Reported by Stephanie Stacey Banks and regulators are warning that QR code phishing scams — also known as “quishing” — are slipping through corporate cyber defences and increasingly tricking customers into giving up their financial details. Lenders including Santander, HSBC, and TSB have joined the UK National Cyber Security Centre and US Federal Trade Commission […]

Reported by Jake Rodriguez An L.A. Fashion District wholesaler, C’est Toi Jeans, Inc. (CTJ), along with its two executives have been convicted on multiple charges of money laundering and tax evasion, according to the U.S. Attorney’s Office, Central District of California. In a six-week trial that concluded on Tuesday, the defendants were found guilty of several […]

Reported by The Fintech Times The number of global banks losing clients to slow and inefficient know-your-customer (KYC) onboarding practices has surged to a record high this year, according to new research from Fenergo, the KYC, client lifecycle management (CLM) and transaction monitoring solution provider. Through a study of over 450 C-level executives across corporate, institutional […]

Reported by Trupti Bavalatt Generative AI technology that can be used to create fresh content like text, images, audio, and even videos, much like a human would.This technology has become incredibly popular and widespread. A report from Europol predicts that 90% of online content could be AI-generated within a few years. However, Generative AI is […]

Reported by Remy Tumin Ashpia Natasha was heading to Long Island to run errands last Wednesday when a Honda Civic cut her off in the left lane on the Belt Parkway. She slammed on her brakes and came to a complete stop. Seconds later, the Honda abruptly went into reverse, slamming into her Acura, and […]

Reported by Rob Harkav A FINTRAC bulletin highlights how the legal profession plays a major role in facilitating illicit transactions. Legal professionals across Canada are increasingly at risk of being exploited by money launderers and financial criminals, according to a bulletin issued earlier this week by FINTRAC, Canada’s federal anti-money laundering authority. The bulletin was issued to alert […]

Reported by Anna Cooban, CNN ChatGPT can be duped into providing detailed advice on how to commit crimes ranging from money laundering to the export of weapons to sanctioned countries, a tech startup found, raising questions over the chatbot’s safeguards against its use to aid illegal activity. Norwegian firm Strise ran two experiments asking ChatGPT for […]

Reported by Will Freeman,  Steven Holmes and Mariana Fernandez Rubach Forget corrupt banks. Drug cartels have a new favorite tool for laundering money—remittances sent via services like Money Gram and Western Union.   Lax government oversight allows cartels to launder billions through remittances annually. But it doesn’t have to be this way. Congress and U.S. embassies can take steps […]

Reported by Reuters Lebanon is set to be placed on a grey list of countries under special scrutiny by a financial crime watchdog at the end of this week, despite requests from Lebanese officials for leniency, four people familiar with the proceedings said on Monday. Central bank governor Wassim Mansouri said in August he was working to […]

Reported by Will Anderson, Chief Marketing Officer, Eastnets A large shipping vessel departs a Southeast Asian port, laden with electronics ostensibly worth $2 million. However, unknown to customs officials, the goods are deliberately undervalued, with the actual market value exceeding $10 million. This classic example of under-invoicing, a hallmark of trade-based financial crime, allows criminals to […]