Tagged: fraudulent activities

October 18, 2023 @ 7:25 pm By Omar Faridi  |  

AU10TIX, a global technology firm focused on identity verification and management, today released its Q2 2023 Global Identity Fraud Report. Drawing insights from millions of transactions processed in 249 countries from April to June 2023, the report “identifies emerging regional and industry-specific patterns of ID… Read More

October 17, 2023 @ 9:20 pm By Omar Faridi  |  

Revolut, the global financial superapp with more than 35 million customers worldwide, has revealed a significant expansion to its Financial Crime (FinCrime) headcount, doubling its size since 2021. Recognizing the critical role of human intelligence in fraud detection and prevention, alongside technology and AI, Revolut… Read More

October 13, 2023 @ 1:59 pm By Omar Faridi  |  

To give even more visibility to security and empower people to identify possible financial scams, Nubank (NYSE:NU) announces the campaign #PareceMasNãoÉoNubank (it looks like Nubank, but it isn’t). Through educational videos on major digital platforms, the company seeks to alert its customers to everyday situations… Read More

October 10, 2023 @ 5:44 pm By Omar Faridi  |  

Point Predictive, the firm focused on AI-powered fraud solutions for the auto lending industry, has joined forces with Metro Jobber’s, Inc., a wholesale automotive distributor, to tackle the growing issue of auto loan fraud in the Detroit Metropolitan area. This strategic partnership is set “to… Read More

October 3, 2023 @ 8:13 am By Omar Faridi  |  

The AMF is warning the public against several companies “proposing atypical investments without being authorized to do so.” France‘s Autorité des Marchés Financiers explains that it regularly “updates its black lists of new websites and entities proposing atypical investments to investors in France without being… Read More

September 24, 2023 @ 10:24 pm By Omar Faridi  |  

Metro Bank’s ‘Scam of the Month’ for September 2023 is a warning to drivers about the influx of second-hand car scams “as approximately a million drivers take possession of their new 73 licence plate cars from September.” Purchase scams can take many forms; “with the… Read More

September 9, 2023 @ 3:20 pm By Omar Faridi  |  

Faruk Fatih Özer, the former Chief Executive of collapsed Turkey-based cryptocurrency exchange Thodex, has reportedly been sentenced to 11,196 years in prison on Thursday (September 7, 2023). Stealing around $2 billion from his clients led to the CEO of one of Turkey’s biggest virtual currency… Read More

September 5, 2023 @ 11:42 am By Omar Faridi  |  

Westpac has shared new scam prevention measures for its clients. Westpac recently announced new digital payment security features “to help combat scam losses.” In an Australian banking “first,” Westpac will “integrate its sophisticated fraud detection systems with its digital payment platforms to help customers identify… Read More

August 26, 2023 @ 2:47 pm By Omar Faridi  |  

U.S. lender exposure to synthetic identities is nearly $3 billion; Auto loans reach $1.8 billion representing more than 60% of total exposure to synthetic identities, according to an update from TransUnion (NYSE: TRU). As origination volumes for some credit products slow, a new TransUnion  analysis… Read More

August 24, 2023 @ 6:28 am By Omar Faridi  |  

Anura Solutions, LLC, an ad fraud solution company, announces its successful completion of its SOC 2 Type 1 audit for 2023. This achievement demonstrates Anura’s dedication to “maintaining the highest standards of data security, operational excellence, and customer trust.” Beth Kahn, Co-Founder and CFO of… Read More

August 4, 2023 @ 8:01 am By Omar Faridi  |  

A married and aspiring rapper couple from New York City recently pleaded guilty to money laundering conspiracies arising from the hack and theft of approximately 120,000 Bitcoin from Bitfinex, a global cryptocurrency exchange. Ilya Lichtenstein, 35, and Heather Morgan, 33, were arrested in February 2022… Read More

August 1, 2023 @ 4:25 pm By Omar Faridi  |  

InRoads Credit Union, which claims to be a leader in innovative member experiences and an Eltropy customer, recently shared that by leveraging Eltropy‘s Video Banking solution, the Portland, Ore.-based credit union “achieved a 0% fraud rate, effectively safeguarding members and defeating fraudulent impersonations.” Kim Preston,… Read More

July 20, 2023 @ 11:07 pm By Omar Faridi  |  

Feedzai, a provider of financial crime and risk management solutions, is introducing Railgun, its next-generation AI engine designed to target and intercept financial fraud before it can occur. In order to scale, today’s risk engines force financial institutions to limit the data they use to… Read More

July 13, 2023 @ 7:46 am By Omar Faridi  |  

2023 so far has been a year of “recovery” for cryptocurrency after a chaotic 2022, with prices of digital assets like Bitcoin up over 80% on the year as of June 30, the team at Chainalysis noted. And that’s not the only “good news” for… Read More

July 9, 2023 @ 12:55 pm By Omar Faridi  |  

Multichain has reportedly halted its network on a suspected $130 million hack, a move that has come just a month after the initiative’s CEO disappeared. The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed… Read More

July 8, 2023 @ 3:23 pm By Omar Faridi  |  

Apple has reportedly removed several malicous lending apps targeting unsuspecting users in India. The apps had allegedly used unethical methods in order to collect repayments, like threatening to send deepfake nudes to the borrowers’ personal contacts. In the last week, Apple (NASDAQ:AAPL) has removed various… Read More

July 7, 2023 @ 3:59 pm By Omar Faridi  |  

From romance scams to fictious online deals, impersonation scams of all kinds have plagued people and businesses over recent years and “shaken the confidence of victims.” However, the tide is turning. Mastercard (NYSE: MA) is taking the fight to the fraudsters “with its one-of-a-kind AI… Read More

July 5, 2023 @ 10:09 pm By Omar Faridi  |  

Credit unions and community banks, facing a surge in sophisticated fraud along with the challenge of protecting their members’ personal information, are “taking proactive steps to combat this alarming trend.” As the financial industry grapples with increasing fraud threats, community financial institutions (CFIs) are “turning… Read More

July 4, 2023 @ 7:19 am By Omar Faridi  |  

The National Anti-Scam Centre will be coordinating an investment scam fusion cell in order to address the growing problem of investment-related scams, which are now costing Australian consumers well over $1 billion a year. The fusion cell will reportedly be led by the ACCC and… Read More

June 17, 2023 @ 4:10 pm By Omar Faridi  |  

One in every five global consumers surveyed in 2022 said they “fell victim to payments fraud in the last four years — 26.9% of whom are victims of Authorized Push Payment (APP) scams, which is the number one fraud threat globally” — according to the… Read More