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...
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...
With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this service to the payments sector beginning in January, following a pilot earlier this year and extensive collaboration with banks around...
The cost of cyberattacks is reportedly growing alongside the increases in digitization and artificial intelligence (AI). “If cybercrime damage were a state, it would be the world’s third-largest economy,” Bank of America said in a Thursday investor note, Seeking Alpha reported Thursday (Oct. 10). The financial institution’s note...
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 […]
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...
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...
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...
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). Preventing criminals from using banks for financial crimes “has been […]
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...
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...
October 16, 2024
With scammers becoming more and more sophisticated, Swift is bolstering its AI-enhanced fraud detection capabilities. The global messaging service announced Wednesday (Oct. 15) that it will begin offering this service to the payments sector...
