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28 MAY 2018
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Page 1 of 28
Bank chats with customers to stop fraud Challenger enables two-way 'conversation feature on app Challenger bank Tandem has launched a new feature on its account aggregating app enabling users ...
Thursday, 24 May 2018
The top 5 cyberattack threats to banks in 2018 Report identifies main high tech wrecking balls State actors top the list of major cyberattack threats to banks in 2018. North Koreas state-sponsored ...
Tuesday, 22 May 2018
Speed of bank digital transformation creates new risks Vulnerabilities from digital outsourcing The speed and scale of digital transformation within the financial services industry is contributing ...
Monday, 21 May 2018
Bank fears over APP fraud reimbursement plans New code for push payment scams due in September Plans by UK regulators requiring customers to be reimbursed for authorised push payment (APP) frauds ...
Thursday, 17 May 2018
19 arrested in Lithuanian AML crackdown Gang had strong links with criminal groups abroad Police have arrested 19 members of suspected money laundering gang in Lithuania. Investigations started ...
Wednesday, 16 May 2018
Facebook becomes FIDO Alliance board member Company joins efforts reliance on password Facebook has been appointed to the board of directors of strong authentication technology group the FIDO ...
Tuesday, 15 May 2018
Singapore issues bank AML best practices Advice highlights red flags in customer behaviour and transaction patterns Newly-issued recommendations provide a set of best practices for financial institutions ...
Monday, 14 May 2018
Barclays boss fined for trying to identify whistleblower First case brought under Senior Managers Regime Barclays CEO James Staley has been fined £642,430 for attempting to uncover the identity of ...
Friday, 11 May 2018
Global approach is only way to combat laundering Secure sharing of information between stakeholders is vital Banks are spending US$20bn on compliance in an effort to combat money laundering, ...
Tuesday, 08 May 2018
10. GDPR phishing warning
(News/Regulation)
GDPR phishing warning Emails pose as consent-seeking requests from major companies Attackers are using fake GDPR-related emails about privacy that spread malware and try to trick recipients into ...
Friday, 04 May 2018
Former Autonomy executive convicted Value of company was inflated prior to US$7.1bn acquisition The former chief financial officer of UK software company Autonomy has been found guilty in a US ...
Tuesday, 01 May 2018
37% of FS firms to miss GDPR deadline Managed services counts for biggest share of compliance expenditure Thirty-seven per cent of financial services companies do not expect to be compliant with ...
Wednesday, 25 April 2018
NY authorities launch crypto platform probe Investigation seeks greater transparency in sector The New York Attorney General has launched an investigation to increase the level of transparency ...
Friday, 20 April 2018
Nearly fifth of estate agents get AML fines New regulations leave manyout of compliance Estate agents are being fined an average of £11,842 for non-compliance with anti-money laundering regulations, ...
Wednesday, 18 April 2018
Processors reveal top payment concerns of merchant clients Value added services such as fraud prevention used to attract more merchants Chargeback rates are the biggest payment acceptance issue ...
Tuesday, 17 April 2018
Microsoft engineer charged with ransomware attacks Money alleged to have been laundered through digital currency A Microsoft network engineer has appeared in court in the US on charges of money ...
Monday, 16 April 2018
Regulator warns of widespread cryptocurrency investment frauds Promoters failing to disclose sufficient details to investors There is widespread fraud involving cryptocurrency investment offerings, ...
Friday, 13 April 2018
18. SFO appoints interim director
(News/Investigations)
SFO appoints interim director Permanent incumbent has been found but cannot take up post immediately Mark Thompson has been appointed as interim director of the Serious Fraud Office. The SFO says ...
Wednesday, 11 April 2018
Gang used Bitcoin used to help launder over Eur8m Cryptocurrencies increasingly utilised by crime groups, warns Europol Eleven people have been arrested in connection with a crime ring said to ...
Tuesday, 10 April 2018
Arrest after thousands of Polish ransomware attacks Suspect faces 181 charges Police in Poland have arrested a suspect, known online as "Armaged0n", who is thought to have encrypted several thousands ...
Monday, 09 April 2018
India cracks down on VCs and payments storage Measures follow concerns over security and regulatory supervision Indian regulators have banned the countrys banks from handling virtual currency transactions. ...
Friday, 06 April 2018
US$670m lost to crypto hacks and scams in 2018 One ICO accounts for quarter of all losses since 2011 Cryptocurrency hacks and scams have resulted in losses of US$670m in the first three months of ...
Thursday, 05 April 2018
Final agreement on Fifth AML Directive proposals - Consensus on anti-money laundering amendments including prepaid cards and virtual currencies - The major provisions affecting banks - Patchy adoption ...
Thursday, 05 April 2018
New malware targets crypto and digital currencies Copied payment details are modified to divert transactions Researchers have identified a new form of malware that modifies wallet or payment details ...
Wednesday, 04 April 2018
South Africa overhauls regulatory system Two new supervisory bodies created South Africa has completed a major restructure of its financial regulatory system. A new twin peaks model with two new ...
Wednesday, 04 April 2018
26. Barclays agrees US$2m penalty
(News/Regulation)
Barclays agrees US$2m penalty Ring fencing of bank operations completed Barclays Bank has been given a US$2bn civil penalty by US regulators for its role in selling mortgage-backed securities in the ...
Tuesday, 03 April 2018
27. Privacy Statement
(News/Data security)
Privacy Statement Context and overview details     Privacy Policy for McIntosh Media Ltd and C&M Publications Ltd from May 23, 2018     Next review date: May 23, 2019 This privacy policy has been ...
Monday, 02 April 2018
Facebook passwords sold for a pittance on the Dark Web Hacked financial data fetches several times more Login details for Facebook are being sold for just US$5.20 on the Dark Web, despite enabling ...
Wednesday, 28 March 2018
Senate passes bill to repeal parts of Dodd-Frank Proposals mostly affect regional and community banks The Senate has approved proposals to roll back some of the Dodd-Frank Act controls on banking ...
Tuesday, 27 March 2018
Banking optimism levels plummet after new regulations Compliance costs could rise to 10% of total company revenue Optimism levels in the financial services sector have fallen to levels not seen ...
Monday, 26 March 2018
Malta bank boss arrested over US sanctions breaking Islands authorities see control of bank The boss of Malta-based Pilatus Bank has been arrested in the US over allegations that he took part in ...
Thursday, 22 March 2018
Steward Bank rolls out tech to combat cyber-fraud Multichannel transaction monitoring system Zimbabwean Steward Bank is strengthening its defences by rolling out an anti cyber-fraud solution from ...
Tuesday, 20 March 2018
Financial services firms lose US$2.67 for each US$1 of fraud Digital channels a particular danger for industry For every dollar of fraud, US financial services companies incur $2.67 in costs including ...
Monday, 19 March 2018
Europol appoints new executive director Rob Wainwright finishes term in May The current commissioner general of the Belgian Federal Police, Catherine De Bolle, has been appointed as the new executive ...
Friday, 16 March 2018
Crypto exchange partners with bank for Faster Payments access Move as SEC fires warning of increased scrutiny of exchanges Barclays has become the first major UK bank to partner with a cryptocurrency ...
Wednesday, 14 March 2018
DoJ may extend FCPA guidance on corporate disclosure Guidance could be used to settle financial fraud and corporate securities cases The US Department of Justice may extend its Foreign and Corrupt ...
Monday, 12 March 2018
Regulator warns of action against law firms Companies failing to meet new AML regulations The UK legal sector regulator says anti-money laundering failures at some law firms are a cause for serious ...
Thursday, 08 March 2018
Two held in France over major CEO fraud Investigation centres on alleged Romanian company managers House searches in France have led to the arrests of two individuals suspected of large-scale CEO ...
Monday, 05 March 2018
Five European banks among top 10 most fined Details of regulatory fines since crisis Risks remain despite predicted lighter touch of Trump adminstration Banks have been fined a total of US$243bn ...
Tuesday, 27 February 2018
Chief risk officers face 200 regulatory changes daily Cost of compliance hits bank profits The global volume of regulatory revisions that bank chief risk officers must monitor and implement ...
Friday, 23 February 2018
Betting firm to pay £6.2m for laundering failures Systemic failure by senior management Betting company William Hill has been told to pay £6.2m penalty for systemic senior management failure to ...
Thursday, 22 February 2018
Bank fined US$613m after AML investigation Suspicious transactions were not reported US Bank has been fined a total of US$613m for failures in its anti-money laundering compliance programmes. The ...
Wednesday, 21 February 2018
Senior ECB official held over Latvia fraud Latest scandal hits countrys troubled financial sector A senior member of the European Central Bank has been detained over allegations of money laundering ...
Monday, 19 February 2018
Indian bank giant hit by US$1.8bn fraud Alleged case took place at single branch Punjab National Bank (PNB) is investigating an alleged US$1.8bn fraud that took place at a single branch in Mumbai. ...
Friday, 16 February 2018
Equifax admits breach was wider than reported Senator demands company produces full details Equifax has revealed more details of the 2017 breach of its systems, following claims that it was much ...
Wednesday, 14 February 2018
Italian cryptocurrency exchange loses US$170m Founder denies claims of exit scam The Italian cryptocurrency exchange BitGrail says it has been hacked and lost US$170m in customer money held through ...
Tuesday, 13 February 2018
Financial services cyberattacks triple in five years Breaches cost more to contain than in any other industry The rate of global cyber-breaches breaches in the financial services industry has tripled ...
Tuesday, 13 February 2018
48. Global card fraud network broken up
(News/Cards and Payments)
Global card fraud network broken up 36 people charged from crime empire that planned to steal US$2.2bn US prosecutors say they have broken up an online forum that committed frauds around the world ...
Monday, 12 February 2018
Police release ransomware decryption keys 52 tools now available to unlock encrypted files Belgian Federal Police are releasing free decryption keys that enable Cryakl ransomware to be unlocked.  ...
Friday, 09 February 2018
Cryptocurrency marketplaces hit by range of attacks Up to 20% of all Bitcoin estimated to be in fraudsters' hands Cryptocurrency marketplace are experiencing a range of fraudulent activity involving ...
Thursday, 08 February 2018
Tesco trial abandoned after accused has heart attack SFO to decide on whether to pursue re-trial The fraud and false accounting trial of three former Tesco directors has been abandoned after one ...
Wednesday, 07 February 2018
Cryptocurrency mining rises up list of malware threats Over half of global organisations now impacted Crypto-mining malware rose rapidly in rankings of the most prevalent global malware for December ...
Tuesday, 06 February 2018
53. SFO widens Petrofac investigation
(News/Investigations)
SFO widens Petrofac investigation Company CEO at centre of separate Italian probe The Serious Fraud Office is widening its investigation into alleged bribery, corruption and money laundering by UK ...
Monday, 05 February 2018
Regulators unfairly targeting compliance officers Bank compliance boss warns of industry brain drain if perceptions do not change Compliance officers in the financial sector think that they are ...
Friday, 02 February 2018
MEPs approve new rules to speed up asset freezing 98.9% of criminal assets in EU are never seized A key committee of MEPs has approved new rules intended to make it quicker and easier for member ...
Thursday, 01 February 2018
56. SEC sues cryptocurrency bank
(News/Court cases)
SEC sues cryptocurrency bank ICO at centre of fraud allegations The US Securities and Exchange Commission has halted an allegedly fraudulent initial coin offering (ICO) that targeted retail investors ...
Wednesday, 31 January 2018
HMRC to make first prosecutions under Criminal Finances Act SFO also has cases in pipeline under new laws on Unexplained Wealth Orders HM Revenue & Customs is likely to be the first agency to ...
Tuesday, 30 January 2018
GDPR compliance levels are varied, EC admits Only two countries have so far adopted regulation  Germany and Austria are the only two EU countries that have so far adopted the requirements of the ...
Friday, 26 January 2018
Paradise Papers law firm linked to banned bank Offshore legal services provider sues The Guardian and BBC The Bermudan legal firm at the centre of the Paradise Papers leaks represented a bank that ...
Wednesday, 24 January 2018
More than 10% of money raised in ICOs is stolen Research uncovers big risk in blockchain fundraising Over 10% of the US$3.7bn raised in initial coin offerings (ICOs) to fund blockchain projects ...
Tuesday, 23 January 2018
Spectre and Meltdown problems persist Patches to resolve processor vulnerabilities cause new problems The ongoing problems with the Spectre and Meltdown computer microprocessor bugs are continuing, ...
Friday, 19 January 2018
Businesses urged to stop capturing payment card data Cybercriminals increasingly targeting retail card data Companies must step-up protection so sensitive customer payment data does not enter their ...
Thursday, 18 January 2018
Global cyberattacks surge by 100% in two years Bots now make up 90% of activity on some retail sites The number of cyberattacks around the world doubled to 700 million in the last two years. ...
Tuesday, 16 January 2018
Corporate fraud hits 15-year high Fraud in financial sector increases dramatically The total value of corporate fraud in the UK has risen by 538% to £2.11bn in the last 15 years and is up 6.5% ...
Monday, 15 January 2018
FINRA sets out priorities as Citgroup fined again! Earlier US$70m fine from OCC for failing to follow its checklist Fraud, high-risk firms and brokers, operational and financial risks including ...
Thursday, 11 January 2018
66. PwC banned from India
(News/Regulation)
PwC banned from India Sanction for failures in Satyam case Indian regulators have banned PwC from editing listed companies in the country for two years for failing to spot a massive fraud at IT company ...
Thursday, 11 January 2018
Citigroup pays US$11.5m to settle share mis-information case Inaccuracies due to glitches in electronic data feed Citigroup Global Markets Inc (CGMI) has been ordered to pay a total of US$11.5m for ...
Thursday, 11 January 2018
Carphone Warehouse fined 400,000 for data breach Post Mays GDPR implementation, it could have been £400m Carphone Warehouse has been fined a joint-record £400,000 by the UKs data watchdog, after rudimentary ...
Wednesday, 10 January 2018
Equifax hack prompts US bill to impose heavy data breach fines Proposal before the Senate today Two top Senate Democrats are seeking broad new powers for the US government to impose heavy fines on ...
Wednesday, 10 January 2018
70. 32% apply for a job as a money mule
(News/Money laundering)
32% would apply for a job as a money mule Banks fake ad convinces job hunters to apply One third (32%) of 2,000 people targeted by a fake job advert were persuaded to apply for a job as a money ...
Wednesday, 10 January 2018
Western Union fined for compliance failures Regulator issues penalty for failures over eight-year period Western Union has been fined US$60m for compliance failures and violations of bank secrecy ...
Tuesday, 09 January 2018
72. Threat to close online casinos
(News/Court cases)
Threat to close online casinos Regulator may withdraw licences over ML concerns The UK Gambling Commission has written to all 195 online casino operators to raise concerns about the sectors approach ...
Monday, 08 January 2018
73. New FCA chair named
(News/Regulation)
New FCA chair named Financial crisis lawyer also takes over at Payment Systems Regulator Charles Randell has been appointed as the chair of the Financial Conduct Authority (FCA), effective from April ...
Friday, 05 January 2018
Big Four auditor found negligent in US$2bn fraud Ruling paves opens up potentially massive damages payout A US judge has ruled that auditor PWC was negligent in failing to detect a US$2bn fraud ...
Thursday, 04 January 2018
Seismic changes as MiFID II arrives - Financial reporting requirements bring major compliance challenges The five key areas affecting financial markets The MiFID II financial markets directive came ...
Wednesday, 03 January 2018
Lawyer emerges as favourite to chair FCA Current boss departs in March Charles Randell is reportedly favourite to become the next chairman of the Financial Conduct Authority (FCA). Randell, a ...
Tuesday, 02 January 2018
GDPR golden nugget Today: How online retailers will be affected The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every ...
Friday, 29 December 2017
GDPR golden nugget Today: A data compliance checklist The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every company in ...
Thursday, 28 December 2017
GDPR golden nugget Today: The data compliance implications The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every  ...
Wednesday, 27 December 2017
Law firms vulnerable to spoof emails Almost all legal companies email systems are vulnerable to email fraud, according to a new security report. 2017 has seen a big rise in impersonation frauds, ...
Wednesday, 27 December 2017
The top 10 fraud stories of 2017 See the most read stories on the Fraud Watch website this year 1. AML requirements: Are the stakes increasing? (March 30) 2. BofE warns it will go after lenders ...
Friday, 22 December 2017
GDPR golden nugget Today: Sending data to a mailing house The EU General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on the data handling practices of every company ...
Friday, 22 December 2017
US bank freezes US$22bn in Kazakhstan assets Central bank launches counter-suit against bank The Bank of New York Mellon is reported to have frozen US$22bn in Kazakhstan state funds. The oil-generated ...
Thursday, 21 December 2017
Only 10% of EU suspicious transaction reports are investigated Two countries account for over 65% of STRs Although the overall number of suspicious transaction reports (STRs) in the European Union ...
Wednesday, 20 December 2017
Cryptocurrency exchange files for bankruptcy Administrators called in after second cyber-attack this year South Korean cryptocurrency exchange Youbit is filing for bankruptcy after losing 17% of ...
Tuesday, 19 December 2017
Nigeria sues JP Morgan for laundering losses Suit alleges compliance failures at bank The Nigerian government is suing US bank JP Morgan for US$875m over its alleged failure to block payments made ...
Monday, 18 December 2017
Individual prosecutions must accompany DPAs Scare resources could threaten court cases, claims anti-corruption group Individuals involved in corporate corruption should be prosecuted, even when ...
Friday, 15 December 2017
New economic crime centre threatens SFO independence Fears government could decide which cases are investigated The immediate future of the Serious Fraud Office seems assured, with the government ...
Thursday, 14 December 2017
Banks forced to reveal more details on security incidents New rules for customers come into effect from August 2018 New rules will require UK banks to reveal to customers how many times they have ...
Wednesday, 13 December 2017
Major banks adopt isolation web browsing JP Morgan leads US$40m investment round in malware blocker A number of major global banks have gone public on their use of isolation web browsing ...
Wednesday, 13 December 2017
Lack of international cooperation hinders anti-corruption efforts - Developed countries must do more, says Nigerian legal chief - Swiss agree to repatriate last of stolen Abacha assets   The fight ...
Tuesday, 12 December 2017
92. Ghana gets special prosecutor to fight corruption
(News/Bribery and corruption)
Ghana gets special prosecutor to fight corruption Appointee will be independent of government control The parliament in Ghana has approved plans for a Special Prosecutor with powers to take action ...
Thursday, 07 December 2017
Philippines bank officials suspended over US$35m fraud FI ordered to set aside US$100m in capital The Philippine central bank has suspended directors and officials at Metropolitan Bank & Trust ...
Tuesday, 05 December 2017
Big Data is transforming our compliance Credit Suisse Bank also deploys robots to carry out repetitive tasks Credit Suisse says a new technology platform is transforming its compliance and driving ...
Friday, 01 December 2017
Australia to investigate bank misbehaviour Announcement after Big Four withdraw opposition to enquiry The Australian Government is setting up a Royal Commission to investigate the alleged misconduct ...
Thursday, 30 November 2017
Banks must change data policies post-Equifax The Equifax data breach is in a class of its own. It compromised the personal data of 145 million people, equivalent to half the US population. The seriousness ...
Thursday, 30 November 2017
159 arrests in global action against money muling Fifty-nine money mule organisers identified One hundred and fifty-nine people have been arrested as a result of European Money Mule Action (EMMA3), ...
Wednesday, 29 November 2017
EC sets bank deadline for delayed PSD2 standards Schedule for standards on strong customer authentication and third party access to bank data Banks will have 18 months to meet the finalised PSD2 ...
Tuesday, 28 November 2017
Currencycloud names new compliance and MLRO boss Former Lebara executive joins International payments platform Currencycloud has appointed Tanya Ziv as chief compliance officer and money laundering ...
Monday, 27 November 2017
Regulatory change is biggest compliance challenge 22 bank COs gives views in survey by regulator The volume, pace and complexity of regulatory change is the biggest challenge facing bank compliance ...
Friday, 24 November 2017
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