank on behalf of investors concerned that the institution committed securities fraud. According to Pomerantz, the probe “concerns whether Metro Bank, and [certain officers] and/or directors, have engaged in securities fraud or other unlawful business practices.”
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The B2B Payments Fraud Threat Of Internal Employees
PYMNTS
JANUARY 13, 2020
Ten percent of business email domains are protected from spoofing , according to recent Security Boulevard reports. Approximately $185,000 worth of payroll fraud hit a Minnesota company, with local reports noting that a bookkeeper allegedly manipulated payroll data to overpay her salary.
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MyPayrollHR Founder Faces $70M Fraud Charge
PYMNTS
SEPTEMBER 24, 2019
The CEO and founder of the New York payroll company MyPayrollHR was arrested and charged Monday (Sept. 23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said.
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Artificial Intelligence Can’t Fight Fraud Alone — Human Ingenuity Is Also Needed
Bank Innovation
MAY 24, 2018
Artificial intelligence, machine learning, and compliance were some of the topics that dominated day 1 of fintech conference Data Disrupt, taking place in New York. The panel “Consumer Finance: Fighting Fraud with Fire” brought together three fintech companies, who discussed different methods of combating fraud.
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Crypto Fraud Scores More Than $4B In 2019
PYMNTS
FEBRUARY 9, 2020
Chainalysis, the New York-based firm that works with clients like the Federal Bureau of Investigations in order to track scams and fraud, said the trend has been that Ponzi schemes mimicking investment opportunities have proven effective at leeching money away from victims.
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Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud
PYMNTS
SEPTEMBER 16, 2019
So now, the investigation deepens and broadens, with payroll fraud under the microscope. As reported by NBC News , the investigations were confirmed, separately, by spokespeople for the FBI’s Albany, New York office and the labor department.
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Bitcoin Daily: Lender Vauld Nets $2 Million To Expand To Full Crypto Bank; SEC Freezes Assets Of Virgil Capital In Alleged Fraud In Crypto Trading Fund; Japan's SBI Holdings Claims Ripple's XRP Is Crypto, Not A Security
PYMNTS
DECEMBER 28, 2020
In other news, the U.S. Securities and Exchange Commission (SEC) filed an emergency asset freeze against Virgil Capital and its affiliated companies after charging the firm and its CEO, Stefan Qin , with fraud related to Virgil Sigma Fund LP, the company’s cryptocurrency trading fund, according to a press release.
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FTC Alleges New York Small-Business Lenders Deceived SMBs And Nonprofits
PYMNTS
JUNE 10, 2020
The Federal Trade Commission sued two New York small-business lenders Wednesday (June 10) for allegedly using deceptive terms in loans to companies, nonprofits, religious groups and medical offices, and threatening violence and personal-asset seizures to collect funds. A 14-page complaint filed in the U.S.
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Law Enforcement Cracks Down On Corporate Payments Fraud
PYMNTS
DECEMBER 23, 2019
” As a regulatory initiative aimed at combatting financial crime, KYC requirements are growing ever-more complex, leading corporates and their banks to demand new technologies and services that can address their compliance challenges. Canada, Mexico, Sweden, Australia and South Africa. The Federal Trade Commission (FTC) refunded $2.6
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MN Man Admits Helping MyPayrollHR With NY Fraud
PYMNTS
FEBRUARY 9, 2020
5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Mann allegedly was the leader of a bank fraud racket worth millions, which eventually cost him MyPayrollHR, his Clifton Park, N.Y.
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KPMG cybersecurity expert Matt Miller joins Sept. 9 panel on bank security and ID best practices
BankInovation
AUGUST 18, 2021
Cyber Security Services Banking practice at consultancy KPMG New York, will join a live webinar presented by Bank Automation News on “Automation technology for exceptional bank cybersecurity and ID verification” Sept. Cyber fraud and the frequency of losses are increasing,” Miller […]. 9, at 11:30 a.m.
Justice Department Charges 2 NY Pharmacy Owners In $30 Million COVID Fraud Case
PYMNTS
DECEMBER 23, 2020
Two owners of a dozen New York City-area pharmacies have been charged for their reported involvement in a $30 million health care fraud and money laundering scheme, a press release Tuesday (Dec. 22) from the Department of Justice said. Khaimov was separately charged with two counts of concealment money laundering.".
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SEC Charges BitFunder Founder With Fraud
PYMNTS
FEBRUARY 21, 2018
A former cryptocurrency exchange and its founder are facing charges from the Securities and Exchange Commission (SEC), the agency announced in a press release on Wednesday (Feb. Montroll operated an unregistered online securities exchange and defrauded its users by misappropriating their bitcoins. In a parallel criminal case, the U.S.
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102 Major Retailers Brace For Gift Card Fraud
PYMNTS
NOVEMBER 23, 2018
To counter fraud as the holiday season approaches, Best Buy , Target and Walmart made changes to their gift card programs. The moves were announced by the attorneys general of Pennsylvania and New York, Reuters reported. They also come amid an initiative to take on fraudsters that has run for a year. “By
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156 SMBs Struggle Amid MyPayrollHR Fraud Inquiry
PYMNTS
OCTOBER 24, 2019
The closure of New York-based payroll processing firm MyPayrollHR left some 8,000 people and about 400 companies without their paychecks. 23 and faces federal charges of committing $70 million in bank fraud, according to the U.S. attorney’s office for Northern New York. MyPayrollHR abruptly shuttered on Sept.
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Jumia’s Shares Slide On Fraud Claims By Short Seller
PYMNTS
MAY 10, 2019
Following a claim of fraud by a short seller, shares in eCommerce firm Jumia fell by almost 25 percent by midday New York time on Friday (May 10) and traded at $20.30 The company filed for an initial public offering (IPO) on the New York Stock Exchange in March. at one point, the Financial Times reported.
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Tax Season Adds Extra Fraud Weight For SMBs
PYMNTS
FEBRUARY 24, 2020
According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise. Meanwhile, Forbes reported separate analysis from North Carolina State University warning that as pressure mounts for chief financial officers to hit their financial targets, they’re less likely to report fraud.
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New York Wants To Be The Model For Cybersecurity Regulation
PYMNTS
APRIL 10, 2017
New York’s financial regulator had a bold claim to offer over the weekend — she claimed that other states should use New York’s sweeping cybersecurity rules as a model for how insurers must protect their networks from hackers. New York also has clear guidelines for when and how firms have to report when there are hacks.
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DOJ Looks Into Possible Wirecard Role In Purported $100M Bank Fraud
PYMNTS
JULY 8, 2020
Adding to the series of legal difficulties for Wirecard , the Justice Department is looking to see if the German payments company had an essential part in a purported $100 million bank fraud case involving a digital cannabis firm, The Wall Street Journal reported, citing unnamed sources. The FBI’s New York field office and the U.S.
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142 Equifax Settles With NY AG Over App Security
PYMNTS
DECEMBER 16, 2018
The Office of the New York State Attorney General Barbara Underwood announced late last week it reached settlements with five companies whose mobile apps failed to keep user data safe when it was being sent over the internet. The companies under the settlement have to put in place comprehensive security that protects users’ data.
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NYC Taxi Commission Accused Of $810 Million Fraud
PYMNTS
FEBRUARY 21, 2020
New York Attorney General Letitia James announced plans to sue New York City for allegedly fraudulent practices by its Taxi and Limousine Commission (TLC), according to reports on Thursday (Feb.
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Today In Payments: NYC Taxi Commission Accused Of Fraud; Apple Considers Letting Users Change Default Apps
PYMNTS
FEBRUARY 21, 2020
In today’s top payments news, the New York attorney general accused the Taxi and Limousine Commission of drastically inflating the price of taxi medallions, and Apple is debating letting users change their default apps. NYC Taxi Commission Accused Of $810 Million Fraud. Apple Considers Letting Users Change Default Apps.
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Huawei CFO Charged With Bank Fraud
PYMNTS
JANUARY 29, 2019
prosecutors have filed criminal charges against China’s largest technology company, accusing it of stealing trade secrets and committing bank fraud. In a 13-count indictment filed in Brooklyn, New York, the U.S. 1 in Canada on fraud allegations. While Huawei didn’t respond to requests for comment on the allegations.
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130 New York’s New Digital Crime Lab Fights Fraud
PYMNTS
NOVEMBER 15, 2016
New York City has a new fighting chance against the proliferation of cyber fraud in the form of a state-of-the-art, $10 million digital crime laboratory. The New York district attorney’s office estimates that over a quarter of its cases annual involve digital evidence — and the trend is growing.
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100 PayPay Vows To Strengthen The Security Of Its Payment App
PYMNTS
DECEMBER 17, 2018
17) that it will strengthen the security of its app after receiving several complaints from users about charges that were made in error. Bloomberg noted that PayPay has been questioned about the security of the app in the past. PayPay told Bloomberg it would address that security hole with the upgrade to the app.
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Bitcoin Daily: Blockchain Startup Shopin CEO Pleads To Fraud, BitMex Faces $300M Lawsuit From Early Investor
PYMNTS
DECEMBER 12, 2019
The CEO of Shopin, a blockchain-powered startup, has pleaded guilty to securities fraud related to $42.5 New York Attorney General Letitia James ordered Eyal to step down as CEO and surrender $450,000 of Shopin related cryptocurrency as well as pay $600,000 to Springleap investors.
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Monzo Security Flaw Affects 500K Customers
PYMNTS
AUGUST 5, 2019
Monzo, one of the world’s largest digital banks, discovered a security flaw and is now asking half-million of its customers to change their personal identification numbers (PINs), TechCrunch reported on Monday (Aug. PINs are typically stored in a “particularly secure part of our systems.” . “No Monzo customers. In the U.S.
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Report: Crypto Fraud Losses Reach $4.4B In Q3 2019
PYMNTS
DECEMBER 2, 2019
It’s no secret that privacy and security are the prisms through which authorities have looked, and are looking, at Libra and other digital coins. In recent announcements, the numbers have been supporting the argument that cryptos are becoming a favored avenue of theft and fraud. billion in fraud and theft seen last year.
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130 Freight Firm Celadon Settles Accounting Fraud Claims
PYMNTS
APRIL 29, 2019
As part of the agreement, the company must pay restitution to shareholders, as well as implement internal controls and cooperate with the investigations of the former executives allegedly involved in the fraud. While the company previously traded on the New York Stock Exchange, it was delisted last year and now trades over the counter.
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COVID-19 Scams Target The Business Community
PYMNTS
JANUARY 18, 2021
With a second Paycheck Protection Program (PPP) on the way, small businesses have yet another chance to secure much-needed financial relief. But new concerns are mounting over the U.S. government's inability to curb the risk of fraud that emerged during the first round of PPP funding. Homeland Security investigators.
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BNY Mellon’s AI-Based Fraud Detection Initiative
PYMNTS
JUNE 13, 2019
Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud. It helps.”.
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The Predicament Of C-Suite Fraud And Government Cyberattacks
PYMNTS
JUNE 21, 2019
Fraud knows no boundaries. new reports from The New Yorker this week dove into how the current CFO of the National Rival Association (NRA) allegedly embezzled funds from his last company, employee benefits consulting firm the Wyatt Company. For payments fraud, the land Down Under seems fertile ground, too. In the U.S.,
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