The $190 million hack of Nomad, a cross-chain bridge protocol used to make transactions between different blockchains is unusual in one regard. The theft on Monday (Aug. 1) theft wasn’t carried out by one bad actor — but apparently by hundreds who were simply able...
The Federal Trade Commission on Monday (Aug. 1) fined online home buying firm Opendoor Labs $62 million, saying it must stop cheating potential home sellers by tricking them into thinking that they could make more money selling their homes to Opendoor, according to an FTC...
The Securities and Exchange Commission (SEC) has charged 11 people for their roles in allegedly creating and promoting fraudulent cryptocurrency pyramid and Ponzi scheme Forsage, which raised $300 million from millions of retail investors around the world, according to a Monday (Aug. 1) press release....
Cybercriminals engaged in ransomware-as-a-service (RaaS) have been forced to pivot in how they run their fraudulent operations, as fewer victims coughed up payments this year and law enforcement, regulators and security firms stepped up pressure and tactics. As more ransomware gangs were sidelined over the...
Financial firms — including banks and trading houses — are becoming increasingly victimized in attacks where hackers aim to use their computer systems to mine cryptocurrencies. These so-called “cryptojacking” attacks on financial companies more than tripled in the first half of 2022 compared to the...
Roughly a half-million dollars was seized on behalf of healthcare providers that reportedly paid ransom to North Korean hackers, the U.S Department of Justice said. Maui ransomware has been in use since May 2021, sometimes by North Korean government-backed hackers allegedly to target the U.S....
When it comes to artificial intelligence (AI), being behind the technology curve not only leaves banks more vulnerable to financial crimes, but the lag can also trigger some raised eyebrows from regulators. AI systems that can detect financial crimes have expanded, and financial institutions (FIs)...
For banks and for the FinTechs, the first moments of engagement are among the most critical. A customer — individual consumer or business — logs in, sets up an account and makes the move to deposit money. Accepting money means that the financial institution (FI)...
In financial services, the greater the surface area, the greater the chance the fraudsters will strike — and be successful. Featurespace Founder David Excell told Karen Webster that Payments-as-a-Service (PaaS) providers, banks and security firms must join forces to beat back the bad actors. Advanced...
