Earlier this week, FinCEN reported that mail theft-related check fraud amounted to more than $688 million in a recent six-month period. The bulk of the reports were filed by banks, to the tune of 88% of all reports by filing. As to the costs of...
Last month’s arrest of Telegram CEO Pavel Durov spotlighted the platform’s ties to criminal activity. The crimes include people trafficking in weapons, stolen identities and child sexual abuse material. Add to that list another offense: returns fraud. Messaging apps like Telegram have become a popular...
Revolut enjoys the distinction of being the most valuable FinTech in Europe. But as a report Wednesday (Sept. 11) by Bloomberg News points out, the company has also been saddled with a less desirable title: it leads its competitors in complaints about authorized push payment (APP) scams....
Finexio and Unimarket have partnered to launch a payment risk assessment and management tool. The new Payment Risk Score (PRS) is designed to tackle payment fraud by offering enterprises a data-driven approach to assessing risk levels across common payment methods, the companies said in a...
If you’re tracking year-to-date news stories, Banking-as-a-Service (BaaS) has been in the hot seat. The situation surrounding the Synapse bankruptcy and the limited ripple effect it had on some of its partner banks and sponsor banks put the entire business model under a harsh light....
The number of cryptocurrency-related complaints accounted for 10% of all financial fraud complaints but 50% of the total losses in 2023. That is due in part to the use of crypto in investment scams that see victims accumulating “massive debt” to cover their losses, the Federal Bureau...
Five states have settled their actions against organizations collectively known as GSB Group and their chairman of the board Josip Heit. This move followed an investigation launched in October 2023 and led by the Texas State Securities Board and agencies from Alabama, Arizona, Arkansas and...
Mail theft-related check fraud amounted to more than $688 million in a recent six-month period. So said the Financial Crimes Enforcement Network (FinCEN) in a Monday (Sept. 9) press release outlining its Financial Trend Analysis on mail theft-related check fraud incidents from February 2023 to...
J.P. Morgan Chase reportedly plans to share with police the information it has about people who took advantage of a so-called “glitch” that was promoted by TikTok users late last week. Chase Bank suffered a technical error that allowed customers to immediately withdraw the full...
