The internet is a curious place — a digital bazaar where anything can be had, for a price. Online storefronts promise all manner of goods and services. Dig a bit into the dark web, as Bloomberg noted on Wednesday (April 6) and it’s possible to...
A former employee of Block (formerly known as Square) is accused of downloading Cash App reports containing sensitive data belonging to customers, according to multiple reports on Wednesday (April 6). Block said in a filing with the U.S. Securities and Exchange Commission (SEC) that a...
The Federal Reserve on Tuesday (April 5) banned six former bank employees, including two who had previously worked in Bank of America Corp.’s wealth management unit, for approving fraudulent loans for small businesses that needed a financial boost during the COVID-19 pandemic. Autumn Jordan and...
The Paycheck Protection Program (PPP) loans are gone. The various tranches of government aid have been exhausted, and trillions of dollars in economic aid are in the rear-view mirror. Brandon Spear, CEO of TreviPay, told Karen Webster that fraudsters, looking for new avenues of attack,...
Fraud has become a common concern for consumers, with the Federal Trade Commission (FTC) reporting recently that Americans lost more than $5.8 billion to fraud in 2021, with 2.8 million consumers filing reports. This figure is a 70% year-over-year increase in fraud compared to 2020,...
A hacker who gambled $3 million that a decentralized finance (DeFi) protocol was exploitable hit the jackpot over the weekend, coming away with a tidy $12.6 million profit. While cryptocurrency hacks — and especially DeFi hacks — are nothing new, and a $15.6 million loss...
The U.K.’s Financial Conduct Authority (FCA) was busy in 2021 when it came to keeping the cryptocurrency space safe, not only fighting off money laundering efforts in the sector but also tracking an increase in scams that targeted consumers who use digital currency. About 3,000...
Meta and Apple reportedly provided customer data to hackers masquerading as law enforcement, Bloomberg reported Wednesday (March 30). Citing three people familiar with the matter, the report said that in response to fake “emergency data requests,” the tech giants provided the hackers with basic subscriber...
Over $2 trillion in illegally gained funds are reprocessed in the global economy as being legit despite the best efforts of financial institutions, new legislation passed by government agencies and crackdowns by law enforcement, according to the recent PYMNTS report, AI-Powered Analytics Help FIs Sharpen...
