PYMNTS

FEBRUARY 7, 2018

Choi pleaded guilty to one count of wire fraud , admitting that he never attended business school, was never employed by a financial institution at any point in time and exaggerated his wealth.

Wires

PYMNTS

FEBRUARY 23, 2020

Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. Unbeknownst to him while he was working in China, the cyberthief convinced his assistant to wire money on two occasions to Hong Kong. .

Scams

PYMNTS

DECEMBER 30, 2016

2016 started off with a bang in the retail world when MPD and PYMNTS uncovered a few discrepancies in the retail data that many major retailers and reporting institutions were using to underestimate the impact of digital sales on brick-and-mortar sales. “In A Retail Data Reporting Error Was Uncovered.

EMV

The Paypers

MAY 8, 2017

(The Paypers) The US Federal Bureau of Investigation has warned businesses that wire-transfer fraud via spoofed emails surged in the last seven months of 2016.

Wire Transfer

PYMNTS

DECEMBER 6, 2016

CEO fraud is considered to be one of the fastest-growing social engineering schemes being used by cybercriminals and is expected to cost the economy over $3 billion in 2016, which far outweighs the $1 billion in expected costs associated with ransomware. Most companies cannot afford to take that risk.”.

Phishing

FICO

FEBRUARY 23, 2016

FICO was among the select companies that independent research firm Forrester invited to participate in its Q1 2016 Forrester Wave report, Enterprise Fraud Management. FICO extends EFM to all channels with strong reporting,” notes The Forrester Wave™: Enterprise Fraud Management, Q1 2016 (Forrester Research, Inc., January 26, 2016).

Wire

PYMNTS

FEBRUARY 26, 2020

Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales platform. He took advantage of that access to steal currency stored value (CSV) such as digital gift cards that he then resold on the internet. .

IRS

PYMNTS

NOVEMBER 13, 2020

Many firms still process cross-border transactions through wire transfers. A large portion of cross-border B2B transactions are sent via wire transfers: 69 percent of businesses tapped this method for cross-border payments in 2019. Fraud scams targeting these wire transfers have long been an issue, with U.S.

Cross-Border

PYMNTS

OCTOBER 25, 2016

Software created by the two companies will allow businesses and their banks to transfer cash using Visa’s technology, rather than using other methods, such as a check or wire transfer. To download the October edition of the PYMNTS X-Border Payments Optimization Tracker™, click the button below. About The Tracker.

Cross-Border Payments

PYMNTS

OCTOBER 23, 2018

While wire remains a popular rail for global transactions, BofA Merill said, “Many smaller banks lack the infrastructure, the accounts and the mechanisms to handle the currency conversions themselves.” In a press release issued Monday (Oct.

Automation

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. Research from Proofpoint found a 45 percent spike in BEC attacks in the last quarter of 2016 compared to Q3. billion in attempted wire fraud between October 2013 and May 2016.

Scams

PYMNTS

OCTOBER 11, 2018

Cotter added that the solution stems from an internal program developed at American Express in 2016, where the company deployed a similar service to its own vendors. Payments can be made via wire transfer or ACH. This allows companies to get paid more quickly at a rate that may be lower than if they were to seek external financing.

Wire Transfer

PYMNTS

JANUARY 2, 2020

billion in 2016, and it is expected to reach about $174.2 GE is releasing the new C by GE Three-Wire Smart Switch, along with two hubless dimmers. The Smart Switches don’t need a neutral wire to work, and they are smaller than previous models. The Wire-Free Dimmer attaches to a wall using an adhesive attachment.

Wire

PYMNTS

OCTOBER 19, 2018

Engadget reported that Jeff Tran, Microsoft ’s former director of sports marketing and alliances, was charged with five counts of wire fraud. Wire fraud has a sentence of up to 20 years’ imprisonment. The data, said the Fed, came from surveys of depository institutions in 2012 and 2015, and payment card networks in 2015 and 2016.

Wire

PYMNTS

APRIL 10, 2019

SWIFT has upwards of 11,000 global members, and created a set of measures for protection after a swath of electronic heists in 2016, many of which targeted the central bank of Bangladesh. SWIFT has also provided banks with technology to notice abnormalities in wire transfers.

SWIFT

PYMNTS

OCTOBER 6, 2016

11-15 Days | The wait time for employees and contractor paid via wire transfers, according to the PYMNTS Faster Payments Tracker. 110 Million | The estimated number of pieces of wearable tech forecasted to be in the market by the end of 2016. 670K | The number of complaints the CFPB has logged in its consumer complaints database.

Wire Transfer

PYMNTS

AUGUST 18, 2020

Citi wired $900 million owed by Revlon to various lenders that have been in a tangle with Revlon over its debt restructuring strategies. Brigade has contended it doesn’t have to return the $175 million, which was its share of the $900 million loan payment, WSJ reported.

Payments

PYMNTS

APRIL 14, 2017

Here are the numbers: 75 percent | Percentage of companies experiencing wire fraud in 2016. 74 percent | Percentage of companies that were tricked by 2016 business email compromise (BEC) scams. 51 percent | Decline in the use of physical checks in B2B transactions.

B2B

PYMNTS

JULY 20, 2016

The Federal Bureau of Investigation has been targeting the Business Email Compromise for years, warning companies to be aware of fake supplier emails and invoices requesting firms to wire funds. The email requests a wire transfer for goods or services, with a convincing enough note to not raise suspicion, and then, payment is made.

FBI

PYMNTS

DECEMBER 12, 2017

Paper checks for domestic suppliers, wire transfers for international ones. Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire.

Accounts

PYMNTS

JULY 25, 2018

While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer. While 54 percent of those scams involved wire transfers, more than a third targeted check payments.

Scams

PYMNTS

MARCH 8, 2019

Ignatov is from Bulgaria and was charged with wire fraud conspiracy. His older sister Ignatova, also from Bulgaria, was charged with wire fraud, and also securities fraud and conspiracy. billion) since the company ended in 2016. He was arrested on Wednesday (March 6) at LAX. Much of the money they received (about $1.2

Wire

Fintech Labs Insights

SEPTEMBER 9, 2016

The Best of Show winners of FinovateFall 2016 are a compelling tribute to the diversity of our industry. Here are our Best of Show award winners for FinovateFall 2016 (in alphabetic order): AutoGravity for its app that harnesses the power of the smartphone to enable users to take control of the automobile buying and financing experience.

Wire

PYMNTS

SEPTEMBER 18, 2017

According to a report in the Wall Street Journal , Webb’s job will be taken over by Mark Rohrwasser, who has headed up Equifax’s international IT operations since 2016. Mauldin is being replaced by Russ Ayres on an interim basis. Ayres reports to the CIO, according to the report. There’s also a risk of medical fraud, noted the report.

Breach

PYMNTS

OCTOBER 12, 2017

“For the first time in years, we’ve seen Nike share moderate as a preferred brand,” said Erinn Murphy, senior research analyst at Piper Jaffray, in a press release published on Business Wire. More teens are using Snapchat than ever before, as the platform was used by 47 percent of teens, a 12 percent increase over 2016.

Wire

PYMNTS

OCTOBER 11, 2016

Among companies in North America, wire transfers are a more common method of facilitating payments, while bank transfers tend to be more popular in other parts of the world. Please click here to view the full report “State Of International Payments Report — 2016.”.

Cross-Border Payments

PYMNTS

OCTOBER 27, 2016

” AirPods basically look like ear buds with out the wire – though Apple’s vision of the future of headphone technology also includes some tech upgrades like a built-in microphone for Siri voice commands and phone calls with sensors that know when they’re inside your ears.

Wire

PYMNTS

DECEMBER 30, 2016

Bank heists and data breaches saw no shortage in 2016, and corporates large and small could no longer avoid the risk of a cyberattack. The movement to attack small to medium-sized businesses will continue to increase in 2017, with about half of small businesses experiencing a security incident in 2016. Simply put: Crooks love checks.

Checks

PYMNTS

JANUARY 20, 2017

According to reports, Alexa cost Amazon $330 million in 2016 alone — and the experts are forecasting that figure will increase to $600 million in 2017. Like the Echo, the Siri speaking would have the capacity to look up information and wire into various smart home designs using voice recognition.

Wire

PYMNTS

MARCH 2, 2018

Overall, the FTC is seeing that consumers are losing more money due to fraud in 2017 than 2016. When it comes to payments, fraud reports show that wire transfers were the most common way victims sent money to scammers. In all, 70 percent of consumers say that fraudsters reached out to them by phone.

Scams

PYMNTS

NOVEMBER 8, 2018

According to the FTC , the company violated the settlement struck in 2012 that stemmed from charges that the company had aided and abetted wire fraud. Court documents stated that the revised fraud prevention system that was put in place after the settlement was ineffective.

FTC

PYMNTS

MAY 12, 2017

in 2016, losing a combined $16 billion — just over $1,400 per victim, on average. Analysts say these strategies comprised some 63 percent of the cybersecurity threats that hit SMEs in 2016. FBI Sees Wire Fraud Via Email Grow In 2016. A significant number of these attempts came in the last seven months of 2016.

Business Email Compromise

PYMNTS

MAY 16, 2018

These were the questions we asked, and the foundation for creating the ChroMorphous technology that we began developing in 2016.”. The technology uses a series of micro-wires that are weaved into the clothing — along with a battery pack. When electrical currents flow through the wires, the temperature of the threads is raised.

Wire

CB Insights

MARCH 4, 2021

Google continues to enter insurance: Google has been an active participant in the insurance industry for years, initially focused on being a disruptor with its Google Compare product, which was ultimately sunsetted in 2016. More recently it has acted more as an investor, distributor, and tech provider for the industry.

Cybersecurity

PYMNTS

JUNE 14, 2018

million, in 2016 alone. with more than 16,800 victims recorded in 2016. Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. According to the IRS, there were 4,000 recorded instances of business identity theft cases in 2016. That figure rose to 10,000 last year.

Identity Theft

PYMNTS

JANUARY 15, 2019

They traded on the information from May through October of 2016, said the report. Department of Justice charged Artem Radchenko, a Ukrainian resident accused of recruiting the traders, with computer fraud, wire fraud and other crimes. The group made $4.1 million in ill-gotten gains from the scam. In addition to Ieremenko, the U.S.

Database

PYMNTS

DECEMBER 26, 2018

According to a report in Reuters , citing FINRA and Morgan Stanley, the firm agreed to pay $10 million after FINRA contended it had lapses in compliance for more than five years from January of 2001 until April of 2016. In a statement to Reuters, Morgan Stanley said it was pleased to resolve the matter from several years ago.

Compliance