A British treasury official has reportedly criticized proposed fraud reimbursement measures for banks and FinTechs. The plan would require those companies to repay fraud victims as much as 415,000 pounds ($520,760). However, Bim Afolami, City minister for London and economic secretary to the Treasury, told the...
Change is inevitable, and businesses that initiate change have the best opportunity to manage it. That’s why embracing payments modernization is so important for organizations, particularly with the future of payments looking increasingly digital, immediate and secure — no matter where you’re sitting. “One of the most...
Two Chinese nationals have been charged with leading a scheme to launder proceeds from cryptocurrency investment scams. The indictment, unsealed in the Central District of California Thursday (May 16), names two individuals who have been arrested: Daren Li, a dual citizen of China and St....
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans, made false threats, collected money consumers didn’t owe, and created a credit scoring model with...
May 20, 2024
Change is inevitable, and businesses that initiate change have the best opportunity to manage it. That’s why embracing payments modernization is so important for organizations, particularly with the future of payments looking increasingly digital, immediate and secure — no matter where you’re sitting. “One of the most exciting things about the payments industry is the pace of […]
May 15, 2024
Ninety-five percent of eCommerce merchants have either already started enhancing their anti-fraud resources or plan to do so before the year is out. That is one key takeaway from “Fraud...
May 15, 2024
As the company that laid claim to the concept of “digital identity” more than 10 years ago, Prove Identity takes verification seriously, even when it’s not. Case in point: As...
May 14, 2024
The Federal Reserve’s FraudClassifier divides fraud into two categories: authorized fraud and its unauthorized counterpart. Authorized fraud occurs when a legitimate party initiates a payment only to have a bad actor intervene and hijack the...
May 20, 2024
A British treasury official has reportedly criticized proposed fraud reimbursement measures for banks and FinTechs. The plan would require those companies to repay fraud victims as much as 415,000 pounds ($520,760). However, Bim Afolami, City minister for London and economic secretary to the Treasury, told the Financial Times Monday (May 20) that there were “significant problems” […]
May 17, 2024
Two Chinese nationals have been charged with leading a scheme to launder proceeds from cryptocurrency investment scams. The indictment, unsealed in the Central District of California Thursday (May 16), names...
May 17, 2024
The Consumer Financial Protection Bureau sued SoLo Funds, alleging that the online lending platform used “digital dark patterns” to illegally collect fees from borrowers. The lawsuit also alleged that SoLo Funds misrepresented the cost of loans,...
May 16, 2024
The Department of the Treasury has outlined the priorities it will pursue this year to step up the fight against illicit finance. The agency aims to increase transparency, leverage partnerships and support responsible...
