The Fintech Times

AUGUST 20, 2024

According to the Judiciary Police, telecom and online fraud caused losses of more than 310 million patacas (approximately $38.6million) last year, with telephone and investment fraud being the predominant crimes contributing to this number. The latest campaign will start as a month-long trial.

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Scams Risk Law Enforcement Transactions 57

Fintech News

APRIL 11, 2024

Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. Blockchain intelligence company TRM Labs announced that it has named Boon Hui Khoo as its senior advisor.

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Advisors Law Enforcement Laws Financial Crimes 100

Fintech News

JUNE 3, 2024

A 2023 research by Moody’s Analytics revealed a wealth of corporate structures enabling sanctions evasion, money laundering, fraud, and other financial crimes. Suspected proceeds of crime totaling S$1.23 The firm identified over 21 million risk activities across 472 million companies as of November 2023.

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Money Laundering Financial Crimes Crime APACS 117

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime.

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Real Time Payments Financial Crimes Crime Account Takeovers 92

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 105

Money Laundering Law Enforcement AML Non-Bank 105

Finovate

JULY 23, 2024

In fact, the Financial Crimes Enforcement Network (FinCEN) has reported that check fraud is becoming increasingly prevalent and, as of 2023, represents more than a third of all fraud at depository institutions. designed to defend consumers from Authorized Push Payment (APP) fraud. is one that the world has been watching.

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Checks Fraud Detection Financial Crimes Crime 64

PYMNTS

FEBRUARY 26, 2020

Clearview AI said that a malicious actor “gained unauthorized access” to its list of customers, which include law enforcement agencies, police forces and financial institutions. In New Jersey, lawmakers initiated a ban across the state on law enforcement using the company’s software.

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Law Enforcement Data Breach Laws Breach 68

Neopay

APRIL 22, 2024

The UK’s company law landscape underwent significant changes with the enactment of the Economic Crime and Corporate Transparency Act, effective from 4th March 2024. These amendments mark a pivotal shift, aiming to enhance transparency, combat economic crime, and foster sustainable economic growth.

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Laws Crime Due Diligence Law Enforcement 52

PYMNTS

DECEMBER 14, 2016

13) that the FBI is working with other global law enforcement agencies to crackdown on the number of people that use services to launch cyberattacks on their behalf. Krebs on Security reported on Tuesday (Dec.

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FBI Law Enforcement Authorization Laws 68

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S. told the news outlet.

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Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

PYMNTS

AUGUST 28, 2019

Law enforcement has had difficulty tracking down the robbers, as well as their driver, so they asked Google to track down their phones. The armed robbery, which took place on Oct. The technique would rely on the police to use the data to find the right suspects, and the court found it legal.

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Authorization Law Enforcement Crime Blocks 49

PYMNTS

OCTOBER 17, 2016

It’s one thing if there’s a warrant, it’s another if authorities also have the paperwork to use biometric information to unlock smartphones. For that reason, the warrant authorizes the seizure of ‘passwords, encryption keys, and other access devices that may be necessary to access the device,’” the document read. Signed by U.S.

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Authorization Law Enforcement Encryption Government 72

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.

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Law Enforcement FBI Scams Crime 109

The Fintech Times

APRIL 29, 2024

Frankly, not enough has changed since then, at a time when payment systems have never been so interconnected, money flows have never been at such a high volume, the speed of cross-border payments has never been so fast, and the risks to society from organised crime and terrorism have never been so high. What’s the problem?

Money Laundering 76

Money Laundering AML SARS Financial Crimes 76

VISTA InfoSec

SEPTEMBER 15, 2023

Clause 9(1), DPDP Act) If consent is retracted, the data fiduciary must stop the data processor from processing that individual’s data, unless otherwise authorized. Its primary function is law enforcement, including identifying violations, imposing penalties, issuing directives, and mediating disputes. Clause 6(6), DPDP Act.

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Data Breach Breach Government Governance 130

PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. Treasury Department proposed sweeping new rules late Friday (Dec. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.

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Treasury Rules Bitcoin Ransomware 141

PYMNTS

DECEMBER 23, 2019

The National Cyber Crime Unit of the U.K.’s s National Crime Agency (NCA) arrested Kerem Albayrak at his London home on March 28, 2017. During the investigation, NCA agents found phone records that indicated Albayrak was the spokesperson of the hacker group “Turkish Crime Family.” law enforcement authorities.

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Crime Law Enforcement Compromise Laws 55

PYMNTS

JULY 12, 2020

Danyal Bayaz, a Green member of parliament, told the Financial Times he blamed the Federal Financial Supervisory Authority ( BaFin ), Germany’s financial regulator, for the mess. German law enforcement authorities said they have added money laundering, balance falsification and market manipulation to the charges facing the collapsed firm.

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Government Governance Law Enforcement Money Laundering 62

PYMNTS

JULY 15, 2020

The firm’s facilities in Dublin were reportedly raided by law enforcement at the behest of authorities in Germany. On July 9, news surfaced that the probe into Wirecard AG had grown to include Ireland.

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Law Enforcement Crime Authorization Legal 60

PYMNTS

JULY 29, 2017

Crime doesn’t pay. And it’s a concept that an entire comic book series was built around in the 1940s and ’50s – called, appropriately enough – Crime Does Not Pay. Its narrator, Mr. Crime, always reminded the reader of that in each and every issue. As Mr. Crime says, crime doesn’t pay for the perpetrators.

Crime 40

Crime Cross-Border Law Enforcement CHIPS 40

PYMNTS

APRIL 22, 2020

Since Tuesday (April 21), the DOJ said the FBI’s Internet Crime Complaint Center (IC3) has reviewed more than 3,600 complaints related to COVID-19 scams. The sites were used as phishing schemes, authorities said. Department of Justice (DOJ). Scammers often employ addresses that differ slightly from the real ones they are impersonating.

Scams 69

Scams Federal Trade Commission Law Enforcement Phishing 69

PYMNTS

OCTOBER 31, 2016

The Dedicated Card and Payment Crime Unit (DCPCU) and Police Scotland announced that the two U.K. Representatives from Visa said they are grateful to be part of the initiative working with authorities to eventually seize items and help with the arrests. agencies issued warrants through the second round of Retail Week of Action.

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Law Enforcement Laws Crime Bank Card 65

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

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Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

Stax

DECEMBER 4, 2023

Learn More Understanding AML Basics With money laundering, perpetrators try to hide criminal activities ranging from small-time bribery or tax evasion to drug trafficking or organized crime. PayFacs must also monitor their transactions continuously for any suspicious behavior and report them to the authorities immediately.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

PYMNTS

JULY 21, 2020

To help protect consumers from such scams, the FTC set up a website with alerts of new schemes, consumer report data and law enforcement actions. He noted that fraud is typically an underreported crime, and there have likely been other cases authorities don’t know about.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

PYMNTS

FEBRUARY 3, 2017

Authorities in Asia and Europe have apprehended five members of an international hacking ring accused of sophisticated attacks on bank ATMs that cost the financial institutions hit about €3 million. Europol recognized law enforcement from around the world in helping with the investigation that led to these arrests.

ATM 44

ATM Law Enforcement Crime Phishing 44

Global Fintech & Digital Assets

NOVEMBER 2, 2023

Yatter , and Deric Behar On October 19, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a Notice of Proposed Rule Making (NPRM) that would designate as a “primary money laundering concern” all non-US convertible virtual currency [1] mixing (CVC mixing). By Parag Patel , Eric S.

Fincen 52

Fincen Money Laundering Law Enforcement Non-Bank 52

PYMNTS

JULY 11, 2016

Late last week, The Register reported that 105 suspects of credit card fraud were arrested in Asia and Europe after a cybercrime ring was busted by authorities. During the raid, authorities also found cash, jewelry, cameras and fake passports. It’s estimated that the losses from the cybercrime activities reached €5 million.

Credit Cards 41

Credit Cards Law Enforcement ATM Crime 41

PYMNTS

MARCH 27, 2017

Chainalysis collaborates with Europol to link digital identities to digital currency, helping banks and law enforcement investigate suspicious activity. “We The ability to reliably tie cryptocurrency transactions to individuals could be a game changer for law enforcement.

Cryptocurrency 44

Cryptocurrency Law Enforcement Money Laundering Security 44

PYMNTS

APRIL 28, 2019

The police have been investigating bitcoin machines at Tampines One Mall in Singapore that featured posters claiming to be an alert from law enforcement about the crypto, but were actually put up by scammers attempting to trick people to call a phone number.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

OCTOBER 18, 2019

As reported in chainalysis.com , a number of law enforcement agencies announced arrests and forfeitures tied to the crackdown on the site. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI). The agencies, reported the site, spanned the U.S. The site’s content was available for purchase with bitcoin.

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IRS Law Enforcement Bitcoin Money Laundering 41

PYMNTS

APRIL 18, 2017

With that new focus also comes the rise of the payment hustler — a new breed of fraudster that deals in illicit products of services, typically operates online and has progressed from transaction laundering to payments laundering in the pursuit to get paid from their illegal crimes. Payment Hustlers on the Rise.

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Law Enforcement Money Laundering Payments Crime 45

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . Virtual asset authorities from the FIUs of France, the U.S. Global standard setters, law enforcement, intelligence services, supervisors but also the private sector are our natural partners. The Sunday (Feb.

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Fincen Money Laundering Law Enforcement Financial Crimes 60

The Fintech Times

MAY 22, 2024

Ben Donaldson, managing director of economic crime at UK Finance Commenting on the report, Ben Donaldson , managing director of economic crime at UK Finance, said: “ Nearly £1.2billion was stolen from customers in 2023 and the criminals who commit these crimes destroy lives and damage our society.

Scams 57

Scams Finance Push-to-Card Romance Scams 57

PYMNTS

SEPTEMBER 16, 2019

clients will plead guilty to the crime later this month, according to a report by Bloomberg. The hacks were so extensive that authorities suspected it may have been a state-sponsored attack, but eventually they determined it was a large criminal enterprise that also had its hands in gambling, money laundering and stocks.

Money Laundering 46

Money Laundering Law Enforcement Authorization Crime 46

PYMNTS

OCTOBER 17, 2016

companies are forced to report when these types of incidents take place, but under Britain’s Financial Conduct Authority (FCA) provision, companies are only required to report cyberattacks if they believe the event will have a material impact. In the U.S., managing director of security and privacy at Protiviti told Reuters.

Law Enforcement 71

Law Enforcement Crime Authorization Cybersecurity 71

PYMNTS

OCTOBER 7, 2018

DOJ financial crime inquiry differs from that of ABLV in Latvia. law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. The investigations join those being conducted from authorities based in other nations, including Denmark.

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Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59