Two 20-year-olds have been charged in the U.S. for conspiring to commit wire fraud and launder money as part of a million-dollar scheme involving non-fungible tokens - or NFTs. The charges each carry a maximum sentence of 20 years in prison.
Learn how advanced analytics and machine learning help financial organizations proactively detect and prevent fraudulent payments.
As new payment types proliferate globally, payment and identity fraud is also skyrocketing. In 2021, global card fraud losses hit a staggering $28.58 billion.
To survive and stay...
U.S. officials say that while it would be nearly impossible for Russia to "flip the switch" and convert to cryptocurrency to stabilize its sanctioned economy, they caution that Russian elites and entities may yet try to skirt the measures by transferring and obfuscating funds across the blockchain.
The accelerated consumption of digitized services has not only changed the banking landscape - it has affected anti-money laundering risks and defenses. David Stewart and Paul Franks of SAS weigh in on emerging risks, defenses and shifts in the AML compliance landscape.
The Department of Justice has named Eun Young Choi as its first National Cryptocurrency Enforcement Team's director, and the FBI formed the Virtual Asset Exploitation Unit to assist with blockchain analysis for theft and extortion crimes that have connections to crypto.
With the rapid changing threat landscape, protecting your enterprise from breaches and account takeover fraud has never been a bigger challenge.
Retail and merchant fraud teams have the challenges of understanding customer identities and human behaviors regardless of how many devices, accounts, profiles, and...
With the increased global focus on anti-money laundering (AML) and countering the financing of terrorism (CFT), regulatory agencies around the world are tightening restrictions, broadening their reach and putting additional compliance burdens on companies who do business in their jurisdictions.
The new year brings...
Tal Prihar, a former administrator of the DeepDotWeb darknet market search engine, has been sentenced to serve eight years in a U.S. federal prison after pleading guilty to money laundering, tied to his having received more than $8 million in kickbacks from markets to which he referred buyers.
Lawmakers on the House Committee on Financial Services this week announced nine provisions of its America COMPETES Act of 2022 - one of which has been criticized by cryptocurrency proponents for potential privacy and due process concerns.
The Israeli Ministry of Defense reportedly seized $836,168 worth of cryptocurrency from a currency exchange firm with ties to the Hamas terrorist group. The use of cryptocurrency by cybercriminals may be advantageous to law enforcement agencies, according to some experts.
More than $12 billion has been lost in decentralized finance, or DeFi, applications in 2021 - $10.8 billion of which is attributed to fraud and theft, a 600% increase from 2020, according to a new report from blockchain analytics firm Elliptic.
One of the effective ways to tackle AML fraud is to leverage technologies such as behavioral biometrics and device biometrics, says Charles Subrt, director of the fraud and AML practice at Aite-Novarica Group.
Cryptocurrency-using criminals continue to rely on services designed to launder their virtual currency to give them "clean coins" that are tougher for law enforcement to trace. Experts say such services are widely marketed on cybercrime forums, and sometimes provided directly to ransomware groups' affiliates.
Dutch police have detained Moscow businessman Denis Dubnikov after the U.S. accused him of receiving bitcoins worth $400,000 paid to Ryuk as ransoms by its victims. The U.S. is seeking to extradite the suspect, as the Biden administration's crackdown on ransomware continues.
There’s no question 2020 and 2021 have brought unanticipated changes and challenges for Financial Services and beyond. The notable surge in consumers’ use of websites and mobile apps for their banking transactions and service interactions exposed critical gaps in digital identity and authentication methods. These...
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