Reported by Sheila Chiang Payments giant Visa is using artificial intelligence and machine learning to counter fraud, James Mirfin, global head of risk and identity solutions at Visa, told CNBC. The company prevented $40 billion in fraudulent activity from October 2022 to September 2023, nearly double from a year ago. Fraudulent tactics that scammers employ include using AI to […]
Reported by Huw Jones A Coinbase business in Britain has been fined for breaching a regulatory agreement to improve its defences against financial crime, in the first sanction of its kind in the UK cryptoassets sector. The Financial Conduct Authority (FCA) said on Thursday that CB Payments Limited (CBPL), a gateway for customers to trade […]
Reported by Jim Vivenzio of Perkins Coie The Financial Crimes Enforcement Network’s proposed rules seek to streamline AML/CFT program rules across banks, broker dealers, mutual funds, insurance companies, futures commissions merchants, commodities brokers, casinos, and money services businesses, among others. FinCEN and federal banking agencies propose these key changes: New statement of purpose. This intends to summarize the […]
Reported by StudyFinds Staff Almost half of Americans (48%) believe that the rise of artificial intelligence has made them less “scam-savvy” than ever before. With AI working its way into education, finance, and even science, a new survey finds many people don’t know who to trust anymore. The poll of 2,000 U.S. adults revealed that […]
Reported by James Pomfret and Michael Martina Semiconductors and other restricted goods shipped through China and Hong Kong to fuel Russia’s war effort fell by a fifth this year previously undisclosed U.S. Commerce Department data shows, but Hong Kong remains a global sanctions evasion hotspot. Transshipments through Hong Kong of Common High Priority Items (CHPL) — advanced […]
Reported by Michael Forsythe, Katrina Northrop and Eliot Chen No businessman in China was more successful, famous or rich than Jack Ma, whose magic touch turned companies like Alibaba into international juggernauts. He was also unafraid to cross the Chinese authorities, insisting he would not do business with them. But an investigation by The New York Times and […]
Reported by Brian Fung and Sean Lyngaas, CNN Cybercriminals are already capitalizing on the chaos from Friday’s massive global tech outageby promoting fake websites filled with malicious software designed to compromise unsuspecting victims, according to warnings from the US government and multiple cybersecurity professionals. Hackers have been setting up phony websites meant to appeal to people seeking information […]
Reported by Joe Tidy Cyber-security experts and agencies around the world are warning people about a wave of opportunistic hacking attempts linked to the IT outage. Although there is no evidence that the CrowdStrike outage was caused by malicious activity, some bad actors are attempting to take advantage. Cyber agencies in the UK and Australia […]
Reported by KiMi Robinson Priscilla Presley is accusing her former business associates of financial elder abuse. Lawyers for Presley, 79, filed a complaint in Los Angeles County Superior Court Thursday, alleging the people behind an LLC established in her name “fraudulently” coerced her into “giving them power of attorney, control over her family and personal trusts […]
Reported by Filip De Mott The market needs to embrace short sellers if it wants to free itself of fraud, Carson Block told Bloomberg TV. But being a contrarian right now is a challenge, with short sellers increasingly out of place in the latest bull rally, the Muddy Waters founder said. Where sellers profit by betting […]
Financial Crime News Briefs 