Tagged: fraud

E-Commerce Fraud Prevention Solution Provider Forter Secures $125 Million via Series E Round at $1.3 Billion Valuation

Forter, an established e-commerce fraud prevention solution provider, has secured $125 million in capital through a Series E investment round. Forter’s latest round was led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon. Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and… Read More

Australia: Former Bitconnect Promoter John Bigatton Charged Following ASIC Investigation

Bitconnect, a legendary crypto scam that was exemplified by a viral video, has emerged once again as the Australian Securities and Investment Commission (ASIC) has announced charges against Bitconnect promoter John Bigatton following a long investigation. From August 2017 to January 2018, Bigatton was said… Read More

Rapyd Unveils Cross Border Fraud Prevention Solution “Rapyd Protect” for All Payment Methods

    Rapyd, a global B2B Fintech as a Service provider, announced on Thursday it has launched Rapyd Protect, which is a fraud solution designed to protect businesses and consumers against fraud across countries and payment methods. According to Rapyd, Rapyd Protect is a fraud… Read More

CFTC: Court Orders Crypto Scam to Pay $900K + Restitution and Penalty

The Commodity Futures Trading Commission (CFTC) is reporting that the US District Court for the District of Colorado has entered a judgment against defendants Venture Capital Investments LLC (VCI) and its principal and manager Breonna Clark d/b/a Eliot Clark d/b/a Alexander Pak (Clark), of Denver,… Read More

Nuapay Points to Security Risks and Vulnerabilities Regarding Payment Cards

Nuapay claims it has uncovered apparent vulnerabilities surrounding payment cards, leading to a risk of fraud and “mounting consumer distrust.” The conclusion is being driven by an open banking report recently published where the firm says that more than one in ten (12%) of the UK… Read More

Refinitiv Set to Add Fraud Prevention Capability Through Acquisition of GIACT

  Refinitiv, a provider of financial markets data and infrastructure that has served more than 40,000 institutions in over 190 countries, announced on Monday it has signed a definitive agreement to acquire Giact Systems, LLC (GIACT). Refinitiv reported that the acquisition will boost its existing… Read More

U.S.-Based Fintech Provider Quavo Announces Fraud & Dispute AI for Financial Institutions

Quavo Inc., a U.S.-based fintech provider, announced on Thursday it has launched a fraud and dispute artificial intelligence (AI), called Auto Reasonable Investigation Agent (ARIA). The company claims that ARIA is the “first and only” SaaS platform AI and automation to conduct dispute investigations as… Read More

Cost of Fraud for Financial Services and Lending Firms Increased Significantly in the US and Canada: Report

LexisNexis Risk Solutions has published its latest research report, titled Risk Solutions 2020: True Cost of Fraud Study: Financial Services & Lending (for the US and Canadian financial services and lending sectors). The research report covers the different types of fraudulent activities in the lending… Read More

Between May 2019 and September 2020, Belgian Securities Regulator Estimates €10 Million Lost by Individuals Due to Bogus Trading Platforms Including Crypto

The Belgian Financial Services and Markets Authority (FSMA) estimate that from May 2019 to September 2020, around €10 million was lost by investors who were scammed by bogus trading platforms – including cryptocurrency offerings. Belgium is a country with a population of around 11 million… Read More

CFTC: Consent Order Seeks $7.4 Million Restitution from Pennsylvania Man Regarding Non Purchase of Bitcoin for Several Investors

The Commodity Futures Trading Commission (CFTC) said that the U.S. District Court for the Southern District of New York has entered a consent order against Jon Barry Thompson of Easton, Pennsylvania, imposing injunctive relief and restitution of approximately $7.4 million. In a parallel action, the… Read More

Bank of America Shares Tips to Prevent Financial Fraud During October, the Cybersecurity Awareness Month

Bank of America or BoA (NYSE: BAC), one of the largest US banks in terms of total assets and scope of operations, has noted that the month of October is Cybersecurity Awareness Month. The BoA, which recently reported that around 97% of its transactions are… Read More

SEC Charges Florida Man for Digital Asset Fraud that Allegedly Pilfered $6.8 Million from Investors

The Securities and Exchange Commission (SEC) has announced charges against a Florida individual who allegedly defrauded investors in a digital asset trading scheme, according to a court filing. The SEC alleges that Thomas J. Gity, said to be a convicted felon with no professional financial… Read More

Monetary Authority of Singapore Tells Wirecard to Stop Credit Services and Return Customer Funds

The Monetary Authority of Singapore (MAS) has told bankrupt Fintech Wirecard (WDI.DE) to halt payment services in Singapore and to return all customer funds by October 14, 2020. MAS states that it has been monitoring Wirecard’s bankruptcy proceedings and the ability of the company to provide… Read More

Collapse of Belize based Choice Bank Hit Some Payoneer Customers – Report

The ongoing exposé of leaked documents from FinCEN (the enforcement branch of the US Department of Treasury), and allegations of money laundering, continues to ripple through the media. A story shared by NBC News today covers the collapse of Choice Bank, based in Belize, and… Read More

India’s National Security Adviser Warns that Fraudulent Activities have Increased as More Consumers are Conducting Online Payments

Ajit Doval, the National Security Adviser (NSA) to the Prime Minister of India, recently warned that financial crime and fraudulent activities have increased significantly and could continue to rise, because more consumers are conducting transactions online following the COVID-19 outbreak. Doval said that the country… Read More

CFTC Charges Four Individuals with Fraud Pertaining to Digital Assets

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals pertaining to “fraudulently soliciting funds from customers to speculate in Bitcoin price movements.” Filed in the U.S. District Court for the Southern District of Texas, the CFTC alleges that Texas residents Mayco Alexis Maldonado… Read More

AML Authorities in Philippines Identify People of Interest Affiliated with Wirecard, Meanwhile Sale of Subsidiaries Show Progress

Wirecard (WDI:DE) and bankruptcy proceedings are inching forward for a Fintech that was once valued in the billions of dollars. Meanwhile, anti-money laundering authorities in the Philippines have uncovered 57 individuals of interest affiliated with the firm, according to a report. Bloomberg states that the Executive… Read More

UK Fintech Modulr Reportedly Becomes First Non-bank or Building Society to Join Confirmation of Payee Service

Earlier this week, Modulr reportedly became the very first non-bank or building society to join the Confirmation of Payee service, which allows people to check whether the payment details they’ve provided for an individual or company match the details that are held by the recipient’s… Read More

Bithumb Keeps Listing New Cryptos like Polkadot (DOT), Seems like Business As Usual, but it’s Being Investigated for Fraud by South Korean Authorities

It seems like business as usual at South Korea’s largest crypto exchange Bithumb, as it recently added trading support for Polkadot (DOT) tokens, which now have a market cap of more than $5.6 billion, making it one of the largest digital assets in terms of… Read More

Insolvency Proceedings for Wirecard Kick Off in Munich, Report Claims Fintech Considered Acquiring Deutsche Bank

The district court of Munich has opened the insolvency proceedings regarding the assets of Wirecard (WDI:DE), which were applied for on June 25, 2020, according to a note from the company. The current preliminary insolvency administrator Dr. jur. Michael Jaffé from the law firm JAFFÉ Rechtsanwälte… Read More

Send this to a friend