Fintech News

JUNE 23, 2024

While DPT activities in Singapore constitute a small portion of global activities, authorities have noted a rise in reported cases and various ways these tokens can be exploited. Consequently, Singapore is closely monitoring the sector.

Money Laundering 109

Money Laundering Risk Law Enforcement Crime 109

Fintech News

JUNE 3, 2024

A 2023 research by Moody’s Analytics revealed a wealth of corporate structures enabling sanctions evasion, money laundering, fraud, and other financial crimes. Suspected proceeds of crime totaling S$1.23 The firm identified over 21 million risk activities across 472 million companies as of November 2023.

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Money Laundering Financial Crimes Crime APACS 127

The Payments Association

JANUARY 29, 2025

2024 brought significant regulatory action, highlighting persistent weaknesses in financial crime controls across the industry. As we enter 2025, we look back at five significant cases from 2024 and the lessons they provide for organisations aiming to strengthen their financial crime frameworks. billion settlement with the U.S.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

DECEMBER 14, 2016

13) that the FBI is working with other global law enforcement agencies to crackdown on the number of people that use services to launch cyberattacks on their behalf. Krebs on Security reported on Tuesday (Dec.

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FBI Law Enforcement Authorization Laws 68

PYMNTS

OCTOBER 17, 2016

It’s one thing if there’s a warrant, it’s another if authorities also have the paperwork to use biometric information to unlock smartphones. For that reason, the warrant authorizes the seizure of ‘passwords, encryption keys, and other access devices that may be necessary to access the device,’” the document read. Signed by U.S.

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Authorization Law Enforcement Encryption Governance 72

The Fintech Times

APRIL 3, 2024

The Monetary Authority of Singapore (MAS) has introduced COSMIC, a digital platform aimed at bolstering the global financial system’s defences against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).

Financial Crimes 59

Financial Crimes Crime Money Laundering Law Enforcement 59

Innovative Payments Association

JANUARY 13, 2025

Report Suspicious Activity: If you suspect fraud, report it to your bank, payment provider, and law enforcement immediately. Early reporting can minimize losses and help authorities track down scammers. Understanding these tools reduces the risk of falling for scams. Instead, it is for general informational purposes only.

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Scams Law Enforcement Payments FBI 52

Fintech News

APRIL 11, 2024

Khoo, with an extensive background in public service, law enforcement, and national security, joins the company to enhance its efforts in combating fraud and financial crime within digital asset spaces. Blockchain intelligence company TRM Labs announced that it has named Boon Hui Khoo as its senior advisor.

Advisors 84

Advisors Law Enforcement Laws Financial Crimes 84

PYMNTS

DECEMBER 18, 2020

18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. Treasury Department proposed sweeping new rules late Friday (Dec. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.

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Treasury Rules Bitcoin Ransomware 141

PYMNTS

DECEMBER 18, 2020

Criminals seeking to exploit unmet demand for the COVID-19 vaccine are selling doses – many presumably fake – on the "dark web," the portion of the internet dominated by merchants who operate beyond easy reach of law enforcement agencies, the Financial Times reported on Friday (Dec.

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Law Enforcement FBI Scams Crime 109

The Fintech Times

JUNE 11, 2024

Something has to be done though, as 40 per cent of crimes committed in England and Wales are fraudulent. The next government must show it will make tackling this terrible crime a national priority and appoint a fraud minister to bring sectors together and drive forward real change at pace. What’s next? Additionally, Which?

Crime 69

Crime Law Enforcement Laws Governance 69

Fintech News

JULY 17, 2024

The rapid ascent of cryptocurrency has ushered in a new era of financial innovation, but it has also created novel challenges in combating financial crime. These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space.

Money Laundering 109

Money Laundering Law Enforcement AML Non-Bank 109

PYMNTS

FEBRUARY 26, 2020

Clearview AI said that a malicious actor “gained unauthorized access” to its list of customers, which include law enforcement agencies, police forces and financial institutions. In New Jersey, lawmakers initiated a ban across the state on law enforcement using the company’s software.

Law Enforcement 68

Law Enforcement Data Breach Laws Breach 68

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Law enforcement also seized close to $2.4 billion in losses reported to the Internet Crime Complaint Center. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Law Enforcement 60

The Fintech Times

AUGUST 20, 2024

According to the Judiciary Police, telecom and online fraud caused losses of more than 310 million patacas (approximately $38.6million) last year, with telephone and investment fraud being the predominant crimes contributing to this number. The latest campaign will start as a month-long trial.

Scams 59

Scams Risk Law Enforcement Transactions 59

PYMNTS

OCTOBER 31, 2016

The Dedicated Card and Payment Crime Unit (DCPCU) and Police Scotland announced that the two U.K. Representatives from Visa said they are grateful to be part of the initiative working with authorities to eventually seize items and help with the arrests. agencies issued warrants through the second round of Retail Week of Action.

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Law Enforcement Laws Crime Bank Card 65

PYMNTS

AUGUST 28, 2019

Law enforcement has had difficulty tracking down the robbers, as well as their driver, so they asked Google to track down their phones. The armed robbery, which took place on Oct. The technique would rely on the police to use the data to find the right suspects, and the court found it legal.

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Authorization Law Enforcement Crime Blocks 49

PYMNTS

OCTOBER 17, 2016

companies are forced to report when these types of incidents take place, but under Britain’s Financial Conduct Authority (FCA) provision, companies are only required to report cyberattacks if they believe the event will have a material impact. In the U.S., managing director of security and privacy at Protiviti told Reuters.

Law Enforcement 71

Law Enforcement Authorization Crime Cybersecurity 71

Finovate

JULY 23, 2024

In fact, the Financial Crimes Enforcement Network (FinCEN) has reported that check fraud is becoming increasingly prevalent and, as of 2023, represents more than a third of all fraud at depository institutions. designed to defend consumers from Authorized Push Payment (APP) fraud. is one that the world has been watching.

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Checks Fraud Detection Financial Crimes Crime 64

PYMNTS

DECEMBER 23, 2019

The National Cyber Crime Unit of the U.K.’s s National Crime Agency (NCA) arrested Kerem Albayrak at his London home on March 28, 2017. During the investigation, NCA agents found phone records that indicated Albayrak was the spokesperson of the hacker group “Turkish Crime Family.” law enforcement authorities.

Crime 55

Crime Law Enforcement Compromise Laws 55

PYMNTS

AUGUST 12, 2020

Federal law enforcement officers alleged thousands of buyers in every U.S. payment processor to execute the scheme and keep it hidden from law enforcement, the release stated. Vietnamese authorities have also conducted their own investigation and arrested the defendants.

Law Enforcement 52

Law Enforcement Federal Trade Commission Financial Crimes Scams 52

PYMNTS

JULY 29, 2017

Crime doesn’t pay. And it’s a concept that an entire comic book series was built around in the 1940s and ’50s – called, appropriately enough – Crime Does Not Pay. Its narrator, Mr. Crime, always reminded the reader of that in each and every issue. As Mr. Crime says, crime doesn’t pay for the perpetrators.

Crime 40

Crime Cross-Border Law Enforcement CHIPS 40

PYMNTS

FEBRUARY 3, 2017

Authorities in Asia and Europe have apprehended five members of an international hacking ring accused of sophisticated attacks on bank ATMs that cost the financial institutions hit about €3 million. Europol recognized law enforcement from around the world in helping with the investigation that led to these arrests.

ATM 44

ATM Law Enforcement Crime Phishing 44

PYMNTS

APRIL 28, 2019

The police have been investigating bitcoin machines at Tampines One Mall in Singapore that featured posters claiming to be an alert from law enforcement about the crypto, but were actually put up by scammers attempting to trick people to call a phone number.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

JUNE 16, 2020

In addition, National Security Institute Founder and Executive Director Jamil Jaffer suggested that the Secret Service be moved to the Treasury Department from the Department of Homeland Security (DHS) and to give it further investigative authorities and resources, among other recommendations.

Cybersecurity 90

Cybersecurity Money Laundering Treasury FBI 90

PYMNTS

OCTOBER 7, 2018

DOJ financial crime inquiry differs from that of ABLV in Latvia. law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. The investigations join those being conducted from authorities based in other nations, including Denmark.

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

PYMNTS

JULY 11, 2016

Late last week, The Register reported that 105 suspects of credit card fraud were arrested in Asia and Europe after a cybercrime ring was busted by authorities. During the raid, authorities also found cash, jewelry, cameras and fake passports. It’s estimated that the losses from the cybercrime activities reached €5 million.

Credit Cards 41

Credit Cards Law Enforcement ATM Crime 41

The Fintech Times

APRIL 29, 2024

Frankly, not enough has changed since then, at a time when payment systems have never been so interconnected, money flows have never been at such a high volume, the speed of cross-border payments has never been so fast, and the risks to society from organised crime and terrorism have never been so high. What’s the problem?

Money Laundering 78

Money Laundering AML SARS Financial Crimes 78

PYMNTS

MARCH 27, 2017

Chainalysis collaborates with Europol to link digital identities to digital currency, helping banks and law enforcement investigate suspicious activity. “We The ability to reliably tie cryptocurrency transactions to individuals could be a game changer for law enforcement.

Cryptocurrency 44

Cryptocurrency Law Enforcement Money Laundering Security 44

PYMNTS

APRIL 18, 2017

With that new focus also comes the rise of the payment hustler — a new breed of fraudster that deals in illicit products of services, typically operates online and has progressed from transaction laundering to payments laundering in the pursuit to get paid from their illegal crimes. Payment Hustlers on the Rise.

Law Enforcement 45

Law Enforcement Money Laundering Payments FTC 45

PYMNTS

JUNE 22, 2020

But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. ” $74,000 was sent to a fraudulent vendor by one Irish company last week , according to law enforcement officials and reports in Buzz.ie.

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

PYMNTS

JULY 21, 2020

To help protect consumers from such scams, the FTC set up a website with alerts of new schemes, consumer report data and law enforcement actions. He noted that fraud is typically an underreported crime, and there have likely been other cases authorities don’t know about.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

FICO

MARCH 26, 2018

It is easy to lay liability for this at the feet of the victims, who after all have authorized the payment, arguably without making adequate checks. As discussed earlier, in the case of authorized push payment fraud, the payee’s bank may not be held liable for losses from the fraud.

Real Time Payments 88

Real Time Payments Irrevocability Push-to-Card Payments 88

PYMNTS

FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . Virtual asset authorities from the FIUs of France, the U.S. Global standard setters, law enforcement, intelligence services, supervisors but also the private sector are our natural partners. The Sunday (Feb.

Fincen 60

Fincen Money Laundering Law Enforcement Financial Crimes 60

PYMNTS

JULY 16, 2019

The company is working with the appropriate law enforcement authorities in connection with this matter,” KeyCorp said in the filing. The bank is currently working with law enforcement on the issue. Shares in KeyCorp fell 1.8 percent and the company lost about $178 million from its market cap, dragging it to $17.56

Payroll 57

Payroll Law Enforcement Wire Transfer Laws 57

PYMNTS

JUNE 19, 2020

The lawsuit comes at a time when Valentino said it recently implemented a customs surveillance system and enforced its intellectual property rights in cooperation with U.S. customs authorities. Amazon also works closely with law enforcement agencies and reports all confirmed counterfeiters to U.S.

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Law Enforcement Request for Comment Authorization Accounts 72