PYMNTS

FEBRUARY 9, 2020

The cost of crimes involving bitcoin and cryptocurrency hit $4.3 However, upon purchasing the cryptocurrency from PlusToken, users would eventually find that the sites didn’t work and they couldn’t get their money out. Many people who had bought cryptocurrency through the program lost everything they had supposedly purchased.

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PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Cryptocurrency has become something of a go-to method for scammers , according to DOJ, as exchanges are often lightly regulated and there are no easy ways to follow the money.

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PYMNTS

SEPTEMBER 11, 2020

The United States may have some of the world's best cryptographers working for the National Security Agency and other spy shops, but the Internal Revenue Service (IRS) is crowdsourcing at least part of its effort to beat the algorithms that cloak information about certain cryptocurrencies. Even the U.S.

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Bank Innovation

SEPTEMBER 27, 2017

Fintechs are partnering with banks, banks are using blockchain technology, artificial intelligence, and cryptocurrency and financial regulation is still undergoing massive changes. 2017 has been a […].

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Abrigo

MARCH 8, 2024

Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. Investment scams were #1, with over $4.6

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Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.

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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.

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PYMNTS

OCTOBER 9, 2020

Bitcoin and other cryptocurrencies are continuing to attract attention from authorities for all the wrong reasons. Justice Department report is taking aim at the “emerging threats and enforcement challenges” associated with digital currencies, establishing a “Cryptocurrency Enforcement Framework” to address problems.

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Abrigo

DECEMBER 27, 2022

Fraud trends for financial institutions to watch for in 2023 Financial institutions should not expect a slowdown of any of 2022’s fraud trends. Takeaway 2 A worsening economy increases pressure to commit fraud, provides opportunities to commit fraud, and can be used as an excuse by criminals to rationalize their actions.

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Abrigo

NOVEMBER 3, 2021

FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. .

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PYMNTS

SEPTEMBER 29, 2020

Blanco , director of the Financial Crimes Enforcement Network ( FinCEN ), said banks need to be wary of risks with cryptocurrency, according to remarks planned to be given at the ACAMS AML (anti-money laundering) virtual conference on Tuesday (Sept. FinCEN is focused on various kinds of cyber threats and cybersecurity, Blanco said.

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Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

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PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

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Abrigo

FEBRUARY 28, 2023

You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." REGISTER now Takeaway 1 Phishing is not a new fraud trend, but the rise of smartphones means text messaging fraud is becoming more common. billion to fraud in 2021, a 70% increase over the prior year.

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Bank Innovation

DECEMBER 5, 2017

The Securities and Exchange Commission, or SEC, has filed charges of fraud against the organizers of a $15 million ICO, the agency announced yesterday. The regulator filed charges against Canadian organizers Dominic Lacroix and Sabrina Paradis-Royer, as well as a firm named PlexCorps, for violating U.S. securities laws.

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PYMNTS

FEBRUARY 13, 2019

QuadrigaCX, the Canadian crypto exchange that previously lost $250 million CAD worth of cryptocurrencies and fiat, has reportedly lost an additional $500,000 CAD. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”. The digital tokens include 51 bitcoin , 0.14

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Payments Dive

MARCH 25, 2024

SEC enforcement actions against cryptocurrency players were up last year, but the commission is under attack for not issuing new rules for the industry.

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PYMNTS

AUGUST 19, 2019

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Fraud that was in turn prevented by the unit amounted to as much as $8.2

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PYMNTS

SEPTEMBER 24, 2018

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions. All told, U.S.

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PYMNTS

JANUARY 27, 2021

Instead, he embezzled their cash and cryptocurrency, the release stated. Some criminals believe mistakenly that cryptocurrency is beyond the reach of law enforcement,” said U.S. This case shows we can use criminal forfeiture to compensate fraud victims even when cryptocurrency is used in the fraud.”.

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PYMNTS

JANUARY 23, 2019

Gox hack that saw $473 million in bitcoin disappear, the Bitfinex hack in which $72 million in value was lost overnight and the reigning champion crypto hack, the January 2018 Coincheck hack that saw $530 million in cryptocurrency go missing. The big, and under-discussed threat, he said, is the approximately $2.5

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Fraud Bitcoin cryptocurrency Security 177

PYMNTS

DECEMBER 21, 2020

Italian police charged the former head of cryptocurrency exchange BitGrail, identified by the initials of “F.F.,” with money laundering, fraudulent banking and computer fraud, Reuters reported. “It cryptocurrency exchange Exmo reported a “major” security breach on Mon. They allege that F.F. Meanwhile, U.K.

blockchain 206

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Abrigo

DECEMBER 28, 2022

Most-read blogs on financial crime in 2022 Synthetic ID fraud, AML quality control, and SAR writing topics were among Abrigo's top blogs on AML/CFT and fraud this year. . Takeaway 1 AML/CFT and fraud professionals often keep up to date on industry trends by reading Abrigo's blog. Abrigo's top AML/CFT articles. Keep me informed.

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PYMNTS

DECEMBER 16, 2020

Through the integration with Plaid, Ternio users will be able to instantly authenticate bank accounts to help make transfers to their cryptocurrency-friendly BlockCard accounts, the release stated. Our customers will be able to link their existing financial institution to their crypto-friendly BlockCard bank account to easily move U.S.

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PYMNTS

JUNE 26, 2020

The company will also tell the agency about any intentions for any kind of cryptocurrency issuance in the three years to come. In other news, the individual behind the cryptocurrency project that purportedly had anti-money laundering features was brought forward on wire fraud and money laundering charges by the U.S.

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PYMNTS

AUGUST 3, 2020

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. ” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency.

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PYMNTS

FEBRUARY 23, 2020

Binance , Nigeria’s cryptocurrency market, has seen sign-ups surge 50 percent so far in 2020. Nigeria has latched on to the cryptocurrency trend, boasting 35 million unbanked adults who possess mobile phones, the vast majority being women. Fraud has become a concern with cryptocurrency around the world.

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PYMNTS

DECEMBER 24, 2020

If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Keeping An Eye On Fraud.

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PYMNTS

SEPTEMBER 12, 2019

FIs and FinTechs increasingly encounter new forms of fraud as they expand their digital operations, making it all the more important that they have strong risk assessment and compliance systems in place. The growing prevalence of cryptocurrencies is also complicating the finance sectors’ security efforts. resources.

Fraud 189

Fraud Fintech Compliance Regulation 189

Abrigo

DECEMBER 10, 2024

Education, collaboration, and advanced fraud detection software can help prevent it. The increasing threat of elder fraud On December 4, 2024, FinCEN, along with the supervisory agencies, issued a s tatement on e lder f inancial e xploitatio n, or elder fraud. Get details What is elder financial exploitation?

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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

Perficient

JANUARY 27, 2022

Technological innovation has recently ushered in a wave of digital assets with money-like characteristics, including cryptocurrencies based on the combination of cryptographic and distributed ledger technologies, which together provide a foundation for decentralized, peer-to-peer payments.

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PYMNTS

JANUARY 23, 2020

5AMLD’s impacts include strengthening anti-money laundering (AML) and counter-terrorist financing (CTF) regulations in the cryptocurrency space — something that has not pleased all the affected crypto companies. Worldpay On Modernizing Security To Foil eCommerce Fraud. Around The AML/KYC World. Get the full story in the Tracker.

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Fraud Security Regulation cryptocurrency 157

PYMNTS

OCTOBER 7, 2020

With transactions that become irreversible almost instantaneously, bitcoin and other cryptocurrencies are winning new converts — among scammers eager to avoid credit card chargebacks that can eat into their ill-gotten gains. So, use your credit card to buy cryptocurrency that you give a scammer and you might be stuck.

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Payments Dive

MAY 17, 2022

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

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Abrigo

AUGUST 4, 2021

Survey: Top Challenges and Trends for BSA/AML Professionals Abrigo's 2021 FinCrime survey benchmarks obstacles and trends for BSA/AML and fraud professionals. Takeaway 2 Banking cannabis-related businesses and cryptocurrency are two hot topics in the BSA/AML and fraud space. The jury's still out on cannabis and cryptocurrency.

Fraud 195

Fraud cryptocurrency Survey Trends 195

PYMNTS

DECEMBER 11, 2020

As goes banking, so goes fraud. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars. It has ever been thus.

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