Amid the cryptocurrency surges, the wallets coupled and decoupled — in short, the digital revolution in financial services — it seems that the fraudsters would go all-in on high-tech schemes. Indeed, just this week, a report via a federal law enforcement network has identified a...
In what has been called the largest financial seizure in history, a New York couple was arrested in Manhattan for an alleged conspiracy to launder $4.5 billion in stolen cryptocurrency, the U.S. Department of Justice (DOJ) announced Tuesday (Feb. 8). Ilya Lichtenstein, 34, and his...
Home Depot worker Adrian Jean Pineda was nabbed by the Secret Service in Tempe, Arizona for allegedly stealing $387,500 in cash by replacing the real money with movie prop bills he ordered on Amazon. Security footage showed Pineda “taking fake bills from his personal wallet,...
Google Cloud on Monday (Feb. 7) expanded its security platform to include detection for cryptocurrency mining in virtual machines, Google Cloud executive Sunil Potti told VentureBeat. A Google Cloud report in November showed that 86% of security breaches on the platform included crypto mining activities,...
Compared to other financial industries, the cryptocurrency market is disproportionately subject to fraud, with a net fraud rate of 7.4% last year. The most common type of crypto-related fraud is identify fraud, accounting for 44% of fraud cases in the sector. There are dozens of...
Equifax has reached a settlement over its data breach, according to an update put out by the Federal Trade Commission (FTC). The settlement was finalized in January 2022 and the settlement administrator has begun contacting those who filed valid claims, according to the update. Eligible...
Welcome to PYMNTS’ series on crypto crime. In it, we’ll be looking at the crimes that have not only been committed in the cryptocurrency industry but have defined it — especially bitcoin — in many people’s minds. We’ll give you a look at the realities...
Wormhole, a communication bridge between Solana and other decentralized finance (DeFi) blockchain networks, was hacked to the tune of about $320 million in cryptocurrency, according to a Bloomberg report Wednesday (Feb. 2). The hackers were able to capture 120,000 wETH, or so-called wrapped ether. The...
Americans reported losing about $770 million to fraud on social media last year, an 18-fold increase from 2017, the Federal Trade Commission (FTC) recently reported. According to the report, released Jan. 25, those losses account for one-quarter of all reported losses to fraud last year....
