FICO

FEBRUARY 13, 2020

Due to technology, money laundering is becoming more diverse and difficult to trace, forcing anti-money laundering systems to upgrade as well. Timothy Choon explains in his blog that, “while the nature of compliance and its raison d'être has not changed, its priority and position within an organization has changed.”

Money Laundering 52

Money Laundering Posting Financial Crimes Crime 52

PYMNTS

SEPTEMBER 20, 2018

The indictment, which was unsealed on Tuesday (September 18) in a federal court in Baltimore, charged the men with conspiracy, wire fraud, identity theft and money laundering. They then used the funds to maintain their lavish lifestyles.

Identity Theft 67

Identity Theft Money Laundering Wires Wire 67

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

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

IRS 82

IRS Identity Theft Crime Digital Currency 82

Fintech News

MAY 22, 2024

of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses. In May, Fintech Global released its inaugural FinCrimeTech50 list, recognizing the world’s leading technology companies fighting money laundering, fraud and financial crime.

Financial Crimes 101

Financial Crimes Crime APACS Risk Assessment 101

PYMNTS

AUGUST 22, 2019

Justice Department has announced charges against 80 people, most of them Nigerians, in a wide-ranging fraud and money laundering operation that netted millions of dollars from victims of internet con jobs, as reported on Thursday (Aug. More than a dozen people were arrested during raids, Thom Mrozek, a spokesperson for the U.S.

Money Laundering 45

Money Laundering Identity Theft Scams FBI 45

PYMNTS

NOVEMBER 13, 2020

Following a cyberattack that exposed patients’ mental health records last month, Finland is moving ahead with legislation that would let people change their personal identity codes in certain instances, according to an Associated Press (AP) report. The current law makes it difficult to change a personal identity code.

Breach 69

Breach Laws Identity Theft Verification 69

Stax

NOVEMBER 27, 2023

That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. In the U.S., trillion a year.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

SEPTEMBER 24, 2019

“Some criminals are also monetizing stolen credit card information through fraudulent merchant accounts to charge victims’ cards, or are simply creating fraudulent user accounts on fintech platforms as part of identity theft or synthetic identity fraud.”.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

The Payments Association

MARCH 14, 2025

3) Regulatory compliance Certain industries, such as cryptocurrency exchanges, gambling, and financial services, must comply with stringent know-your-customer (KYC) and anti-money laundering (AML) regulations. These rules help prevent fraud, identity theft, and illicit transactions.

Risk 88

Risk Disputes Processors Fraud Detection 88

The Fintech Times

JULY 10, 2024

Existing solutions traditionally either require a new identity verification before a Qualified Electronic Signature (QES) can be issued or the identification needs to be handled by the financial institution. Both solutions propel us and our customers into the next stage of compliance digitalisation.”

Security 64

Security Verification Identity Theft AML 64

Seon

SEPTEMBER 11, 2023

As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and account takeover attacks. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

Fintech News

FEBRUARY 27, 2024

In pursuit of clearer regulatory guidelines, Anti-Money Laundering (AML) registration requirements were enforced from March 2023. Moreover, the Directorate of Enforcement in India confiscated over 1,144 crore Indian Rupees (approximately US$130 million) linked to crypto-related money laundering offences.

APACS 131

APACS Regulations Stablecoins Cryptocurrency 131

Finovate

OCTOBER 24, 2024

Effectiv, which demoed at FinovateFall 2023, was founded in 2021 to provide an open platform that integrates a wide range of risk solutions– including identity and payment fraud controls, underwriting, Know Your Business (KYB) and anti-money laundering (AML) tools– to facilitate decisions in real-time.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

Seon

JUNE 27, 2024

Find Out More The use of AI in fraud is not limited to the digital space; it extends to financial crimes, money laundering, identity theft and other illicit activities. A-driven tools can analyze financial transactions, detect unusual patterns and facilitate money-laundering schemes.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

PYMNTS

JUNE 11, 2020

Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance. Compliance Enforcement Goes Remote With Biometrics.

AML 74

AML Legal Compliance Verification 74

PYMNTS

OCTOBER 29, 2018

The various parts come together to produce a nefarious whole, one that targets personal and payment data to enable product or identity theft , account takeovers and other illegal activities that, left unchecked, can ruin lives and take down companies.

Fraud Prevention 79

Fraud Prevention Identity Theft Third-Party Service Provider Account Takeovers 79

The Fintech Times

OCTOBER 5, 2024

In 2021, the FCA investigated Starling and identified serious concerns with its anti-money laundering and sanctions framework. “Robust anti-fraud measures are crucial not only for safeguarding the bank’s operations but also for protecting customers from financial losses and identity theft.” million in 2023.

Financial Crimes 83

Financial Crimes Crime Compliance Money Laundering 83

The Fintech Times

MARCH 6, 2024

Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.

AI 59

AI Fraud Prevention Identity Theft Account Takeovers 59

PYMNTS

MAY 6, 2020

Fraudsters can also carefully hoard a cache of stolen bank account data, credit and debit card information, Social Security numbers and other details to impersonate legitimate customers, using these details outright or cobbling them together to perpetrate identity theft, new account fraud and gain entry to other platforms. and the U.S.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

MAY 1, 2017

The DoJ has since charged Rimašauskas with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

AUGUST 26, 2019

Each of the defendants has been charged with “conspiracy to commit fraud, conspiracy to launder money, and aggravated identity theft,” according to the complaint and reports said other defendants also face fraud and money laundering charges.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

FICO

APRIL 20, 2021

Do Consumers Understand the Threat from Identity Theft and the Need for Identity Proofing? . A significant minority say their identity has ‘definitely or probably’ been used by a criminal to fraudulently open at least one account - on average, 14% say this. People do need to be protected.

Accounts 52

Accounts Identity Theft Money Laundering Economy 52

PYMNTS

SEPTEMBER 11, 2019

Each of the defendants has been charged with “conspiracy to commit fraud, conspiracy to launder money, and aggravated identity theft,” according to the complaint, and reports said other defendants also face fraud and money laundering charges.

Scams 65

Scams Email Compromise Compromise Wires 65

Finovate

APRIL 11, 2024

Additionally, the combination of Mitek’s check image analysis and DataVisor’s analysis of check and customer lifecycle data will enable users to detect a wide variety of check fraud tactics including check kiting, remote deposit capture fraud, check washing, counterfeit checks, and identity theft.

Checks 59

Checks Remote Deposit Capture Counterfeit Check Identity Theft 59

PYMNTS

APRIL 12, 2019

In addition, one of the QuadrigaCX partners, Michael Patryn, which is an alias for Omar Dhanani, has been involved in a money laundering scheme, and also reportedly has connections to an identity theft group.

Bitcoin 43

Bitcoin Identity Theft Money Laundering Blockchain 43

FICO

JANUARY 22, 2020

Interestingly, nearly half of the respondents (46 percent) are currently only using 1 or 2 of these strategies , potentially leaving them more exposed to attack vectors such as identity theft, account takeovers, cyberattacks. Why try to crack a safe when you can walk in the front door?

Real Time Payments 52

Real Time Payments APACS Multifactor Authentication Account Takeovers 52

PYMNTS

JUNE 10, 2016

The three men now face a laundry list of an indictment that includes counts of computer hacking, securities and wire fraud, identity theft, illegal internet gambling and conspiring to commit money laundering, carrying possible prison sentences ranging from two to 20 years. But you can’t argue they’re lazy.

Identity Theft 40

Identity Theft Money Laundering Crime Wire 40

PYMNTS

MARCH 24, 2017

The crimes themselves can range from identity theft to falsification of corporation ownership to even simply doing business with criminals on a watch list. She said the best way to address these concerns is to view successful anti-money laundering technology and risk control as forms of competitive advantage.

Compliance 62

Compliance Financial Crimes Crime Identity Theft 62

The Payments Association

OCTOBER 4, 2024

Cybercriminals are constantly innovating, targeting vulnerabilities in payment systems to carry out unauthorised transactions, identity theft, and data breaches. Cross-border payments also face heightened scrutiny regarding anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

Cross-Border Payments 88

Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

PYMNTS

MAY 22, 2018

According to Bloomberg , Megan Butler, director of supervision at the Financial Conduct Authority (FCA), said that banks have been wary of rolling out the latest technology to fight money laundering and fraud because they are afraid they will be punished by regulators if the new systems fail to identify any illegal activity.

Crime 40

Crime Identity Theft Money Laundering Financial Crimes 40

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

PYMNTS

APRIL 18, 2019

The men have been charged with conspiracy and money laundering, while Anderson, who allegedly operated the Dream Market storefront, has also been charged with criminal sale of a controlled substance and identity theft. The defendants took out more than $1 million (in $700 increments) from ATMs for more than two years.

ATM 40

ATM Identity Theft Money Laundering Debit Card 40

Clearly Payments

MARCH 4, 2024

The stolen data was then exfiltrated from the network and, ultimately, used for fraudulent purposes, including unauthorized purchases and identity theft. The operation also involved money laundering tactics to obscure the origins of stolen funds. Billions laundered through Liberty Reserve’s platform.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

FICO

MAY 19, 2020

Improve our defenses, and refresh our operations handbook, to handle the increase in mule accounts for money laundering. 5) Top 5 Fraud Manager Considerations During COVID-19: A rise in application fraud and identity theft. Be aware that internal fraud and employee abuse may also be on the rise during these times.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

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. Those victims are kids — in some cases, even infants.

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42

FICO

APRIL 16, 2019

Stopping Fraud - Identity Theft. Identity theft also remained a key priority for four-in-ten banks. Read our other survey from this event: Asian Money Laundering Scandals: Banks Fear A Large Breach. The post APAC Banks Take A Cautious Approach To Stopping Fraud appeared first on FICO.

APACS 40

APACS Identity Theft Compromise Blocks 40