Reported by Andy Maxwell It’s long been the case that access to certain services, whether on or offline, will only be granted when customers prove their identity. Often linked to financial products but in many cases basic money/goods transactions carried out online, handing over a name, address, date of birth and similar details, can increase […]
Reported by Siddharth Venkataramakrishnan Increasing sophistication Identifying the scale of AI use by scammers is a difficult task, says Alex West, banking and payments fraud specialist at consultant PwC. He was one of the authors of a report into the impact of AI on fraud and scams last December in collaboration with cross-industry coalition Stop Scams UK. […]
Reported by The Economist Brazilians have long been early adopters of fintech. In 2017, EY, an accounting firm, found that two-fifths of Brazilians regularly used online banking, one of the highest rates worldwide. In 2020 44% of customers had a digital-only account, compared with less than 20% in the United States and Canada, according to […]
Reported by Michelle Nichols North Korea continued developing nuclear weapons and producing nuclear fissile material in 2023 and evading United Nations sanctions that aim to cut off funding for Pyongyang’s nuclear and ballistic missile programs, according to an unpublished United Nations report seen by Reuters on Thursday. “After a record-breaking level of cyber thefts in […]
Reported by Lukas I. Alpert A boastful teenage hacker has been charged with orchestrating a break-in to the sports betting website DraftKings, which led to $600,000 being drained from hundreds of customer accounts. Joseph Garrison, 18, of Madison, Wis., is accused of using stolen log-in and password combinations he bought on the dark web to […]
Reported by Kaley Schafer of Ballard Spahr LLP On March 30, 3023, the Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focusing on business email compromise (BEC) trends and patterns in the real estate sector (referred to as “RE BEC”). The report is required under Section 6206 of the Anti-Money Laundering Act of 2020 (AMLA). This section […]
Reported by: Zack Whittaker, Carly Page Arrested, seized, doxed and detained. These are just some of the ways police and prosecutors around the world took down the biggest cybercrime operations of the year, even if it meant resorting to new and unconventional eyebrow-raising methods. From stashing billions of bitcoin under the floorboards to teenage hackers […]
Reported by: Alvin R Cabral More than $8 million worth of cryptocurrency has been stolen from the wallets of BitKeep users in an apparent cyber attack, the latest exploit to hit a decentralised finance network. BitKeep users reported through social media that their funds were being transferred without any activity on their end, online industry tracker Cointelegraph reported on […]
Reported by: Anna Baydakova Known cryptocurrency payments to ransomware hackers “totaled a mere $16 million, compared to nearly $74 million USD in 2021,” blockchain intelligence firm Crystal Blockchain says. This may be surprising given the fact that the number of ransomware attacks has increasedsince 2021, according to cybersecurity researchers. This year, the notorious Contiransomware gang, known for […]
Reported by: U.S. Attorney’s Office, Eastern District of Texas According to court documents unsealed today, 21 individuals have been charged for their roles in transnational money laundering networks, including those that laundered millions of dollars stolen from United States fraud victims through romance scams, business email compromises, technical support schemes, and other fraud schemes. U.S. […]
Financial Crime News Briefs 