PYMNTS

SEPTEMBER 21, 2020

BuzzFeed said the thousands of suspicious activity reports, authored by lenders and shared with the government, offer a glimpse into global corruption enabled by banks and allowed to flourish by regulators. told the news outlet.

Fincen 111

Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

FICO

FEBRUARY 19, 2020

The ability to move money through multiple accounts quickly, makes it difficult for law enforcement to track criminal proceeds. Criminals use real-time payment schemes to commit fraud for direct financial gain or to facilitate other crime: Authorized Push Payment Fraud. Account Takeover Fraud.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

PYMNTS

JANUARY 21, 2019

Once the account fills up with V-bucks, it is then sold through a legitimate vendor like eBay, or on the dark web, for lower rates that the $10 for 1,000 gamers will get in the game or through an authorized online store. And an estimated 86 percent of the scams were shared via social media platforms such as Facebook, Instagram and Twitter.

Money Laundering 84

Money Laundering Law Enforcement Credit Cards Scams 84

Fintech News

FEBRUARY 21, 2024

Decline in Scamming and Hacking One of the most notable trends in 2023 was the significant reduction in the volume of crypto assets associated with illicit activities, which plummeted to US$24.2 These tools have enabled law enforcement agencies to trace the flow of funds, unmasking the networks behind criminal operations.

Crime 108

Crime Ransomware Scams Stablecoins 108

PYMNTS

MAY 21, 2019

Payment company Allied Wallet and its owner, Ahmad Khawaja, as well as two officers, Mohammad Diab and Amy Rountree, have settled with the Federal Trade Commission (FTC) over allegations of knowingly processing fraudulent transactions related to scams, the FTC reported on Tuesday (May 21). Rountree’s $320,429.82

FTC 76

FTC Federal Trade Commission Law Enforcement Scams 76

PYMNTS

JULY 21, 2020

The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to a press release.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. ” $74,000 was sent to a fraudulent vendor by one Irish company last week , according to law enforcement officials and reports in Buzz.ie. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

BioCatch

OCTOBER 17, 2024

It has also become detrimental to the prospects of many economies in several ways such as undermining trust in financial systems, increasing costs for businesses and consumers, and draining government and law enforcement resources.

Law Enforcement 59

Law Enforcement Laws Economy Governance 59

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Deploy AI and Machine Learning – the Scams Model. FICO Admin. Tue, 07/02/2019 - 02:45. expand_less Back To Top.

Scams 52

Scams Posting Push-to-Card Compromise 52

Innovative Payments Association

JUNE 26, 2024

Fraud and scam activity can happen to anyone. To her credit she immediately notified the bank that she noticed transactions that she did not authorize were on her statement. There are a lot of senior citizens who are not as lucky or haven’t been that fortunate when it comes to scams or fraud.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

AUGUST 21, 2017

The black market took a hit when, in July, law enforcement took down two of the biggest dark web marketplaces, AlphaBay and Hansa Market. On the dark web, some of those false listings come from law enforcement trying to bait criminals. It’s not that these sites didn’t have security or verification before.

Law Enforcement 45

Law Enforcement Laws Verification Void 45

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. Purchase scams Although less money was stolen, the total number of APP cases was up 12 per cent to 232,429.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

PYMNTS

APRIL 9, 2018

Non-bailable warrants have been issued for the two central figures in an alleged $2 billion scam at state-run Punjab National Bank (PNB). Modi and Choksi have denied the allegations against them, and authorities say they both left the country before the fraud was uncovered. In February, PNB announced that it had discovered $1.8

Law Enforcement 43

Law Enforcement Non-Bank Scams SWIFT 43

PYMNTS

JUNE 7, 2019

The FTC said Allied Wallet aided in the scamming of upwards of $110 million from people using pyramid schemes and illegal debt collection. The settlement scrutinizes concerns about anti-money laundering practices at Wirecard. The company was also accused of setting up fake shell companies and websites to hide its activities.

FTC 43

FTC Federal Trade Commission Money Laundering Law Enforcement 43

PYMNTS

OCTOBER 21, 2019

million: This is the suspected value of a VAT fraud scam that Ireland’s Garda National Economic Crime Bureau is investigating, local reports said last week. Plus, this week’s Data Digest looks into an alleged money laundering ring, exposing the risks involved in multinational, multi-account corporate banking.

Distributed Ledger Technology (DLT) 44

Distributed Ledger Technology (DLT) Payroll Scams Tax Scams 44

PYMNTS

DECEMBER 26, 2019

The cat-and-mouse game between law enforcement and code-abusing felons is entering a new year, and a new phase. Then there’s the disturbing rise in loyalty program scams. The world’s biggest social media platforms are cracking down like never before. billion of that. For their part, the anti-fraud community is hitting back hard.

Fraud Detection 52

Fraud Detection Bots Law Enforcement AI 52

PYMNTS

JANUARY 28, 2019

Once the account fills up with V-bucks, it is then sold through a legitimate vendor like eBay, or on the dark web, for lower rates than the $10 for 1,000 gamers will get in the game or through an authorized online store. And an estimated 86 percent of the scams were shared via social media platforms such as Facebook, Instagram and Twitter.

Money Laundering 51

Money Laundering Visa Credit Cards Regulations 51

PYMNTS

OCTOBER 22, 2018

Generally gift card requests go along with tech support scams, but according to the FTC, scammers have broadened their horizons in terms of who they claim to be before requesting a gift card payment. As of September 2018, losses from gift-card fraud have hit $53 million.

Laws 53

Laws Privacy FTC Push-to-Card 53

PYMNTS

DECEMBER 8, 2020

But that priceless present could turn into a costly surprise, the Better Business Bureau warns , due to an exponential increase in pet scams this year that has left would-be owners heartbroken and several hundred dollars poorer too. and Canada are on-track to field 4,300 pet scam reports this year, totaling more than $3.1

Scams 110

Scams Zelle Law Enforcement On-Demand 110

PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Law enforcement also seized close to $2.4 Local and state law enforcement teamed up with the FBI, as did attorneys general offices, to provide assistance.

Email Compromise 60

Email Compromise FBI Compromise Scams 60

PYMNTS

AUGUST 12, 2020

Federal law enforcement officers alleged thousands of buyers in every U.S. payment processor to execute the scheme and keep it hidden from law enforcement, the release stated. Vietnamese authorities have also conducted their own investigation and arrested the defendants.

Law Enforcement 52

Law Enforcement Federal Trade Commission Financial Crimes Scams 52

CB Insights

MAY 23, 2019

Holmes and former Theranos COO Balwani’s trial has been delayed due to arguments over the scope of trial evidence, currently estimated to comprise millions of pages of documents across more than 4 terabytes of data seized by law enforcement. In most scams, this would be the end of the story. The Outcome. The Outcome.

Online and Mobile Banking 78

Online and Mobile Banking Wires Wire Push-to-Card 78

PYMNTS

SEPTEMBER 28, 2018

For years, law enforcement has feared that bitcoin could make money laundering easier. The newspaper claims that law enforcement possibly seized under $2 million of the funds that the paper analyzed. According to its analysis, which it is said only included “a narrow slice of suspected criminal behavior,” $88.6

Consumer Financial Protection Bureau (CFPB) 76

Consumer Financial Protection Bureau (CFPB) Money Laundering Law Enforcement Federal Trade Commission 76

PYMNTS

APRIL 11, 2019

Qaiser’s ransomware then would display a message designed to mimic the look and feel of a communication from law enforcement, a message that said the person on the other end had broken the law by accessing online pornography. In fact, there is no evidence that any victim of this operation ever alerted law enforcement.

Ransomware 51

Ransomware Law Enforcement Scams Authorization 51

PYMNTS

JULY 13, 2018

It turns out companies are having some success in the everlasting battle against corporate fraud — in B2B, email phishing scams and supply chain attacks in particular. The efforts will involve the Department of Justice, CFPB , SEC and Federal Trade Commission , along with agencies in law enforcement at the local level.

Risk 40

Risk Phishing Federal Trade Commission Debit Card 40

PYMNTS

MAY 3, 2019

The Bank of Canada and the Monetary Authority of Singapore ( MAS ) announced that they have conducted their first successful experiment between the two banks on cross-border and cross-currency payments using central bank digital currencies.

Cross-Border 51

Cross-Border Bitcoin Blockchain Wire Transfer 51