573 Results from /crime
Alexander Boehm Chief Executive Officer at PayRate42
The FBI's recent undercover operation involving the fake cryptocurrency NexFundAI (NEXF) has sent shockwaves through both the crypto world and regulatory circles. While it's certainly impressive that the agency managed to expose market manipulators using their own tactics against them, it also raises significant concerns about transparency, accoun...
14 October 2024 /crypto /crime
Priyam Ganguly Data Analyst at Hanwha Q cells America Inc
Fraudulent activities within the financial services sector have escalated into a significant concern, with projections indicating that online payment fraud could result in losses exceeding $206 billion between 2021 and 2025. This stark reality has forced financial institutions to reassess their risk management strategies and seek more advanced fra...
11 October 2024 /ai /crime
Fang Yu Co-Founder and Chief Product Officer at DataVisor
With the holiday season just around the corner, Buy Now Pay Later (BNPL) services are poised to be just as popular as ever. For many still feeling the pinch of economic strain, these services offer a lifeline, allowing shoppers to spread out their expenses without the immediate burden on their wallets. This financial flexibility is especially appe...
09 October 2024 /payments /crime BNPL
Tristan Prince Product Director, Fraud & Financial Crime at Experian
In an era where digital transactions are the lifeblood of the global economy, the UK’s pioneering bank transfer fraud refund scheme sets a significant step forward for consumer protection and the fight against fraud. The ground-breaking initiative mandates over 1,500 financial institutions reimburse victims of authorised push payment (APP) fraud u...
09 October 2024 /payments /crime
Hassan Zebdeh Financial Crime Advisor at Eastnets
Trade-based financial crime (TBFC) is a global menace, with trade-based money laundering (TBML) being particularly insidious and often misunderstood. Criminals manipulate international trade transactions – through techniques like double invoicing, non-shipment of paid for goods, or over-invoicing – to funnel illicit funds into legitimate financial...
08 October 2024 /crime
Michael Haley CEO at Cifas
7 October 2024 is a landmark day for the banking industry and the wider fraud prevention community. The Payment Systems Regulator’s long-anticipated rule changes – to make reimbursement for fraud losses mandatory – have officially gone live. In what is arguably the most polarising policy initiative in the history of the UK counter-fraud industry; t...
07 October 2024 /crime /predictions Exposing Financial Crime
Will Anderson CMO at Eastnets
A Trade Based Financial Crime story A large shipping vessel leaves a port in Southeast Asia carrying electronics—supposedly valued at $2 million—for delivery to a partner company in Europe. The ship’s cargo manifests are meticulously prepared, but unknown to customs officials, the cargo has been intentionally misinvoiced. In reality, the goods on ...
30 September 2024 /regulation /crime Financial Risk Management
Barley Laing UK Managing Director at Melissa
Financial crime remains a big issue with $3.1 trillion of illicit funds flowing through the global financial system in 2023, according to Nasdaq’s 2024 Global Financial Crime Report. It’s no wonder that most in financial services are investing heavily in advanced ID verification technology to protect themselves from fraud and meet increasingly stri...
30 September 2024 /identity /crime Digital Identity Management
Retired Member
“Our ability to manufacture fraud now exceeds our abilities to detect it.” This observation was not made by a banker, but the actor Al Pacino. And it leads one to wonder, how pervasive is fraud and the unremitting threat of fraud in American life? Certainly bank leadership recognizes the relentless growth of this criminal activity, even as they con...
27 September 2024 /wholesale /crime
Darya Lyhach PR manager at Noda
The rise of e-commerce has revolutionised how we shop, sell, and manage transactions. Yet, with this evolution comes a darker reality — online fraud. As more consumers embrace digital payments, fraudsters are increasingly sophisticated in their attacks, making e-commerce fraud one of the most pressing issues for businesses today. In this art
24 September 2024 /payments /crime Fintech
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