PYMNTS

MARCH 2, 2018

Identity theft complaints followed close behind, making up nearly 14 percent of all complaints. Specifically, credit card fraud was the most common type of identity theft reported by consumers. And tax fraud was the second most common type of identity theft reported by consumers.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

PYMNTS

JUNE 14, 2018

Identity theft is an unfortunately reality for more consumers as data breaches continue to rock the market. Research from Auriemma Consulting Group estimates that identity theft has cost banks at least $6 billion, and cost consumers $58.9 But individual consumers aren’t the only victims of identity theft.

Identity Theft 43

Identity Theft Wire Transfer Crime Email Compromise 43

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

IRS 82

IRS Identity Theft Crime Digital Currency 82

PYMNTS

DECEMBER 20, 2018

The men, Zhu Hua and Zhang Shilong, are accused of conspiracy to commit computer intrusions, wire fraud and aggravated identity theft. The United States Department of Justice announced on Thursday (Dec. Navy, CNBC reported. Prosecutors say the men participated in numerous operations to steal from governments and companies alike.

Identity Theft 65

Identity Theft Wire Wires Governance 65

PYMNTS

SEPTEMBER 11, 2019

“Business email compromise involves a criminal impersonating a senior executive or trusted business partner, reaching out to a member of their staff, and convincing that person to wire money to an account to pay a debt or fulfill a purchase order.”. Fraud Trends. billion in 2018. billion in 2018. It’s gone,” the report stated.

Scams 65

Scams Email Compromise Compromise Wire 65

PYMNTS

JUNE 25, 2020

Long pled guilty in November of 2019 to a scheme where he committed wire fraud and aggravated identity theft. The charges dated back to 2013, when Long created and deposited checks from the checking accounts of over 375,000 victims, saying that the victims’ banks had authorized the fund transfers.

Identity Theft 66

Identity Theft Checks Payee Phishing 66

PYMNTS

SEPTEMBER 24, 2019

There are also a lot of illegal activities involved with wire, credit card and automated clearing house (ACH) fraud. “By Most will target banks because of the high number of accounts, but casinos, customers, insurance companies and money services are all attractive targets. .

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

FEBRUARY 6, 2020

Zhu Hua and Zhang Shilong were both accused of conspiracy to commit computer intrusions, wire fraud and aggravated identity theft. While the men were indicted, they are still at large. . The men operated under a hacking group called “Advanced Persistent Threat 10,” or “APT10.”

FBI 60

FBI Identity Theft Wire Wires 60

PYMNTS

MARCH 23, 2020

The operators of the website were accused of “engaging in a wire fraud scheme seeking to profit from the confusion and widespread fear surrounding COVID-19.”. The enforcement action against “coronavirusmedicalkit.com” is the department’s first in conjunction with the new order. The action was filed in Austin on Saturday (March 21).

Identity Theft 61

Identity Theft Scams Wire Wires 61

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. billion in attempted wire fraud between October 2013 and May 2016. The Federal Bureau of Investigation said it had found that BEC scams led to $3.1

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

DECEMBER 23, 2020

The men were charged with "one count of conspiracy to commit health care fraud and wire fraud, and one count of conspiracy to commit money laundering. Khaim was separately charged with two counts of concealment money laundering and one count of aggravated identity theft.

Money Laundering 60

Money Laundering IRS Identity Theft Law Enforcement 60

PYMNTS

DECEMBER 17, 2020

million in coronavirus-related fraud this year and 38,792 cases of identity theft. Anybody who calls, emails or text messages you asking for money, asking for gift cards, asking for wire transfers – that is a scam,” he noted. The FTC marked $201.26

Scams 84

Scams IRS Federal Trade Commission FTC 84

CB Insights

MARCH 4, 2021

Chubb’s new Blink Cyber Protection product, which covers individuals from identity theft, fraudulent wire transfer, and cyberbullying , could spur more activity in the personal cyber insurance market. While not all initiatives will succeed, the overall trend of new cyber insurance innovations will continue. .

Cybersecurity 74

Cybersecurity Underwriting Identity Theft Wire Transfer 74

PYMNTS

MARCH 24, 2017

The crimes themselves can range from identity theft to falsification of corporation ownership to even simply doing business with criminals on a watch list. An example is that cross-border wires were among those payment conduits most closely examined due to higher risk.

Compliance 62

Compliance Financial Crimes Crime Identity Theft 62

PYMNTS

MAY 10, 2019

businesses.

Data Breach 46

Data Breach Breach Identity Theft Law Enforcement 46

PYMNTS

FEBRUARY 20, 2017

District Judge Esther Salas in New Jersey sentenced Vovnenko after he pleaded guilty last year to aggravated identity theft and conspiracy to commit wire fraud, reported Reuters. Vovnenko was also told to pay restitution of $83,368.

Scams 43

Scams Identity Theft Credit Cards Wire 43

PYMNTS

AUGUST 26, 2019

Each of the defendants has been charged with “conspiracy to commit fraud, conspiracy to launder money, and aggravated identity theft,” according to the complaint and reports said other defendants also face fraud and money laundering charges. million that had been wired by district employees to BEC scam. Individual Case.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

FICO

NOVEMBER 30, 2017

In my previous post on application fraud, we explored the drivers behind the rapid acceleration of identity-based fraud , which includes identity theft / third-party fraud, synthetic identity fraud, and first-party fraud. Step 2 – Identity Proofing and Information Sharing.

Risk 82

Risk Fraud Detection Assessments Origination 82

PYMNTS

JUNE 10, 2016

The three men now face a laundry list of an indictment that includes counts of computer hacking, securities and wire fraud, identity theft, illegal internet gambling and conspiring to commit money laundering, carrying possible prison sentences ranging from two to 20 years. But you can’t argue they’re lazy.

Identity Theft 40

Identity Theft Money Laundering Crime Wire 40

Nanonets

SEPTEMBER 28, 2023

EFT is also typically cheaper than other methods of payment (such as wire transfer), and it's a convenient way to make recurring payments (such as monthly bills). Wire Transfers as EFT A wire transfer is an electronic transfer of funds between financial institutions. It’s fast, secure, and typically has low fees.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wire 52

Nanonets

SEPTEMBER 28, 2023

EFT is also typically cheaper than other methods of payment (such as wire transfer), and it's a convenient way to make recurring payments (such as monthly bills). Wire Transfers as EFT A wire transfer is an electronic transfer of funds between financial institutions. It’s fast, secure, and typically has low fees.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Funds Transfer Wire Transfer Wire 52

Finextra

JUNE 26, 2025

This type of fraud can lead to financial losses, identity theft, and reputational damage for both individuals and organizations. Stablecoin transaction fees are typically much lower compared to those incurred with traditional payment methods like credit cards or wire transfers.

Stablecoins 52

Stablecoins Payment APIs and Integration Fraud Prevention Cross-Border 52

PYMNTS

JUNE 27, 2016

prosecutors believe Locsin used websites, phone calls and other online means to illegally access the accounts and attempt to conduct wire transfers, purchase merchandise, change addresses and even add new cardholders. A spokesman for U.S.

Payments Data 40

Payments Data Identity Theft Wire Transfer Compromise 40

FICO

APRIL 28, 2021

Three men were charged with conspiracy to commit wire fraud in a criminal complaint filed Feb. Remember, it does have personal information on it that could help thieves in an identity theft situation. The image below from The Journal, provided by the U.S. 9 in federal court in Baltimore. Ads and Direct Solicitations.

Identity Theft 52

Identity Theft Scams Consulting Fraud Prevention 52

PYMNTS

OCTOBER 4, 2017

In addition, the United States has charged two Russian intelligence agents, Baratov and another alleged hacker over the 2014 theft of 500 million Yahoo accounts, marking the first time the U.S. government had criminally charged Russian spies for cybercrimes. Baratov faces U.S.

Identity Theft 40

Identity Theft Breach Data Breach Wire 40

PYMNTS

JUNE 13, 2017

District Judge Esther Salas in New Jersey sentenced Vovnenko after he pleaded guilty last year to aggravated identity theft and conspiracy to commit wire fraud, Reuters reported. Vovnenko was also told to pay restitution of $83,368.

Identity Theft 40

Identity Theft Wire Wires Cybersecurity 40

PYMNTS

JUNE 12, 2019

Wire transfers can be steered toward fraudsters’ bank accounts. Other onboarding services include cutting-edge digital identity verification methods and manual expert reviews, solutions that can help businesses thwart identity theft and fraud attempts. Paper checks can be altered, signatures forged.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

Finextra

JUNE 26, 2025

This type of fraud can lead to financial losses, identity theft, and reputational damage for both individuals and organizations. Stablecoin transaction fees are typically much lower compared to those incurred with traditional payment methods like credit cards or wire transfers.

Stablecoins 52

Stablecoins Payment APIs and Integration Cross-Border Account Takeovers 52

PYMNTS

NOVEMBER 15, 2019

Eric Meiggs, 21, of Brockton, and Declan Harrington, 20, of Rockport, have been indicted on one count of conspiracy, eight counts of wire fraud, one count of computer fraud and abuse and one count of aggravated identity theft.

Stablecoins 40

Stablecoins Identity Theft Digital Currency Central Bank 40

Innovative Payments Association

JUNE 26, 2024

Fake Check Scams: Fraudsters send fake checks to seniors, asking them to deposit the check and wire back a portion of the funds, leaving the senior responsible when the check bounces. Identity Theft: Scammers steal seniors' personal information to open accounts or make purchases in their name.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

DECEMBER 23, 2019

subsidiary of Japan’s largest financial media organization, Nikkei, by successfully stealing a Nikkei executive’s actual voice to order the wire transfer. Earlier this year, for example, fraudsters made off with $29 million from the U.S. More insidious and much harder to track, Townsley-Solis told Webster, is synthetic ID fraud.

Social Security 52

Social Security Identity Theft Wire Transfer Security 52

PYMNTS

MAY 2, 2017

Rimašauskas has since been charged with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft. billion in attempted wire fraud between October 2013 and May 2016. Additionally, research from Trend Micro found $1 billion total losses worldwide in 2016 due to BEC scams.

Business Email Compromise 43

Business Email Compromise Email Compromise Scams Phishing 43

PYMNTS

JANUARY 5, 2017

In the banking industry, blockchain may lower costs in interbank wire transfers, and more so when it comes to the technology confirming trusted parties and security, warding off other risks and costs. Walmart added it to track pork in China and produce in the U.S., while other companies are using it to track wine and diamonds.

Blockchain 46

Blockchain Identity Theft Wire Transfer Settlement 46

Stax

JULY 9, 2024

ACH payments use sender and recipient banking account information to process transactions in one-to-three business days through the ACH network and have a lower cost than wire transfers (another EFT payment type). Essentially, most payments conducted nowadays are EFT payments and are also considered safe.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

Clearly Payments

MARCH 4, 2024

The stolen data was then exfiltrated from the network and, ultimately, used for fraudulent purposes, including unauthorized purchases and identity theft. With harvested data, perpetrators conducted unauthorized transactions, including wire transfers and credit card purchases, exploiting compromised accounts for financial gain.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

MAY 5, 2017

The DoJ has since charged the man with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft. BEC fraud has been on the rise across the globe, seeing a 45 percent spike quarter-over-quarter in Q4 2016, and costing the world billions.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

JUNE 1, 2016

With clients ranging from big banks and credit issuers to lenders and companies across the communications industry, XOR Data Exchange says it has helped address specific problems such as small business credit risk, small business fraud, digital money transfer fraud, and, most recently, compromised identity theft.

Compromise 40

Compromise Privacy Risk Assessment Breach 40