Reported by KIM ZETTER US telecom giant AT&T, which disclosed Friday that hackers had stolen the call records for tens of millions of its customers, paid a member of the hacking team more than $300,000 to delete the data and provide a video demonstrating proof of deletion. The hacker, who is part of the notorious ShinyHunters […]
Reported by Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying $20 million in penalties in addition to paying redress to approximately 35,000 harmed consumers, including about 1,000 who had their cars […]
Reported by CAROLINE VAKIL A top official at the Federal Bureau of Investigation (FBI) said the agency is looking into the shooting that unfolded at Donald Trump’s campaign rally as an assassination attempt as well as a “potential” domestic terrorism act. “At this point [in] the investigation, it appears that he was a lone actor, […]
Reported by Terri Miller, Consumer Education Specialist, FTC Did someone supposedly spot fraud or criminal activity on one of your accounts? Did they offer to help “protect” your money by moving it from your bank, investment, or retirement account? Maybe they even asked you to share a verification code? If anyone did any of those things, it’s […]
Reported by FinTech Global FullCircl, which offers a SaaS platform to support regulatory and verification processes, recently offered a guide on customer due diligence regulations. Regulatory bodies across the globe mandate and oversee these CDD processes to uphold the transparency and integrity of business dealings. Key players include the Financial Action Task Force (FATF), which sets […]
Reported by Sara Sjolin Nordea Bank could face an estimated maximum fine of almost $1 billion over alleged failures to stop money laundering if it loses its case with Denmark, according to some legal experts, an amount that would far exceed the lender’s own expectations. The case has no precedent but a Danish court might hit […]
Reported by Brett Wolf The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]
Reported by Joe Miller and Joshua Franklin A New York jury has found former Wall Street trader Bill Hwang guilty of fraud and market manipulation, more than three years after the implosion of his fund Archegos sent tremors through global equity markets and left major banks nursing billions of dollars in losses. The verdict on Wednesday came […]
Reported by Rob Copeland For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. What if it isn’t anymore? The promise of bank insurance — a tenet of U.S. consumer protection since the Great […]
Reported by Jason Branning, CFP, RICP Retirees need to be aware of emerging threats from the stories that are transmitted through various technologies. These threats could impact online security and gain access to your bank savings or investment accounts. Understanding that there are trapdoors that can be accessed or exploited through the technology is widely […]
Financial Crime News Briefs 