Tagged: fraud

85% of Merchants Reportedly Struggle to Balance CX and Fraud Prevention

Riskified (NYSE: RSKD), a global enabler of e-commerce fraud prevention and risk intelligence, shared new insights from a live survey conducted at its flagship event, Ascend 2025, at the 1 Hotel Brooklyn Bridge in New York City. The survey results highlight key challenges and “opportunities… Read More

Digital Asset Fraud: My Big Coin Ordered to $25.7 Million in Penalties: CFTC

The Commodity Futures Trading Commission (CFTC) says a US District Court in Massachusetts has ordered a default judgment against My Big Coin, My Big Coin Pay, and affiliated individuals John Roche and Mark Gillespie to pay a $25.7 million in penalties regarding allegations of digital asset… Read More

Feedzai IQ Defends Banking Platforms Against AI-Enabled Fraud with Privacy-Preserving Network Intelligence

Feedzai, the global firm focused on AI-native financial crime prevention, announced the launch of Feedzai IQ, a new family of solutions that enables network fraud intelligence without compromising customer privacy. Leveraging insights from hundreds of FIs across four continents and “over $8 trillion in annual… Read More

UK Finance Report Highlights Increased Real Estate Market Activity Amid Stamp Duty Changes

The UK housing market has experienced a significant surge in activity in 2025, driven largely by changes to stamp duty thresholds, according to a recent update from UK Finance. Separately, the organization’s Annual Fraud Report 2025 highlights a notable decline in fraud losses, reflecting advancements… Read More

AI-Powered Crypto Scams Reportedly Surged in 2024, Fueled by Pig Butchering and Fraud Networks

In 2024, the cryptocurrency industry witnessed an unprecedented surge in scams, with revenues potentially reaching a record-breaking $12.4 billion, according to blockchain analytics firm Chainalysis. The rise of artificial intelligence (AI) and the proliferation of “pig butchering” scams have significantly contributed to this alarming trend,… Read More

Nearly £130M of Identity Fraud was Prevented in First 3 Months of 2025 – Experian Insights

The level of identity fraud prevented in the first three months of the year has soared by 10%, insights from Experian reveal. Nearly £130 million of third-party fraud “was stopped by financial institutions in Q1 of 2025, up from £118 million compared to the same… Read More

Regtech Jumio Research Finds Declining Consumer Trust in Digital Life Amid Surge in AI-Powered Fraud, Deepfakes

Jumio, the firm focused on AI-powered identity intelligence anchored in biometric authentication, automation and data-driven insights, released the 2025 Jumio Online Identity Study. This year’s results paint a stark picture: trust in digital life “is crumbling under the weight of deepfakes, misinformation and cybercrime.” The… Read More

TRM Labs Exposes Chinese Underground Banking as Backbone of Illicit Finance

In a report titled All Roads Lead to China, TRM Labs, a blockchain intelligence firm, has unveiled the intricate web of Chinese underground banking networks that have emerged as the financial linchpin of global illicit activities. These networks, leveraging both traditional and modern financial mechanisms,… Read More

EBA CLEARING Announces RT1 and STEP2 Participants to Adopt Fraud Pattern and Anomaly Detection Verification of Payee Solution

EBA CLEARING announced that over 55 RT1 and STEP2 Participants across 14 countries are preparing to adopt its Fraud Pattern and Anomaly Detection (FPAD) Verification of Payee (VOP) solution to deliver VOP checks in compliance with the Instant Payments Regulation (IPR). These participants will connect… Read More

First-Party Fraud Surges in LexisNexis Risk Solutions Report

The LexisNexis Risk Solutions Cybercrime Report concisely describes how fraud has evolved over the past two years. First-party fraud, for one, surged in 2024, with BNPL and financial services companies popular targets. Fraudsters’ attack modes are also changing. In 2023, the top three types were… Read More

Why Security Must Be a Core Product in Fintech

Fraud has escalated into a major threat within the fintech sector. In 2024, global financial crime losses—including scams, cyberattacks, and identity fraud—are estimated to have reached $485.6 billion, according to Nasdaq’s Global Financial Crime Report. This surge is largely fueled by the rise of AI-driven… Read More

Digital Commerce Fraud and Risk Intelligence Firm Riskified Expands Reach with AWS Marketplace Listing

Riskified, a firm focused on e-commerce fraud and risk intelligence, has achieved AWS Accelerate Partner status. This global co-sell initiative strengthens Riskified’s collaboration with AWS, enabling the company to “extend its fraud and risk intelligence solutions to online sellers worldwide.” With this partnership, Riskified’s advanced… Read More

Alex Mashinsky Prison Sentence Sign of Digital Asset Evolution

Alex Mashinsky, the founder and former CEO of Celsius, was once the toast of the crypto town. At one point, Celsius claimed they were adding nearly $1 billion a month in new assets. Mashinsky’s mantra was that banks were not friends while claiming to be… Read More

BitMind CEO Shares Insights on Deepfake Detection and How Decentralized Networks May Enhance the Process

  In February, a finance worker at a multinational firm in Hong Kong was tricked by a deepfake video call into transferring over $25 million to scammers. Weeks later, a French woman lost her inheritance to a deepfake dating scam. And the list keeps growing…. Read More

Former Celsius CEO Alex Mashinsky Sentenced to 12 Years for Crypto Fraud

Alex Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on May 8, 2025, for orchestrating a massive fraud scheme that defrauded investors of billions. The sentencing, handed down by U.S. District Judge John G. Koeltl in Manhattan’s Southern District,… Read More

Payments Fintech Stripe Announces Bridge and Visa’s Stablecoin focused Partnership

Payments processing Fintech Stripe has recently announced two significant updates that underscore its objective to advancing financial technology and enhancing user experience. The company has partnered with Visa through its newly acquired stablecoin platform, Bridge, to launch a card-issuing product, and has expanded its AI-powered… Read More

DOJ Is Reportedly Seeking 20-Year Prison Sentence for Disgraced Celsius Founder Alex Mashinsky

Alex Mashinsky, the former CEO of crypto firm Celsius Network, has pleaded guilty to fraud charges, marking a pivotal moment in the ongoing legal scrutiny of the collapsed crypto lending platform. The U.S. Department of Justice is said to be seeking a 20-year prison sentence… Read More

UK Fintech Firm Stenn’s $1B Collapse Impacts Major Banks

Several of Wall Street’s largest banks, including Citigroup, BNP Paribas, and Natixis, found themselves entangled in the collapse of London-based firm Stenn, once heralded as a $1 billion trade-finance Fintech. The implosion, which unfolded rapidly, exposed critical oversights in due diligence and raised questions about… Read More

SEC Announces Charges Against PGI Global Founder with $198M Crypto Asset and Foreign Exchange Fraud Scheme

The Securities and Exchange Commission (SEC) charged Ramil Palafox with allegedly orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and misappropriating over $57 million of investor funds. According to the SEC’s complaint, Palafox’s company, known as PGI Global, claimed to be “a crypto asset… Read More

Regtech Jumio Introduces Cross-Transaction Risk Solution to Combat Fraud

Jumio, the provider of automated, AI-driven biometric identity verification, risk signals and compliance solutions, announced general availability of Cross-Transaction Risk, which helps businesses “proactively detect fraud by connecting identity elements across the Jumio network.” A key capability within the Jumio Identity Reputation suite, Cross-Transaction Risk… Read More

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