Transactions have moved more digital, changing the fraud landscape. Financial institutions (FIs) have made real progress in holding off fraudsters attempting to exploit the digital shift. Our multiyear analysis finds that fraud related to more routine digital payments has decreased markedly over the last three...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found...
Defendants who allegedly enrolled consumers, without their knowledge, into continuity plans for products they did not buy will forfeit assets valued at $40 million and be banned from certain conduct. The Federal Trade Commission (FTC) said in a Tuesday (Sept. 17) press release that a federal court...
Trouble with federal regulators continues for Wells Fargo. The Office of the Comptroller of the Currency (OCC) said Thursday (Sept. 12) that it has signed a formal agreement with the bank to rectify deficiencies in its anti-money laundering (AML) and financial crimes risk management practices....
December 06, 2023
PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant threat to the financial services industry. Security is a top concern, and these institutions need cutting-edge tools to fight this rising tide of fraud and financial crime. FIs typically use […]
December 10, 2024
Meta has launched a pre-holiday anti-scam awareness campaign to keep users safe. “Scammers are persistent and try to trick people in a variety of ways — malicious texts and emails, websites impersonating known brands, posts on social media, visual discovery platforms and discussion forums, and more,” the tech giant wrote on its blog Tuesday (Dec. […]
September 26, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as...
September 17, 2024
Defendants who allegedly enrolled consumers, without their knowledge, into continuity plans for products they did not buy will forfeit assets valued at $40 million and be banned from certain conduct....
September 09, 2024
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...
