Instead of hacking into trading platforms, prosecutors say a gang stole confidential press releases, enabling traders to illegally earn $100 million. Security experts say it's time to review the "information supply chain."
The U.S. Department of Justice has announced charges against nine people suspected of running an international insider-trading and hacking scheme predicated on stealing confidential press releases before publication.
Fraud, money laundering and other financial crimes are a thorn in the side of every financial institution. These activities can cut into profits, damage public trust and expose banks to massive regulatory penalties if found to be out of compliance with governmental regulations. Many organizations simply accept...
Banking institutions' technical and procedural shortcomings pose increasing risks to the nation's critical infrastructure, two banking regulators note. Learn why they say more transaction monitoring and information sharing are needed.
For the first time since 2010, the FFIEC has released updated guidance about Bank Secrecy Act compliance requirements and money-laundering risks. As a result, a fraud expert says banks should brace for more regulatory scrutiny in early 2015.
Retailers say tokenization and encryption are critical to ensuring payment card data security. Aite's Natalie Reinelt describes how merchants will use layers of security to protect data at the point of capture.
A new Bitcoin advisory issued by the Consumer Financial Protection Bureau should prompt financial institutions to talk with their banking customers about the risks associated with virtual currencies.
New guidance from FinCEN addresses know-your-customer concerns surrounding financial transactions linked to legal marijuana businesses. Anti-money-laundering expert Kevin Sullivan sorts through the advice.
Financial institutions will always be threatened by fraud. Security protocols, fraud and AML prevention and detection techniques must continue to keep pace with potential criminal activity. With millions of dollars and reputational risk at stake, the imperative is there in order to achieve peace of mind.
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Another organized cyber-attack and subsequent cash-out scheme illustrates increasing risks to the U.S. payments chain. One fraud expert says this trend "is of grave concern" for banking institutions and their accountholders.
Authorities have shuttered a digital currency service allegedly used to launder funds stolen in a $45 million ATM cash-out scheme exposed earlier this month. Learn why experts say lax laws paved the way for the fraud.
Why are ATM cash-out schemes expected to increase - especially in the U.S.? John Buzzard of FICO's Card Alert Service offers insights, based on federal investigators' most recent global fraud bust.
How could 18 people pull off an alleged international bank fraud scheme involving 25,000 fake cards and $200 million in losses? One expert tells how banks can bridge the gaps that hide such scams.
HSBC and SCB will pay millions in penalties for violating anti-money-laundering laws. Experts say the penalties are justified, but question the deterrent effect.
According to our new survey, more than half of banking institutions expect an increase in fraud-fighting resources this year. But how are they investing those resources? The answers may surprise you.
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