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. Khaim was separately charged with two counts of concealment money laundering and one count of aggravated identity theft.

Money Laundering 60

Money Laundering IRS Identity Theft Law Enforcement 60

The Paypers

MAY 21, 2020

Kompli-Global , a regtech AML specialist, has formed a strategic partnership with digital identity and credential management platform, Yoti , to fight money launderers.

Money Laundering 28

Money Laundering Credential AML 28

Fintech News

DECEMBER 20, 2023

Separately, MAS is collaborating with the United Nations Development Programme (UNDP) and the Global Legal Entity Identifier Foundation (GLEIF) on Project Savannah, an initiative that aims to develop digital ESG credentials for MSMEs worldwide.

FinTech 104

FinTech Cross-Border CBDC Web 3.0 104

PYMNTS

MARCH 11, 2019

Under the plan, credit union members would be able to access the CULedger via a digital credential dubbed MyCUID. In October, federal regulators ruled that community banks and credit unions could pool resources to fight money laundering, helping them better fight financial crime and keep costs down.

Credit Union 64

Credit Union Blockchain Money Laundering Financial Crimes 64

PYMNTS

SEPTEMBER 24, 2019

With billions of compromised credentials exposed online, there is a high likelihood that most users of the U.S. FinCEN has developed and continuously updates “one of the most effective AML [anti-money laundering] and CFT [combatting the financing go terrorism] regimes in the world,” Blanco said.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . Use a service provider to facilitate money laundering. Set up a money laundering service provider.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

PYMNTS

APRIL 23, 2019

Money laundering, account takeovers and other illicit activities threaten to turn away legitimate consumers, as well as the government agencies that provide gaming licenses. . This means fantasy sports platforms must enact robust anti-money laundering (AML), KYC checks and other fraud monitoring services.

Money Laundering 43

Money Laundering SWIFT Security Account Takeovers 43

PYMNTS

APRIL 26, 2019

Payroll diversion has become a significant form of payments fraud as well — in this case, the bad actors snare login credentials from employees, and change direct deposit information. As alleged by authorities tied to the anti-fraud garda, the accounts were used to launder hundreds of millions of euros through banks based in Ireland.

Business Email Compromise 57

Business Email Compromise FBI Scams Wire 57

PYMNTS

MAY 6, 2020

billion in fines related to money laundering mishaps in 2019, for example, including penalties levied against South African bank Standard Chartered for poor money laundering controls. Failing to catch fraud often has disastrous short- and long-term consequences for FIs, too. Regulators in the U.K. and the U.S.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

FICO

JANUARY 19, 2022

Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud. TBML: What Is Trade-Based Money Laundering? movement of money) using trade transactions to legitimize their illicit origins. Here are excerpts.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

APRIL 21, 2016

In some cases, as in the case of a Mandiant investigation into the criminal circle, FIN6 already had valid credentials in place to infiltrate victim networks and then was able to push intrusion activity even further along. The card data is used to buy, say, gift cards or electronics in money laundering activity.

Push-to-Card 40

Push-to-Card Money Laundering Compromise Credential 40

PYMNTS

FEBRUARY 22, 2019

Zekri said the “trust anchor” can carry extra weight through a government-issued credential “that has in it, and encompasses, the complete verification process that went into that credential.” The flow of credentials is designed not to create friction, but to provide permission. Introducing Biometrics Into the Mix.

Credential 52

Credential Account Takeovers Authentication Verification 52

PYMNTS

SEPTEMBER 30, 2019

There are, of course, individuals who want to steal money, find financial information and steal credentials, he said. Then, there are nation-states that are greedy and want money. For now, though, crypto has its place among thieves as a way to hide money laundering and terrorist financing activities.

Cybersecurity 65

Cybersecurity Credential Encryption Phishing 65

PYMNTS

APRIL 10, 2019

Once logged in, Richo would steal credentials, watch a person’s bitcoin balance at an actual marketplace and then withdraw the coins once they were deposited. He was arrested in 2016 and pleaded guilty to money laundering and access device fraud on June 27, 2017. The links sent users to fake login pages that copied real ones.

Bitcoin 46

Bitcoin Regs Multi-Currency Money Laundering 46

PYMNTS

SEPTEMBER 24, 2020

Companies also need to satisfy the requisite anti-money laundering (AML) and know your customer (KYC) compliance checks, which can vary from market to market. Traditional wallets in the APAC region market have relied on two-factor authentication or one-time passwords.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

PYMNTS

APRIL 3, 2019

Even so, no company that actually wants to survive and thrive can afford to let down its guard when it comes to fraud, money laundering and other dangers that can pose existential threats to sustainability and profit. Enter the phone number – which, as Meier told Webster, is possessed by more than 95 percent of people in the U.S.

Verification 59

Verification Money Laundering Authentication API 59

Segpay

OCTOBER 18, 2023

For example, a nutritional supplements seller launders drug money by inflating its receipts or sells counterfeit pharmaceuticals under the vitamin and supplement Merchant Category Code (MCC). Criminals try to launder their criminal money through the merchant’s accounts.

Transactions 52

Transactions Due Diligence Money Laundering Legal 52

FICO

MAY 19, 2021

Traditional third-party fraud entails some form of impersonation, whether through stolen card credentials or someone taking over your identity. At some point, many victims become aware of the crime when unknown charges appear on statements, or a debt collection agency attempts to collect money the victim does not owe.

Cross-Border 52

Cross-Border Crime Money Laundering Credential 52

PYMNTS

MARCH 11, 2016

Bank officials said that the hackers first gained unauthorized access to Bangladesh Bank’s systems in order to steal its credentials for payment transfers then sent nearly three dozen requests to the Federal Reserve Bank of New York in an attempt to move money from the Bangladesh Bank’s account to overseas accounts.

Federal Reserve 40

Federal Reserve Money Laundering Central Bank Fed 40

PYMNTS

OCTOBER 24, 2018

For Tern Commerce, clearing those hurdles previously meant manually reviewing identity documents and other credentials, which is both expensive and time-consuming. Many countries have their own know-your-customer (KYC) and anti-money laundering (AML) regulations, and there was no consistent formula for regulatory and commercial success.

Authentication 66

Authentication Push-to-Card AML Debit Card 66

FICO

AUGUST 12, 2021

Many TPPs have used customers’ login credentials to screen-scrape data from banks’ customer web portals and apps, sometimes without the bank’s knowledge. Open Banking includes new, known AML/CTF threats like money laundering conducted through cryptocurrency exchanges. Customer data screen-scraping widespread.

Financial Crimes 52

Financial Crimes Compliance Crime Risk 52

The Fintech Times

MAY 30, 2024

Implement robust AML and KYC procedures This is essential, as these measures help prevent illicit activities such as money laundering and terrorist financing. So, with this in mind, what should a well-implemented compliance framework look like?

Compliance 64

Compliance Security Legal Blockchain 64

FICO

MAY 19, 2021

Traditional third-party fraud entails some form of impersonation or stolen identity, whether through stolen card credentials or someone taking over your identity. In this scheme, criminal gangs have zeroed in on out-of-country students to buy their identity credentials and bank accounts as they leave to return to their home countries.

Cross-Border 52

Cross-Border Crime Credential Money Laundering 52

PYMNTS

MARCH 22, 2016

Those named in the case are casino junket operators Weikang Xu and Kam Sin Wong, whom allegedly received a sum of money that was taken during the hacking. As a result, the Philippines’ Department of Justice has filed money laundering complaints against the individuals. But after that?

Fed 40

Fed Federal Reserve FRB Money Laundering 40

PYMNTS

DECEMBER 31, 2020

That’s because paper becomes the default method of payment when something goes awry — such as when banking credentials can’t be authenticated or identity cannot be verified. “In our crazy banking system, you don’t actually have to prove who somebody is to put their name on a piece of paper and stick it in the mail,” he noted.

Innovation 115

Innovation Payments Shutdown On-Demand 115

PYMNTS

MARCH 27, 2019

The time spent there ideally reflects the level of verification and security on the other end, a sign that the service provider is protecting the customer against account and identity takeovers (while also protecting against money laundering and other nefarious activities).

Authentication 46

Authentication Verification Money Laundering Regulatory Compliance 46

PYMNTS

OCTOBER 28, 2019

The product is designed to remove friction from the user onboarding process, while also preventing online identity fraud and meeting know your customer (KYC) compliance as well as anti-money laundering (AML) rules. Why Super Apps Could Have Superpowers. Everyday apps don’t have to do everything.

Real Time Payments 40

Real Time Payments Cross-Border Payments Cross-Border Payments 40

PYMNTS

JUNE 27, 2016

Caldera considers these segments “high risk” since the transactions they enable are more susceptible to fraud and money laundering. Criminals worldwide do things like create fake bank accounts or use stolen credentials to make illegal transfers and payments. What That Really Means.

Risk 40

Risk Cross-Border Payments Money Laundering Cross-Border 40

CB Insights

JULY 20, 2017

Primary categories: Compliance: Companies in this category offer products and services for helping financial institutions meet cybersecurity related regulatory requirements such as Anti Money Laundering (AML), Know Your Client (KYC) regulations, and more. Credential Mgmt. Credential Mgmt. Bangsun Technology. Anti-fraud.

Cybersecurity 30

Cybersecurity Security AML PCI DSS 30

Segpay

JANUARY 21, 2025

Common schemes include using fake websites, stolen card credentials, or affiliates to process illegal activities like unregulated gambling, counterfeit goods, and illegal substances. Card brands impose heavy fines on those caught facilitating such activities, even unknowingly.

Transactions 40

Transactions Fraud Detection Credential Facilitators 40

PYMNTS

SEPTEMBER 22, 2017

We currently verify credentials issued by over 200 countries, including the government IDs issued outside the U.S. PYMNTS: How would you define your company’s approach to innovation? SS: Our approach to innovation is two-pronged. First, we’re looking to expand our global footprint. They’re getting smarter, so we must stay one step ahead.

Online and Mobile Banking 56

Online and Mobile Banking Verification Data Breach Breach 56

PYMNTS

OCTOBER 7, 2019

Questions about regulatory compliance related to money laundering were reported to be the reason for PayPal’s exit. Others have used the occasion of Libra’s launch to further elevate the threat of money laundering and the potential for financial crimes – with crypto specifically and cross-border money movement more generally.

Regulations 79

Regulations Payment Networks Cross-Border Cryptocurrency 79

Seon

JUNE 24, 2024

It prevents issues such as payment fraud, account fraud (and misuse), loan fraud, and conducting business with high-risk individuals , as well as a stipulated practice for anti-money laundering (AML) compliance.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

PYMNTS

JUNE 8, 2020

MFA requires customers to prove their identities by providing at least two types of credentials. These can include entering something known, like a password; presenting something a user is, like biometric information; or presenting something a user has, like a mobile phone.

Authentication 60

Authentication MFA Phishing Scams 60

PYMNTS

MAY 5, 2017

Radial found a 200 percent rise in Q1 of credit card testing—when stolen payment card credentials are ‘tested’ with small, innocuous buys before cybercrooks move on to larger fraudulent purchases. Regular risk and compliance assessments are not enough for today’s clever fraudsters,” Graff said.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

MARCH 29, 2018

It’s one thing to confirm that a consumer is who he says he is, but it’s an entirely different matter to ensure that consumer is authorized to use the account, payments credentials or profile data he is presenting — and to verify that usage is in pursuit of a legitimate business purpose. Smart Compliance for Stronger Digital Profiles.

Authentication 43

Authentication Risk Compliance Database 43

PYMNTS

OCTOBER 18, 2019

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise.

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42