Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Reported by Tara Siegel Bernard Cybercrime is on the rise, but even the best antivirus software can’t thwart scammers who target the human psyche. Here are tips on how to avoid some of the most devastating schemes and what to do if you or someone you care about becomes ensnared. If You Become a Victim […]
Reported by Christian Terry Multiple arrests have been made in connection to a bank fraud investigation led by the Mont Belvieu Police Department. The department said the investigation into a series of seemingly unrelated financial fraud cases started in June 2024, where victims reported funds stolen from their bank accounts via unauthorized wire transactions. The […]
Reported by Braddock Stevenson The revised rules’ renewed emphasis on innovation, and their requirement that financial institutions ensure their operational program requirements are US-based, also carry potential impact. To drive innovation and effective programmatic changes and reduce regulatory hindsight, banks and other financial institutions should consider several steps. Develop data-driven measurements for risk over qualitative […]
Reported by Bruce Kelly David Gentile, founder and CEO of GPB Capital Holdings, and Jeffry Schneider, broker-deal chief, were founder guilty on all fraud counts they faced on Thursday morning in a seven-week trial in federal court in downtown Brooklyn. The 12-person jury found Gentile guilty of all five counts he faced; conspiracy to commit […]
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 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 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 […]
Financial Crime News Briefs 