Financial Crime news and trends

Financial Institutions Face Surge in Check Fraud
News // November 19, 2024

Banks, credit unions and brokerages are reportedly racing to keep up with a surge in check fraud as tips for committing the crime are being shared on social media platforms. These scams take advantage of requirements that banks make customer money available before they fully...

Regulators: Financial Crime Enforcement Will Remain Priority Under Trump
Regulation // November 14, 2024

Banking regulators say a change in presidential administrations won’t change their approach to financial crime. While Donald Trump may be focused on deregulation, banking industry experts at a conference in New York this week say financial crime will remain a bipartisan focus, Reuters reported Wednesday (Nov. 13)....

FinCEN Warns US Banks About AI Deepfake Frauds
News // November 13, 2024

Law enforcement is warning U.S. banks about the danger of AI-powered identity fraud schemes. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an alert Wednesday (Nov. 13) to help financial institutions spot scams associated with the use of deepfake media created using generative artificial...

FTX Engineering Chief Gets Probation in Crypto Fraud Case
Legal // October 30, 2024

One-time FTX executive Nishad Singh was sentenced to three years of supervised release — with no prison time — Wednesday (Oct. 30) afternoon. Before announcing the sentence, a federal judge noted Singh’s cooperation with prosecutors, the New York Times reported Wednesday. Singh, former chief engineer at...

Interviews & Exclusives
Trending: AI Gets Smarter on Fraud and Financial Crime as New Models Boost Security

July 24, 2024
In a world inundated with data, traditional methods of financial crime detection are becoming inadequate. Financial crime remains a challenge for financial institutions (FIs) worldwide, evolving in complexity and scale with each passing day. This shifting threat landscape means that advances and innovations designed to give detecting, preventing and combating financial crime a shot in […]

Rising Fraud Casts Shadow Over Voice Commerce Potential

March 29, 2024
The proliferation of voice-activated technology, from virtual shopping assistants to speech recognition in smartphones and smart homes, is reshaping how consumers interact with devices. Advancements in this field are continually expanding the possibilities...

SBF May Be 57 When He Finishes Serving Time

March 28, 2024
When the facts are crystal clear, often the only recourse is to appeal to emotion. That’s the tack that convicted crypto criminal and former FTX CEO Sam Bankman-Fried’s legal defense hewed to on...

AI’s Role in Helping Banks Fight Fraud and Financial Crimes

February 01, 2024
Easy money attracts bad actors.  In today’s increasingly digitized and borderless business landscape, the threat of attack has only grown more pointed. That’s why it is so important for banks...

Quick Reads
Federal Reserve Bars CEO Convicted of Embezzlement From Banking Industry

November 21, 2024
The Federal Reserve Board said Thursday (Nov. 21) that it prohibited Shan Hanes, a former CEO of Heartland Tri-State Bank who was convicted of embezzlement, from future participation in the banking industry. Hanes embezzled $47.1 million of bank funds, which led to the bank becoming insolvent and failing in July 2023, the Fed said in […]

Financial Institutions Face Surge in Check Fraud

November 19, 2024
Banks, credit unions and brokerages are reportedly racing to keep up with a surge in check fraud as tips for committing the crime are being shared on social media platforms....

Regulators: Financial Crime Enforcement Will Remain Priority Under Trump

November 14, 2024
Banking regulators say a change in presidential administrations won’t change their approach to financial crime. While Donald Trump may be focused on deregulation, banking industry experts at a conference in...

FinCEN Warns US Banks About AI Deepfake Frauds

November 13, 2024
Law enforcement is warning U.S. banks about the danger of AI-powered identity fraud schemes. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an alert Wednesday (Nov. 13) to help...