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18 NOVEMBER 2017
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Fraud Watch

Fraud Watch is the premier title reporting on fraud and money laundering in financial services. Providing a daily news service, it publishes contributed articles from industry experts; it reports extensively on the latest compliance requirements, laws and regulatory changes, and gives very wide coverage of the latest court cases, ongoing investigations and fraud threats. It reports on security issues, including data, PCI requirements, systems security, diagnostics and forensics including the cyber threat.

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Total: 2674 results found.

Page 1 of 27
Singapore port fuel company charged with fraud Country cracks down on illicit bunkering industry conduct Singapore-based Vermont Bunkering and three former senior employees have been charged with ...
Friday, 17 November 2017
UBS claims 74% fraud cut using AI Swiss card processor UBS Card Center says it reduced fraudulent transactions by 74% in 2016 using AI technology. UBS, which processes roughly 25% of the credit cards ...
Friday, 17 November 2017
US bans Chinese bank for North Korea links Banks warned over rogue state schemes to avoid sanctions The Treasury Department has banned Bank of Dandong from the US financial system, claiming that the ...
Thursday, 16 November 2017
Articles planned for the next printed edition of Fraud Watch Equifax: Fraud and AML professionals face aftershocks from massive hack Financial regulators under pressure. How can they preserve their ...
Wednesday, 15 November 2017
Banks form company to manage third party risk Major institutions pool expertise to address escalating challenges A consortium of major US banks and payments companies has formed a new company to ...
Wednesday, 15 November 2017
Deutsche Bank names new head of global legal team Compliance and governance boss promoted to role Deutsche Bank has appointed Florian Drinhausen, chief compliance officer and head of global governance, ...
Tuesday, 14 November 2017
Europol boss warns of growing cyberthreats to banks Gangs evolving into conglomerates The technological capability of cybercriminals now threatens critical parts of the financial sector, the head ...
Friday, 10 November 2017
EBA sets out schedule for PSD2 fraud standards Timeline after closure of consultation period The European Banking Authority says the new PSD2 fraud reporting standards will become binding for ...
Friday, 10 November 2017
Misspending public money is top fraud risk area Danger from pre-Brexit rush for grant Misspending government funding is the top risk area for fraud today. Almost half (48%) of accountants ...
Thursday, 09 November 2017
Saudi banks in massive anti-corruption crackdown More than 1,200 accounts worth US$33bn frozen  Banks in Saudi Arabia have frozen more than 1,200 accounts belonging to individuals and companies as ...
Wednesday, 08 November 2017
Banks to be more liable for push payments fraud New proposals would require customers to be compensated Banks would have greater liability for compensating customers who fall victim to push payment ...
Tuesday, 07 November 2017
Pivotal moment as PSD2 fraud reporting consultation closes Banks and PSPs must be compliant by January 13 The European Banking Authority (EBA) has closed its consultation period on fraud reporting ...
Monday, 06 November 2017
Hackers use new Trojan to attack banks FIs in Russia, Malaysia and Armenia affected Hackers are using a new Trojan called Silence against financial institutions in Russia, Malaysia and Armenia. ...
Friday, 03 November 2017
14. Lloyds introduces ’scam blocker’
(News/Cards and Payments)
Lloyds introduces scam blocker System to combat APP fraud trend Lloyds Banking Group has introduced a new online scam-blocker to help customers fight the rising trend of Authorised Push Payment ...
Thursday, 02 November 2017
15. Low key Trojan steals US$140K in bitcoin
(News/Cards and Payments)
Low key Trojan steals US$140K in bitcoin Virtual currency payments diverted from intended destination An under the radar Trojan has stolen US$140,000 (equivalent to 23 bitcoin) by diverting bitcoin ...
Thursday, 02 November 2017
Equifax faces deluge of class action suits Former CEO blames one employee for breach More than 70 class action lawsuits have been filed against Equifax since the credit reporting company revealed ...
Wednesday, 01 November 2017
Europol launches online investigations platform Initiative to share knowledge and tools to combat digitally-enabled crimes Europol has launched the SIRIUS platform to address the current challenges ...
Tuesday, 31 October 2017
18. IFINTEC 2018
(Events/General)
8-9 May 2018 IFINTEC Finance Technologies Conference and Exhibition Istanbul IFINTEC is a global conference which is one of the biggest and most important conferences in EMEA region on Retail Banking, ...
Tuesday, 31 October 2017
Deutsche Börse CEO resigns over insider trading claims Stock exchange starts search for new boss Carsten Kengeter, CEO of the Deutsche Börse, is to step down at the end of 2017 after he was accused ...
Monday, 30 October 2017
DOJ reviewing future of financial fraud task force Department looks to reduce un-needed regulation The US Department of Justice is considering major changes to the 8-year-old Financial Fraud Enforcement ...
Thursday, 26 October 2017
21. Charity coalition combines to fight fraud
(News/Public sector fraud)
Charity coalition combines to fight fraud Second Charity Fraud Awareness Week gets underway Charity industry stakeholders have joined forces to make the sector more resilient to fraud. The second ...
Monday, 23 October 2017
Former top Rio Tinto execs charged Company also accused in asset fraud case Mining company Rio Tinto and two of its former top executives have been charged with fraud for inflating the value of coal ...
Thursday, 19 October 2017
Hackers switch focus from banks to cryptocurrencies Sate-sponsored attacks on infrastructure n increasing threat to FIs Hackers are moving their efforts from banks to the cryptocurrency industry ...
Friday, 13 October 2017
24. Taiwan beefs up financial crime controls
(News/Money laundering)
Taiwan tries to shake off reputation as laundering haven Increased emphasis on confiscation brings success in AML efforts Taiwan is increasing its efforts in the confiscation of proceeds of crime ...
Thursday, 12 October 2017
25. Five arrested over Venezuela fraud claims
(News/Bribery and corruption)
Five arrested over Venezuela fraud claims US$200m alleged to have been embezzled from state oil firm Venezuelan authorities have arrested five directors of state-owned oil firm Petroleos de Venezuela ...
Wednesday, 11 October 2017
Russian courts helping to legalise proceeds of corruption Oligarchs can use local trials to block allegations International efforts to tackle corruption originating from Russia are being ...
Monday, 09 October 2017
Rio Olympics boss arrested for fraud and corruption Alleged vote buying to win Games The president of the 2016 Rio Olympic Games has been arrested on charges of corruption, fraud and money laundering. ...
Friday, 06 October 2017
Featurespace raises £16.5m to drive international growth Worldpay and Invoke Capital are investors Machine learning fraud prevention company Featurespace has raised £16.5m (US$21.6m) from a funding ...
Thursday, 05 October 2017
29. Banks warned about corrupt Venezuelan money flows
(News/Bribery and corruption)
Banks warned about corrupt Venezuelan money flows Advisory sets out red flags to look for The US Financial Crimes Enforcement Network (FinCEN) has issued an advisory alerting financial institutions ...
Wednesday, 04 October 2017
30. Equifax breach worse than suspected
(News/Data security)
Equifax breach worse than suspected US numbers increased, Canadians downgraded Credit reporting company Equifax now says that the data of 145.5 million US citizens was compromised in the breach ...
Tuesday, 03 October 2017
SEC makes first initial coin offering charges Businessman and two companies accused of selling non-existent digital coins The Securities and Exchange Commission has charged a businessman and two ...
Monday, 02 October 2017
CEO and COO of collapsed oil giant charged Pair stand trial over Nigeria business deals The ex-CEO and COO of former FTSE 250 oil and gas exploration company Afren face money laundering and fraud ...
Wednesday, 27 September 2017
33. Equifax CEO steps down
(News/Data security)
Equifax CEO steps down Company initiates search for new boss after massive data breach Richard Smith has left his role as chairman and CEO of Equifax after 12 years following the massive data breach ...
Tuesday, 26 September 2017
34. Seven convictions in Bertling case
(News/Bribery and corruption)
Seven convictions in Bertling corruption case Company and senior executives admitted Angola charges Freight and logistics company F.H. Bertling and six of its current and former employees have ...
Tuesday, 26 September 2017
SEC sets up Cyber Unit to protect investors Initiative targets range of cyber-related misconduct The Securities and Exchange Commission has created a new Cyber Unit that will focus on targeting cyber-related ...
Tuesday, 26 September 2017
The six criminal types driving money laundering Alert on what businesses should look out for There are six types of criminal that drive the US$2 trillion a year global money laundering industry. ...
Monday, 25 September 2017
37. Data breaches rocket by 164%
(News/Research)
Data breaches rocket by 164% ID theft and poor internal security practices blamed There were 918 data breaches worldwide in the first half of 2017, leading to 1.9 billion data records being compromised. ...
Friday, 22 September 2017
US regulator reveals it was hacked Intrusion may have enabled illicit trades The Securities and Exchange Commission says its systems have been hacked, and that the attackers may have had access ...
Thursday, 21 September 2017
39. Call for global measure of economic crime
(News/Bribery and corruption)
Call for global measure of economic crime UN ''best placed' to set up central reporting centre A global measure of economic crime should be set up to improve international efforts at tackling the ...
Wednesday, 20 September 2017
European banks fined ten times more than US counterparts Top 10 European banks have paid US$13.25bn in fines to US regulators since 2012 European banks are under disproportional enforcement ...
Tuesday, 19 September 2017
Equifax latest: Criminal investigation into breach Senators propose new data law following revelations The US Department of Justice has launched a criminal investigation into the sale of shares by ...
Tuesday, 19 September 2017
Equifax security chiefs depart after breach Patch failure helped enable intrusion UK customer data compromised due to process failure Equifax says its chief security officer and chief information ...
Monday, 18 September 2017
Should civil and criminal fraud cases be combined? QC wants new fraud courts to fight a war we are not winning Combined courts that hear criminal and civil fraud cases at the same time could help ...
Friday, 15 September 2017
44. State corruption: Stop asset theft at source
(News/Bribery and corruption)
State corruption: Stop asset theft at source More focus should be placed on integrity of local banks Efforts at stopping state corruption in developing countries should put greater focus on ...
Wednesday, 13 September 2017
45. Is bitcoin “a fraud”?
(News/Technology)
Is bitcoin a fraud? Bank CEO says he would dismiss any trader dealing in it Some interesting comments this week from JPMorgan Chase CEO Jamie Dimon, who says bitcoin is a fraud and that he ...
Wednesday, 13 September 2017
Law enforcement and banks plan global information sharing structure UK, Singapore and US agencies combine efforts The success of the JMLIT financial crime data sharing initiative between law enforcement ...
Tuesday, 12 September 2017
47. Analysing the Equifax breach
(News/Data security)
Analysing the Equifax breach 143 million Americans and 44 million Brits have details stolen A data security breach is bad news for any company, but when it happened to Equifax, which makes its living ...
Tuesday, 12 September 2017
48. Cambridge story menu
(Cambridge-Symposium/Canbridge-Symposium)
EXCLUSIVE STORIES AND FEATURES FROM THE CAMBRIDGE ECONOMIC CRIME SYMPOSIUM 2017 Taiwan beefs up financial crime controls Increased emphasis on confiscation brings success Read here Russian trials helping ...
Monday, 11 September 2017
49. France plugs anti-corruption gaps with DPAs
(News/Bribery and corruption)
France plugs anti-corruption gaps with DPAs New law will enable "tough" corporate penalties The decision to introduce Deferred Prosecution Agreements (DPAs) in France will make it harder for companies ...
Monday, 11 September 2017
Company liability for lack of fraud prevention still under discussion Solicitor general discusses proposal at Cambridge conference With the news that the action against three Tesco senior managers for ...
Friday, 08 September 2017
Tesco fraud trial adjourned as Serious Fraud Office argues case for DPAs DPAs bring in £1m per SFO employee - claim The trial of three former Tesco directors accused of fraud in relation to the supermarket's ...
Friday, 08 September 2017
52. ECB imposes first bank fine
(News/Regulation)
ECB imposes first bank fine Central bank flexes regulatory muscles The European Central Bank has issued its first fine since taking over regulation of banks in the eurozone in 2014. The ECB has ...
Monday, 04 September 2017
Fraud Watch at the 35th Cambridge Economic Crime Symposium For six intense days, 4,000 professionals from across the globe will gather at the Cambridge Economic Crime Symposium in the UK. Fraud Watch ...
Thursday, 31 August 2017
54. PCI security failures stick at 50%
(News/Data security)
PCI security failures stick at 50% No compliant company has ever suffered a data breach Despite stringent Payment Card Industry (PCI) rules, nearly half of companies recently assessed are failing to ...
Thursday, 31 August 2017
Samsung vice-chairman appeals jail term Billionaire found guilty of bribery Samsung Electronics vice chairman Jay Y. Lee intends to appeal the five-year jail term he has been given for bribery and other ...
Wednesday, 30 August 2017
Amex faces major fines for mal-practice and discrimination Inferior terms offered to customers in Puerto Rico and US Territories The Consumer Financial Protection Bureau (CFPB) has taken action against ...
Wednesday, 30 August 2017
German retail boss investigated for accounts fraud Allegations revenue was inflated at subsidiaries The CEO of German clothing and food retailer Steinhof is being investigated for a possible accounting ...
Friday, 25 August 2017
Fraudsters target 20-somethings Lifestyles drive susceptibility to fraud The number of frauds against those under 30 years old has risen by 6% since 2014, while those aged 50 and up have experienced ...
Thursday, 24 August 2017
Compliance boss fined and suspended for faulty SEC filing Regulator crackdown on CCO malpractice continues The chief compliance officer of two investment advisory companies has been fined US$30,000 ...
Wednesday, 23 August 2017
Cryptocurrency investment platform compromised US$500,000 stolen by cybercriminals The Enigma cryptocurrency investment platform has been compromised in a cyberattack that defrauded investors of ...
Tuesday, 22 August 2017
61. Indian mining giant accused of fraud
(News/Investigations)
Indian mining giant accused of fraud Money from inflated invoices allegedly moved into offshore accounts Indian mining conglomerate Adani has been accused of conducting a US$298m financial fraud. ...
Monday, 21 August 2017
Australia to regulate digital currencies Regulator to be given increased powers Australias coalition government has announced plans to regulate digital currencies for the first time. The action ...
Friday, 18 August 2017
Regulators targeting smaller institutions Personal liability adds to KYC responsibilities More than 600 banks and other institutions in the US are to lose their exemptions from federal anti ...
Friday, 18 August 2017
Senior Managers Régime having positive effect Compliance professionals upbeat, despite job becoming more difficult The UK Senior Managers (SMR) has already had a positive impact on the financial ...
Thursday, 17 August 2017
Payments fraud outsourcing model from ai Tech firm will be fully liable for any fraud losses Fraud and risk management company ai Corporation (ai) has today launched its outcome-based fraud service ...
Wednesday, 16 August 2017
Bank CEO to stand down after ML claims Australian boss announces retirement The CEO of Commonwealth Bank of Australia (CAB) is to retire amid allegations that A$90m (US$70.9m) was laundered to Hong ...
Monday, 14 August 2017
Oilfield firm sets up compliance and ethics committee Move amid ongoing SFO bribery and corruption investigation UK oilfield services firm Petrofac, which has been under investigation by the Serious ...
Friday, 11 August 2017
Partnership to tackle application fraud Companies link technologies to fight escalating problem Risk mitigation provider LexisNexis Risk Solutions has joined forces with behavioural biometrics company ...
Thursday, 10 August 2017
Predictive analytics ID verification firm raises US$13.9m Platform uses AI and machine learning techniques ID verification company Socure has closed a $13.9m Series B funding round. New York-based ...
Wednesday, 09 August 2017
70. Denmark told to improve AML system
(News/Money laundering)
Denmark told to improve AML system Laundering and terror financing counter-measures are weak The Financial Action Taskforce (FATF) has told Denmark that it needs to improve the implementation of ...
Tuesday, 08 August 2017
Value of AIM listed tech continues to grow 21.3% increase from start of year despite Brexit The average enterprise value of technology companies on the London Stock Exchange Alternative Investment ...
Tuesday, 08 August 2017
PhD student wins retail cybersecurity prize More than half of reported retail fraud is cyber-enabled A London student has won the British Retail Consortium Retail Cyber Security Student Challenge ...
Monday, 07 August 2017
73. Ransomware ‘hero’ arrested in US
(News/Cards and Payments)
Ransomware hero arrested in US Allegations of involvement with Kronos malware Marcus Hutchins, the British computer expert credited with helping to stop the WannaCry ransomware attack on the ...
Friday, 04 August 2017
Israel PM under investigation for bribery and fraud Three cases against Likud leader Prime Minister of Israel Benjamin Netanyahu is under investigation for bribery, fraud and breach of trust. Israeli ...
Friday, 04 August 2017
Mobile ID scoring firm raises US$40m Technology identifies previously anonymous prepaid subscribers US mobile identity scoring provider Juvo has raised US$40m in a Series B funding round led by New ...
Friday, 04 August 2017
China banks embroiled in overseas ML scandals Cases in Spain, US and Italy highlight failures in controls Major Chinese state-owned banks are at the centre of a number money laundering investigations ...
Thursday, 03 August 2017
Privitar gets major Series A funding Cybersecurity and data privacy provider plans expansion to US Privacy engineering software company Privitar has raised US$16m in a Series A funding round. ...
Wednesday, 02 August 2017
78. Nasdaq buys RegTech startup
(News/Technology)
Nasdaq buys RegTech startup Stock exchange buys tech to catch rogue traders US stock exchange Nasdaq has bought surveillance regtech company Sybenetix for an undisclosed sum UK-based Sybnetix uses ...
Wednesday, 02 August 2017
MIT deploys machine learning to fight fraud Processor tackles sophisticated forms of attack Mexican payments processor MIT is rolling out real-time merchant monitoring to prevent fraud, reduce chargebacks ...
Tuesday, 01 August 2017
US consumers fear bank and ID fraud more than terrorist attacks Loss of money or personal data cuts deep Forty-four per cent of US consumers rate identity theft and banking fraud as their top concern ...
Monday, 31 July 2017
Singapore firm fined US$12m for Iran violations Sanctions penalty for tech company Singapore technology company CSE Global has agreed to pay US$12m for violations by its TransTel subsidiary of US ...
Friday, 28 July 2017
Senior Managers régime extended to almost all regulated firms - Burden to be placed on managers to prove they took suitable steps to prevent misconduct - Extension key to driving 'culture change' at firms ...
Thursday, 27 July 2017
Ransomware encounters up by 11.4% Anti-ransomware initiative tops 100 partners in first year The total number of computer users around the world encountering ransomware increased by 11.4% between ...
Wednesday, 26 July 2017
Nasdaq buys behavioural analytics provider Purchase to improve tech offering to global capital market compliance officers Nasdaq has entered into a definitive agreement to acquire Sybenetix, a surveillance ...
Tuesday, 25 July 2017
Largest global dark market closed down - Site had nearly 20 times as many illegal listings as Silk Road - Another major criminal site is also taken down AlphaBay, the largest criminal marketplace ...
Monday, 24 July 2017
86. Big Cyber Security Show
(Events/General)
November 22-23 2017 Big Cyber Security Show Mumbai https://www.tresconglobal.com/
Friday, 21 July 2017
De-risking threat to financial integrity FATF and G7 call for more balance to resolve contentious issue that threatens both inclusion and security of the financial system Faced with increasing AML penalties ...
Friday, 21 July 2017
Fraud now officially the most commonly experienced offence in the UK Figures included in crime statistics for the first time There were an estimated 3.6 million cases of fraud and two million computer ...
Thursday, 20 July 2017
Barclays Qatar trial set for January 2019 Four executives face charges The trial date for Barclays and four of its former top executives charged with fraud over undisclosed payments to Qatari investors ...
Wednesday, 19 July 2017
90. Ex Brazil president convicted of corruption
(News/Bribery and corruption)
Ex Brazil president convicted of corruption Lula faces jail for role in Petrobras scandal Former Brazilian president Luiz Inacio Lula da Silva has been given a nine and a half year jail sentence ...
Monday, 17 July 2017
First international treaty to combat tax evasion - Common reporting standard launches in September - Increasing overlap between evasion and money laundering - Up to 10% of corporate revenues are lost ...
Friday, 14 July 2017
73% say 4AMLD will make it easier to prevent laundering Financial crime professionals upbeat about newly enacted directive Nearly three-quarters (73%) of financial crime professionals in financial ...
Thursday, 13 July 2017
BofE warns it will go after lenders that cut corners on risk Senior managers and boards to be held responsible for "return to the Punchbowl" The Bank of England has warned major lenders ...
Tuesday, 11 July 2017
GDPR consultancy makes five senior appointments Global expansion as world wakes up to requirements As the world finally wakes up to the enormity of the GDPR requirements, cloud solutions provider ...
Tuesday, 11 July 2017
30 held in ML and drug raids across Europe Police operation covers five countries Thirty alleged members of an organised crime group involved in international money laundering and drug trafficking ...
Monday, 10 July 2017
Massive CNP jump in annual payments fraud figures UK and France show greatest losses: Poland and Sweden are biggest risers FICO has released its annual interactive map of European card fraud, which shows ...
Friday, 07 July 2017
AML and the combating of terrorism financing How can companies and financial institutions drill down on ultimate beneficial owners when confronted with layers of front companies in offshore jurisdictions? ...
Friday, 30 June 2017
98. Leumi Card uses AI to fight fraud
(News/Cards and Payments)
Leumi Card uses AI to fight fraud Platform flags abnormal behaviour Israeli credit card service provider Leumi Card is implementing an AI platform to enhance its fraud detection and prevention ...
Monday, 26 June 2017
New AML rules will impact senior managers as well as FS firms Starting from today senior managers must be aware of new responsibilities they now bear for their firms compliance with 4MLD A new anti-money ...
Monday, 26 June 2017
Compliance officer charged with SAR violations Former broker-dealer CO & AML officer agrees to industry bar The former compliance and anti-money laundering officer at US broker-dealer Meyers ...
Thursday, 22 June 2017
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