The Federal Trade Commission (FTC) has acted against credit repair company Financial Education Services, accusing it of running a $213 million pyramid scheme, according to an agency press release. Financial Education Services has been shut down temporarily by a federal court in response to the...
A couple prosecutors say tried to launder $4.5 billion in cryptocurrency connected to the 2016 hack of crypto exchange Bitfinex are negotiating a possible plea deal with prosecutors, according to court documents. Ilya “Dutch” Lichtenstein, 34, and his wife, Heather Morgan, 32, both of New...
Fraudsters bilked about $163 billion from the unemployment system during the COVID-19 pandemic, according to the semiannual report to Congress by the Office of Inspector General for the U.S. Department of Labor covering the six months between Oct. 1, 2021, and March 31, 2022. The...
Fighting fraud and pushing back cybercriminals has become the central focus of cybersecurity – and for very good reason. Cybercriminals have proven themselves to be resourceful, technologically advanced and disturbingly successful at leveraging digital tools, making off with staggering sums in ill-gotten gains. Pushing back...
The U.K. Payment Systems Regulators (PSR) announced on Tuesday (May 24) that it will need to delay an important deadline for companies to comply with new requirements to fight authorized push payment (APP) fraud. However, the regulator is planning to expand the number of companies...
New York authorities are saying they’ve taken down an organized shopping ring that was stealing high-end items and reaping “millions of dollars,” Financial Times reported Thursday (May 26). The thefts were “contributing to an atmosphere of lawlessness that has unsettled the city.” There were 41...
Scammers are hijacking Twitter accounts to promote questionable cryptocurrency platforms that let them compromise their victim’s information. That’s according to Bloomberg News, which reported Thursday (May 26) that the scammers have been impersonating reporters, crypto apps and a number of nonfungible token (NFT) projects since...
The best fraud prevention goes on in the background — stopping the bad actors, quietly, while enhancing the customer experience. Jason Paguandas, vice president of fraud mitigation and strategy at Canadian payment and value exchange service provider Interac, told PYMNTS that artificial intelligence (AI) can...
Long live the digital transformation — given that it’s secure. Ignoring stock market gyrations and macroeconomics, the fact is that we are far from finished applying new digital approaches to solving intractable payments problems, namely fraud. Money mobility, for example, is dogged at every step...
