Switzerland aims to identify and prosecute those behind a 2022 Credit Suisse data leak. Reuters reported Friday (Feb. 3) that the country’s federal prosecutors have launched criminal proceedings and those responsible for the leak have not been identified. The case alleges that banking secrecy laws were violated, Credit Suisse...
The U.K.’s financial regulator sent out over 1,800 alerts last year to protect consumers from financial scams. In a Friday (Feb. 3) press release, the Financial Conduct Authority (FCA) said it required firms to amend or remove 8,582 promotions during 2022, a 14-fold increase from...
Not knowing who’s on the other side of the transaction is expensive. As noted here last month, financial institutions (FIs) were fined nearly $5 billion for anti-money laundering (AML) violations, breaches of sanctions and flaws in know-your-customer (KYC) systems last year. That’s up 50% from 2021. ...
The Federal Reserve’s FedNowsm Service, a new instant payments infrastructure for the nation’s financial institutions (FIs), is expected to catalyze broad access to instant payments for consumers and businesses. When it launches later this year, the 24/7 service will come equipped to support popular use...
When scammers took in $1.2 million from small businesses and nonprofits, the FTC acted. Because the Federal Trade Commission (FTC) is not authorized to bring criminal law enforcement actions, its Bureau of Consumer Protection’s Criminal Liaison Unit (BCP CLU) worked with Assistant U.S. Attorney Katherine...
A global ransomware group has been shut down by American, German and Dutch authorities. The U.S. Justice Department said in a Thursday (Jan. 26) press release that organizations from the three countries seized control of Hive’s servers and websites Wednesday (Jan. 25). “Last night, the...
Hawk AI has raised $17 million to boost its fraud prevention and anti-money laundering efforts. The Munich company announced the Series B on Thursday (Jan. 26), saying the funds would help it expand its platform, which uses artificial intelligence and cloud technology to help financial institutions (FIs)...
Inscribe has raised $25 million to expand its fraud detection capabilities and introduce risk intelligence tools. The new Series B capital brings the firm’s total amount raised to $38 million, Inscribe said in a Wednesday (Jan. 25) blog post. “Our mission at Inscribe is to...
A string of major hacks in Europe has put ransomware in the spotlight. A type of malware that infects computer networks, ransomware threatens to publish the victim’s data or permanently block access to it unless a ransom is paid. And while some ransomware may lock...
