Financial Crime

Financial crime is defined as crime that is specifically committed against property. These crimes are almost always committed for the personal benefit of the criminal, and they involve an illegal conversion of ownership of the property that is involved.

Source: complyadvantage.com

Check Fraud Accounts for 60% of Attempted Bank Account Theft

Check Fraud Accounts for 60% of Attempted Bank Account Theft
Check Fraud Accounts for 60% of Attempted Bank Account Theft
November 12, 2021  |  Cybersecurity

Banking customers’ expectations of their financial institutions (FIs) are changing as more transactions and activity go digital — at warp speed. Get the Full Story...

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Arrests Made in REvil Cyberattacks
Arrests Made in REvil Cyberattacks
November 09, 2021  |  Cybersecurity

Multiple arrests have been made recently as part of a nationwide ransomware sting, according to a Tuesday (Nov. 9) report from NBC News. Get the...

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Retailers Getting Hit With $90B of Bogus Returns, Promo Abuse
Retailers Getting Hit With $90B of Bogus Returns, Promo Abuse
November 05, 2021  |  Retail

Losing over 2% of revenue each year would be cause for great concern for most consumers — yet for many eCommerce businesses, it’s a fact...

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FCA: Surge in Number of Banks Filing Financial Crime Reports
FCA: Surge in Number of Banks Filing Financial Crime Reports
November 01, 2021  |  Cybersecurity

Banks and other financial firms in the U.K. are filing more Suspicious Activity Reports (SARs) than ever before, the Financial Conduct Authority (FCA) indicated in...

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If Financial Institutions Want To Play Fast, They Must Also Evolve
If Financial Institutions Want To Play Fast, They Must Also Evolve
October 29, 2021  |  Cybersecurity

After all the investments that financial institutions (FIs) have put into protecting themselves and their customers against fraud, scammers are now targeting individuals, which they...

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UK’s Banking Protocol Helps Stop $44M in Scam Attempts in First Half of ’21
UK’s Banking Protocol Helps Stop $44M in Scam Attempts in First Half of ’21
October 15, 2021  |  Cybersecurity

With the increasing digitization of payments due to the pandemic, it is estimated that over $6 trillion will be exchanged through digital channels by the...

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Treasury Reports $590M in Suspected Ransomware Payments
Treasury Reports $590M in Suspected Ransomware Payments
October 15, 2021  |  Cybersecurity

A new report from the Treasury Department shows that American banks and financial institutions (FIs) recorded close to $600 million in suspected ransomware payments during...

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DOJ Introduces National Cryptocurrency Enforcement Team
DOJ Introduces National Cryptocurrency Enforcement Team
October 07, 2021  |  Cryptocurrency

Cryptocurrency crimes are under the microscope as the U.S. Department of Justice (DOJ) steps up enforcement efforts with the formation of the National Cryptocurrency Enforcement...

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