A few weeks ago, the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) organized a Tech Sprint, inviting experts from the private and public sector to discuss ideas about the effectiveness of identity proofing, the process used to collect, validate and...
Among the most prevalent forms of cybercrime is identity fraud, which is typically divided into two subcategories. Traditional identity fraud happens when criminals leverage their victims’ information to steal money. Then there are identify fraud scams, in which criminals trick victims into sharing their information...
U.S. Sens. Bob Menendez and Elizabeth Warren sent a letter (Tuesday) April 26 to Zelle’s parent company, Early Warning Services, asking questions about the rise of fraud and scams on its peer-to-peer (P2P) money transfer platform and the alleged failure by Zelle and the big...
Kevin Thomas, a New York state senator, has introduced a new bill amendment that would establish some offenses related to rug pulls and other frauds with virtual tokens as official crimes, a report says. The bill, SB S8839, would call for defining, penalizing and criminalizing...
A Las Vegas grand jury on Wednesday (April 20) indicted Michael Zeto, 76, of Las Vegas on 20 counts of using fraudulent checks to steal money from victims’ bank accounts, charging him with wire fraud, bank fraud and aggravated identity theft, according to a U.S....
From criminals creating fake accounts using stolen or synthetic identities, to exploiting the traditional onboarding process, to capitalizing on data breaches to launch credential stuffing attacks; there seems to be no shortage of avenues fraudsters are using to launch attacks aimed at online businesses. The...
A doctor in New York state has been indicted in an alleged $10 million Medicare/Medicaid fraud scheme, the U.S. Department of Justice said Thursday (April 21). According to a Justice Department news release, Elemer Raffai, 56, of Rome, is accused of signing prescriptions and order...
Global card issuing platform Marqeta is introducing a new product suite the company said will help customers that use its card-issuing platform fight fraud — a problem expected to generate losses of $400 billion over the next 10 years. The Oakland, California, company stated in...
First comes fraud, then comes money laundering. Ransomware, business email compromise (BEC), phishing and bitcoin as a vehicle to hide illicit gains — ferrying stolen funds across borders is no longer about stuffing money into suitcases. Featurespace Founder Dave Excell told Karen Webster that the...
