/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

Discussion
UK condemned as a shameful safe haven for Moscow's gold
A Finextra Member

A Finextra member

  This regulation and enforcement should be self-funding, as the regulators and enforcers identify and sequester illicit or illegal funds they should be given those funds to invest in better systems and more staff.  this seems to work well in the USA with the DOJ motivated to intercept and secure laundered cash -  its time the UK Government broke its ties with Siberian Lords and their Knighted sons (amongst others) and replaced rhetoric with results.  I will be writing to my MP.  Thanks Finextra - good summary.
The Model Mandatory Disclosure Rules (‘AEOI PHASE 3’) Briefing Series: PART I
Ibrahim Shaikh

Ibrahim Shaikh

  Awesome blog.... We appreciate your sharing this informative article.Thanks for sharing. Iqra Technology is an IT Solutions and Services Company. We are a salesforce and Microsoft partner company. We aim to provide cost-effective IT services within the customer’s budget range.
Why we should shed the stigma of being scammed
Ketharaman Swaminathan

Ketharaman Swaminathan

  Per anecdata, I suspect that there's another reason why people who get scammed don't report the scams: They've read all the scam warnings from banks and fintechs, brushed them off with a "this can't happen to me" flippant remark, and, when it does, undergo a severe emotional tumult, which will only escalate if they tell others, so they keep it to themselves.   It's interesting that you've drawn an analogy with burglary. Let me copy-paste a passage from my blog post scheduled to be published tomorrow on a related topic: "In a normal burglary, there's usually a tampered lock, broken glass or some anomaly. The victim can use that as evidence to file a complaint with law enforcement. However, in the case of a cybertheft, there's no ostensible evidence of crime. It comes down to the Scammee's word. While the Scammee can show the debit entry of sending out the money in his bank statement, he cannot prove that the Alleged Scammer has received the money. This is because A2A MOPs do not provide a legally-valid receipt (for a P2P transaction)."
INNOVATIONS IN PAYMENT FRAUD – AND HOW TO STAY AHEAD OF THEM
Ketharaman Swaminathan

Ketharaman Swaminathan

  People tend to assume that Payment Fraud / Scam means Payor / Consumer is Victim. But it doesn't have to be that way. We've started seeing cases where Payor / Consumer is Perp and Merchant is Victim in these frauds / scams. Typical modus operandi are (1) Consumer replaces store QR with her own QR, scans it, shows the successful payment screen to store (2) Consumer scans store QR, does not have enough balance in her account, crops the failed payment message on the screenshot and shows it to the merchant. In both cases, shopkeepers let the consumer walk away with the merchandise without sighting good funds in their accounts, either because they're too crazy-busy to check their app or because the phone in which the app is installed is with someone who is not in the store.  Employees in biggish stores are also known to conveniently fail to report the theft to anyone, knowing that the storeowner won't notice one-odd shortfall in collection until it's highlighted during annual audits. There's a case where a fraudster got away by stealing from 10 jewelry stores by using MO #2 described above, and was finally nabbed only when the 11th store employee was conscientous enough to report the theft immediately to his storeowner and law enforcement.