PYMNTS

APRIL 3, 2020

Three weeks after the Financial Crimes Enforcement Network (FinCEN) issued guidance to financial institutions (FIs) on COVID-19, the division of the U.S. FinCEN said it expects FIs to continue following a so-called risk-based approach to adhere to the BSA obligations. FinCEN said the former executive at U.S.

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Fincen BSA Crime Financial Crimes 56

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. million daily from companies individual victims. Targeting County Governments.

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Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

JULY 7, 2020

Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. . On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity.

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Scams Fincen Financial Crimes Crime 52

PYMNTS

AUGUST 12, 2019

more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. The news comes as the Financial Crimes Enforcement Network (FinCEN), part of the U.S.

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Business Email Compromise Scams Fincen Compromise 59

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

PYMNTS

JULY 29, 2019

As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016. Business E-mail Compromise (BEC) fraud has been gaining ground and growing in terms of number of incidences, according to a recent report.

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Business Email Compromise Scams Fincen FBI 55

BioCatch

DECEMBER 5, 2024

On November 25, 2024, FinCEN announced that it had joined a multi-sector national task force dedicated to the prevention of fraud and scams.

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Fincen Scams Participant Governance 52

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams.

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Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist.

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Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

FEBRUARY 15, 2019

Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails. The emails asked those targeted officials to review a PDF that, in turn, linked them to malicious sites. As reported, the U.S.

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BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

FICO

AUGUST 4, 2021

We saw this in the Panama Papers as well as the FinCEN files. Now, I’m going to cover what it means for the wider financial crime space. It is well known that dealing in art can be a vehicle for money laundering and terrorist finance. I think NFTs are even better for illicit purposes than traditional art, simply because the hurdles are lower.

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NFTs Money Laundering AML Fincen 66

Stax

NOVEMBER 27, 2023

Financial crime can take on several faces, including (cyber) fraud, cryptocurrency scams, and money laundering—and companies offering financial services can lose out on serious bucks. That’s a lot of money being exchanged—and also provides a huge amount of possibility for financial crime. In the U.S., Within the U.S.,

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Due Diligence Money Laundering AML Financial Crimes 88

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. FinCEN, a division of the U.S.

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Fincen Suspicious Activity Report (SAR) Money Laundering SARS 111

PYMNTS

JULY 19, 2020

Treasury’s Financial Crimes Enforcement Network (FinCEN) warned financial institutions of a high-profile scam exploiting Twitter accounts to try to scam convertible virtual currency from account holders. As word of the hack spread on Thursday (July 16) , the U.S.

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Accounts Fincen FBI Breach 79

PYMNTS

JULY 17, 2020

The attackers posted tweets that appeared to promote a cryptocurrency scam and posted similar tweets on celebrity accounts soliciting donations via bitcoin to their verified profiles, The Journal reported. “We On Thursday (July 16), PYMNTS reported the U.S.

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FBI Fincen Scams Bitcoin 70

PYMNTS

DECEMBER 30, 2020

Billion Holiday Packages Today In Digital-First Banking: FinCEN Warns FIs About Vaccine Scams; JP Morgan Chase To Buy cxLoyalty's Rewards Division SEC’s Ripple Lawsuit Prompts Coinbase To Suspend XRP Trading .

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Fed Bitcoin Cryptocurrency Digital Currency 107

PYMNTS

MARCH 16, 2020

In other news, the Financial Crimes Enforcement Network ( FinCEN ) is asking financial institutions to be aware of fraudulent or malicious transactions “similar to those that occur in the wake of natural disasters” per a post on the government body’s website.

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Fincen Scams BSA On-Demand 53

PYMNTS

AUGUST 3, 2020

FinCEN Warns Of COVID Scams Targeting FIs, Consumers. The Financial Crimes Enforcement Network (FinCEN) cautioned financial institutions (FIs) and consumers regarding schemes related to COVID-19, including some linked to digital currency. More than eight in 10 – or 82.1

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Fincen Federal Reserve Fed Shutdown 64