2022 has taught us that fincrime is anything but predictable. Fraud activities and scams have rapidly evolved, accompanied by increasingly audacious fraudsters. From individuals to businesses, government entities to financial institutions (FIs).
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In the latest weekly update, finance security expert Ari Redbord joins ISMG editors to discuss takeaways from the U.S. Treasury's 2023 DeFi Illicit Finance Risk Assessment, the state of blockchain analytics and where it is headed, and traction for FinCEN's Financial Action Task Force Travel Rule.
The emergence of real-time payments has transformed the financial industry, but it has also opened the door to new threats and challenges for fraud prevention and anti-money laundering professionals in the US.
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Approximately 65.5% of millennials prefer instant disbursements as their primary option, with 66.4% of bridge millennials and 50.5% of Gen Z following suit.
Download now this whipepaper to learn the benefits of RTP on mid-market and smaller FIs:
Satisified customers as a result of the convenience and speed of...
Coinbase agreed to a $100 million settlement with the New York financial regulator on Wednesday over cybersecurity lapses and failure to comply with anti-money laundering guidelines that allowed criminals to use the platform for fraud, money laundering and other illicit activities.
The U.S. attorney in New York has established a task force to trace and recover funds missing from FTX and manage probes related to the firm's collapse. The team comprises prosecutors with expertise in securities and commodities fraud, money laundering and asset forfeiture and cybersecurity.
Expel has released its latest quarterly threat report, which looks at continued identity-based attacks and the impact of MFA fatigue. Jon Hencinski shares insights on attack trends, gaps in compensating controls and what to look for in pre-ransomware activity.
As the U.S. government's probe of bankrupted cryptocurrency exchange FTX continues, two executives have pleaded guilty to multiple charges, while founder Sam Bankman-Fried waived his extradition rights in the Bahamas and was transferred by the FBI to New York, where he appeared before a judge.
Karl Sebastian Greenwood, a dual citizen of Sweden and the United Kingdom, pleaded guilty in U.S. federal court to his role in selling the purported multibillion-dollar cryptocurrency pyramid OneCoin that netted $4 billion. He now faces sentencing.
The U.S. Department of Justice on Friday charged 10 individuals with using business email compromise and money laundering schemes to target public and private insurers. These schemes targeted Medicare, state Medicaid programs, private health insurers and numerous other victims.
User education is vital to boosting the detection rate of phishing emails or social engineering scams that could lead to data breaches or ransomware infestations. Technology alone can't make websites or email inboxes safe since both are business-critical for all users, says ID Agent's Amelia Paro.