Typical identity verification solutions are falling short. They're vulnerable to data breaches and hacks. With so much compromised personal information, how do you know your genuine customers from your fraudulent ones? Get it wrong and you leave your business open to fraud.
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Police in the United Kingdom have arrested six suspects as part of a money laundering investigation tied to the February 2019 theft of $14 million from one of Malta's largest banks. Officials say malware-wielding attackers moved money to accounts in the U.S., U.K., Czech Republic and Hong Kong.
Cybercriminals are using increasingly sophisticated methods to turn illicitly gained cryptocurrency into cash, which raises new concerns about enforcing anti-money laundering laws, according to a report by Chainalysis.
Three member of a cybercriminal gang that used the GozNym malware platform to steal approximately $100 million from victims across the world have been sentenced for their roles in the scam, according to U.S. Justice Department and prosecutors in the country of Georgia.
South Korean cryptocurrency exchange Upbit says hackers have stolen $49 million worth of ethereum, in what is the year's seventh major cryptocurrency heist. Much of the $158 million stolen so far this year is likely fueling the North Korean regime's appetite for luxury goods and weapons of mass destruction.
Russian national Andrei Tyurin, who was extradited last year from Eastern Europe to the United States, has stated that he plans to accept a plea deal he's reached with federal prosecutors. Tyurin has been charged with numerous crimes, including hacking JPMorgan Chase and stealing 83 million customer records.
The Canadian government has arrested a senior intelligence official on charges of working as a mole. He was reportedly unmasked after investigators found someone had pitched stolen secrets to the CEO of Phantom Secure, a secure smartphone service marketed to criminals that authorities shuttered last year.
Cybercrime is surging thanks, in part, to the availability of inexpensive hacking tools and services. A recent look by security firm Armour at black market offerings finds stolen payment card data, RDP credentials, ransomware and DDoS services are widely available for sale.
Eighty suspects, most of them Nigerian nationals, have been indicted on charges of running global business email compromise and romance scams that led to millions of dollars in fraud and allegedly involved a complex money-laundering operation.
For at least half a decade, HSBC helped to wash hundreds of billions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, as well as move money for terrorist organizations linked to Al Qaeda and Hezbollah and for Russian gangsters. Furthermore, HSBC helped countries like Iran, the Sudan and North Korea...
The EU Payment Services Directive (PSD2),
presents any business that processes online
payments or provides account related services
in the European Economic Area (EEA) with the
challenge of balancing the Strong Customer
Authentication (SCA) requirements with a seamless
To gain competitive...
European police have shuttered Bestmixer.io, considered one of the largest underground money laundering websites for cryptocurrencies used in connection with criminal activities, including ransomware attacks.
It's been nearly seven years since HSBC was fined $1.9 billion by U.S. authorities for money laundering violations involving international drug cartels. But Everett Stern, the former employee who blew the whistle on the bank, continues to tell his story because he believes similar criminal activity is ongoing.
Everett Stern, the whistleblower who called attention to HSBC's international money laundering activities, which ultimately resulted in a $1.9 billion fine, says the crackdown on financial fraud still has a long way to go. He'll be the keynoter at ISMG's Fraud and Breach Summit in Chicago on May 14.