UK grants law enforcement expanded powers over crypto assets
The Paypers
MARCH 4, 2024
The UK Government has decided to implement new measures granting law enforcement agencies increased powers over cryptocurrency assets.
Government Law Enforcement Laws 
AI Law Enforcement Tools Could Be Inaccurate
PYMNTS
APRIL 28, 2019
A research group revealed that it has discovered “serious shortcomings” in the predictive tools used by law enforcement agencies. The majority of people identified as chronic offenders had few, if any, actual contacts with the police,” it said, according to The Financial Times.
Law Enforcement Cracks Down On Corporate Payments Fraud
PYMNTS
DECEMBER 23, 2019
While law enforcement officials are now probing the matter, County Executive Dan McCoy denies any accusations of payroll fraud or abuse. The analysis found that these spoofed organizations are popping up in the form of fake websites of government procurement service providers in the U.S.,
Changes to UK company law
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. The post Changes to UK company law appeared first on Neopay. Here is a summary of what you need to know about the new measures.
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New Facial Recognition Policy Signed Into Law In Washington State
PYMNTS
APRIL 1, 2020
Washington State Governor Jay Inslee signed a bill on Tuesday (March 31) establishing specific rules – backed by Microsoft – governing facial recognition software, according to a blog by Bill Smith, president of Microsoft. In our view, this required a legal floor of responsibility, governed by the rule of law,” Smith said.
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TRM Labs Welcomes Former INTERPOL President Boon Hui Khoo as Senior Advisor
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. Esteban Castaño “Mr.
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Visa sees spike in unemployment insurance fraud on prepaid cards
Payments Source
SEPTEMBER 27, 2020
And the best solution may be rooted in technology, not law enforcement. Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle.
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OJK Lays Out 2024-2028 Roadmap for Digital Finance, Crypto Assets
Fintech News
AUGUST 11, 2024
Focusing on four main pillars—Regulation and Development, Supervision and Law Enforcement, Licensing, and Information and Innovation—the roadmap outlines strategic objectives to foster a robust, inclusive, and sustainable IAKD sector.
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Which? Recommends a Fraud Minister to Tackle 40% of All UK Crime: Fraud
The Fintech Times
JUNE 11, 2024
The fight against fraud requires coordinated action across multiple government departments and business sectors. The next government must prioritise fraud by appointing a fraud minister who can drive the urgent actions needed across government and business to finally turn the tide. Additionally, Which?
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Proposed US Law Could Hamper End-To-End Encryption
PYMNTS
FEBRUARY 21, 2020
It accomplishes that by threatening a critical immunity named Section 230 that firms have with federal law. Federal law enforcement agencies, for their part, have reportedly said those encryptions hamper their probes. News of the upcoming proposed legislation comes as the a source from the U.S.
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Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering
Fintech News
MAY 29, 2024
This report outlines mitigation measures for government agencies, financial institutions, and Designated Non-Financial Businesses and Professionals (DNFBPs) to address these risks. Singapore’s law enforcement and supervisory agencies will remain vigilant and implement appropriate measures to mitigate these risks.
Singapore Tightens China Remittance Rules in Light of S$13 Million Frozen Funds
Fintech News
DECEMBER 18, 2023
However, a small proportion of recent remittances faced freezes by Chinese law enforcement agencies, with unclear reasons behind these actions. While Singapore has no jurisdiction over the frozen beneficiary bank accounts, the government remains in close contact with the PRC government to facilitate the decision on account unfreezing.
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What to do if your company suffers a data breach
VISTA InfoSec
JUNE 21, 2023
Be sure to familiarize yourself with state laws, which your legal counsel will be able to help with. The Federal Trade Commission (FTC) recommends that companies notify law enforcement as soon as possible by contacting local FBI or U.S. Who you report the breach to can depend on the type of company and the scale of the impact.
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New Government Tool Takes Aim at Prepaid Card Fraud
Payments Source
SEPTEMBER 8, 2016
A new tool developed by the federal government may put the brakes on certain counterfeit card scams during the holidays, if law enforcement agencies can replicate the results of an initial test.
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Singapore’s Risk Assessment Highlights New Terrorism Financing Concerns
Fintech News
JULY 1, 2024
The evolving global terrorism landscape necessitates regular updates to Singapore’s risk assessments and counter-terrorism strategies given its status as a global financial and business hub Singapore employs a comprehensive, government-wide approach to identify, monitor, and mitigate terrorism financing risks.
Understanding Crypto Money Laundering, and How to Get a Handle on It
Fintech News
JULY 17, 2024
These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. The United Arab Emirates has amended Federal Decree-Law No. (20)
‘Biomarker’ Produced By Date Rape Drug Could Help Law Enforcement Pursue Assailants
CB Insights
SEPTEMBER 20, 2017
That means that by the time a person reports being drugged with GHB, it’s often too late for law enforcement officials to prove the victim was given the drug. . The US government classifies GHB as a Schedule 1 substance alongside drugs like heroin and LSD, but it is far harder to detect than most narcotics or hallucinogens.
Understanding Basics of Digital Personal Data Protection (DPDP)
VISTA InfoSec
SEPTEMBER 15, 2023
For data processed for any function under any law or judgment issued under law. Clause 6(1) empowers the Central Government to limit personal data transfer by Data Fiduciaries to specific foreign countries or territories. Clause 6(2) ensures that this provision doesn’t override stricter Indian laws governing data transfer.
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A Third of 2023 Crypto Hacks Traces Back to North Korea, Says TRM Labs
Fintech News
JANUARY 7, 2024
Moreover, the DPRK has been continually evolving its money laundering tactics to evade international law enforcement. As US sanctions and enforcement actions targeted their previous go-to obfuscation platforms like Tornado Cash and ChipMixer, North Korea pivoted to another mixer, the BTC service Sinbad.
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Paytm Accused Of Sharing User Data With Indian Government
PYMNTS
MAY 28, 2018
Paytm , the leading digital wallet company in India with more than 230 million customers, has reportedly shared the personal data of users with the Indian government. In response to the report, Paytm said on Friday (May 25) that it did not share user data with law enforcement agencies based on a request.
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43 Amazon Supports Facial Recognition Tech Legislation
PYMNTS
FEBRUARY 7, 2019
Amazon supports a national legislative framework for the use of facial recognition that “protects civil rights and ensures that governments are transparent in their use” of the technology. One was that facial recognition should follow all laws, and that law enforcement remain transparent with the public about its use.
What Will AI Legislation Look Like? Two Maryland Bills Offer a Clue
Innovative Payments Association
FEBRUARY 14, 2024
As artificial intelligence worms its way into more aspects of our lives, laws and regulations governing its use will become necessary. We can’t uninvent technology, so the only thing that protects us from the worst aspects of it are the agreements that we make as a society – namely laws and regulations.
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The Invoice Lands In The Corporate Cyber Fraud Spotlight
PYMNTS
JULY 27, 2020
. $66,800 was swindled from a government entity in New Zealand following a cyberattack at one of its vendors , according to the New Zealand Herald. Reports said the government paid 100,600 New Zealand dollars ($66,800) into that account. Irish law enforcement reportedly arrested two men in connection to the case.
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China’s P2P Lending Crackdown Leaves $115B In Losses
PYMNTS
AUGUST 14, 2020
China’s peer-to-peer (P2P) lending sector, once 6,000 businesses strong, has been reduced to fewer than three dozen as the government tightened regulations, leaving billions in loans unpaid. Regulators and law enforcement will try their best to recoup the money, he told China Central Television Friday (Aug. 14), per the report.
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Deep Dive: Digital Driver’s Licenses Hit The Road
PYMNTS
MARCH 12, 2020
These initiatives are successful only when central governments already issue traditional identification credentials, however, something that is notably lacking in the U.S. citizens, and they can be used for everything from entering bars to proving one’s identity to law enforcement. Legal Issues Regarding Law Enforcement.
Uber Reveals Data Requests By US Gov Have Risen
PYMNTS
NOVEMBER 20, 2019
government, according to a report by TechCrunch. . Uber said the increased number of requests was due to not only its company growth but a “rising interest” from governments to look at its customer data. As for Canadian government requests, the company got 161 demands for about 593 accounts. regulators and 1.8
US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos
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. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S. Treasury Department proposed sweeping new rules late Friday (Dec.
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How to Improve Compliance with Multilingual Cybersecurity Resource
VISTA InfoSec
JULY 17, 2024
Keep your systems updated with global cybersecurity governance standards. Navigate legal and regulatory frameworks Dealing with laws and rules about cybersecurity in different countries is a must. You need to know these laws well because they affect how you manage cybersecurity when dealing with multiple languages.
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FBI Arrests 74 People For Business Email Compromise Scams
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.
Report: FinCEN Files Reveal Billions In Suspicious Money Flows
PYMNTS
SEPTEMBER 21, 2020
A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported. government appears unable to stop it. Of those, at least four went on to break the law again and get fined. FinCEN, a division of the U.S. told the news outlet. told the news outlet.
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Wirecard Probe Pushes German Government To Release Talks With CEO
PYMNTS
JULY 12, 2020
German law enforcement authorities said they have added money laundering, balance falsification and market manipulation to the charges facing the collapsed firm. .; The company reported it owed creditors nearly $4 billion after it revealed $2.1
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The Payments Association Calls on the Newly Appointed Economic Secretary to the Treasury to Reduce Mandatory APP Fraud Reimbursement to £30,000
Fintech Finance
JULY 11, 2024
It is critical that anti-fraud measures are tackled in the round, with all parties bearing some responsibility: government, law enforcement, payments providers, retail, the technology sector and consumers.” The expectation for the new government to show strong leadership is higher than ever.
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75 Louisiana School Cyberattacks Trigger State Of Emergency
PYMNTS
JULY 28, 2019
Federal law enforcement is helping in the investigation. The district staff reported this electronic viral attack to local law enforcement, state officials and the FBI. An investigation involving local, state and federal law enforcement is ongoing at this time.”. As a result, Gov.
US AG Wants Lawmakers To Have Access To Encrypted Messaging
PYMNTS
JULY 23, 2019
attorney general, made lengthy comments on Tuesday (July 23) about encrypted messaging and the need for law enforcement to have access to those messages if necessary, according to a report. The official noted that tech companies should be more willing to help law enforcement when it comes to getting access to devices.
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Bringing Government Procurement Into The Digital Age — And Onto Online Marketplaces
PYMNTS
OCTOBER 14, 2019
Think of government spending, and the first word to come to mind might decidedly not be this one: efficient. For vendors, there are challenges, too, as they navigate government agency solicitations for products and services, and seek to bid competitively. It is going to be hard,” Landsman concurred.
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Amazon: US Gov Asked For More Data This Year
PYMNTS
AUGUST 1, 2019
government requested more data than it had in the six months before, according to a report by TechCrunch. Amazon does not disclose customer information in response to government demands unless we’re required to do so to comply with a legally valid and binding order,” the company said.
Amazon Investors Rally Against Gov’t Use Of Facial Recognition Tech
PYMNTS
JANUARY 18, 2019
Some Amazon shareholders have sent a letter to the company, according to CNBC , demanding that it stop selling its facial recognition software to government agencies. “Sales of Rekognition to government[s] represent considerable risk for the company and investors. That’s why it’s imperative those sales be halted immediately.”.
Report: Purported COVID-19 Vaccines Hit Dark Web
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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Cybercrime Research Centre Led by Flutterwave to Launch in Nigeria to Combat Internet Crime
The Fintech Times
JUNE 21, 2024
Both firms and governments across the globe have a duty to do all they can to intensify the fight against internet crime and looking to do so in Nigeria, Flutterwave , the African paytech, has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC).
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IRS Offers $625K For Help Cracking Cryptocurrency Secrecy
PYMNTS
SEPTEMBER 11, 2020
As for why it's using the unusual procurement method, the agency wrote in today's release: "The federal government struggles at times with identifying ways to test, purchase and deploy innovative technology solutions. Even the U.S.
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Smart Glasses Firm Vuzix Launches AI-Powered Facial Recognition
PYMNTS
JUNE 10, 2019
It’s mainly meant for law enforcement, although it has some consumer applications. The company said the peripheral is especially helpful for “law enforcement and security guards on patrol,” and that it can locate 15 faces per frame in under a second. It will likely cover the majority of flights that depart the U.S.
Virginia Man Pleads Guilty To $2.5 Million PPP Swindle
PYMNTS
JANUARY 31, 2021
The Associated Press , however, quoted his lawyer, Kevin Carroll, as having said Kindambu “looks forward to making the necessary restitution to the government and taxpayers.”. “At Even as the government proceeds with cases such as Kindambu’s, the version of the PPP recently approved by lawmakers remains vulnerable to fraud.
Some of the Top Fraud Events and Scandals in Payments
Clearly Payments
MARCH 4, 2024
Eventually, law enforcement agencies intervened, leading to the arrest and prosecution of numerous individuals involved in the scheme, highlighting the complexity and magnitude of modern phishing fraud and emphasizing the critical need for robust cybersecurity measures and user awareness to combat such criminal activities. billion ($2.1
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Hacker Hits Italy-Owned Bank’s Emails, Data Breach Unknown
PYMNTS
APRIL 12, 2020
With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft. Italian law enforcement officials said the country has seen a rise in this kind of activity.
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