Tag: fraud

Written by FinCrime

Nigeria Drops Tax Allegations Against Binance Executives: What Next?

Reported by Mustafa Mulla The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant. This dismissal of charges follows intense international pressure, including a letter […]

Written by FinCrime

AI Chatbot Fools Scammers & Scores Money-Laundering Intel

Reported by Robert Lemos, Contributing Writer Over the past two years, researchers at UK-based fraud-defense firm Netcraft used a chatbot based on Open AI’s ChatGPT to respond to scams and convince cybercriminals to part with sensitive information: specifically, banks account numbers at more than 600 financial institutions spanning 73 different countries that are used to […]

Written by FinCrime

Singapore Banks Probe Rich Clients After Laundering Case

Reported by Chanyaporn Chanjaroen and Joyce Koh Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter. Private bankers at several institutions are also receiving additional training to […]

Written by FinCrime

Digital finance is a money-launderer’s dream, argues an author

Reported by Geoff White Cutting edge  technology is fast becoming the handmaiden of organised crime, helping some of the world’s most dangerous crooks to move and hide ill-gotten gains. This situation will only get worse, unless governments and the technology industry can find common ground. As financial digitisation has accelerated, the first stage of the […]

Written by FinCrime

Could AI Be The Solution To Cross-Border Payment Fraud?

Reported by Rachael Kennedy In 2023 alone, global fraud incurred a staggering cost of $485 billion, as reported by the Nasdaq-Verafin Global Financial Crime Report. This growing challenge is becoming increasingly acute for market participants, particularly with the advent of real-time payments, and can incur significant reputational damage in addition to financial cost. Fraudsters are constantly […]

Written by FinCrime

Ruthless ‘Nigerian scammer’ allegedly takes credit for auction scare at Elvis Presley’s Graceland: ‘I had fun’

Reported by Nika Shakhnazarova A self-proclaimed “Nigerian scammer” proudly took credit for the failed attempt to auction off Elvis Presley’s iconic Graceland mansion, which left his granddaughter Riley Keough “traumatized,” according to a report. The ownership of the sprawling Memphis property was thrust into doubt earlier this month after a mysterious company named Naussany Investments and Private […]