The U.S. Department of Justice on Friday charged 10 individuals with using business email compromise and money laundering schemes to target public and private insurers. These schemes targeted Medicare, state Medicaid programs, private health insurers and numerous other victims.
User education is vital to boosting the detection rate of phishing emails or social engineering scams that could lead to data breaches or ransomware infestations. Technology alone can't make websites or email inboxes safe since both are business-critical for all users, says ID Agent's Amelia Paro.
How are money launderers exploiting the various gaps in the telecom and banking industry? Hesham Sayed Shoeb, fraud supervisor with Saudi Telecom Co., shares his experience on fighting money launderers and how to improve systems and tools to catch more fraudulent transactions.
Four ISMG editors discuss how security leaders determine the right level of security for the business, the growing risk of business ID theft to enterprises, and the arrest of a developer suspected of working for cryptocurrency mixing service Tornado Cash, for "facilitating money laundering."
Denis Mihaqlovic Dubnikov, 29, allegedly participated in a conspiracy to launder money obtained through Ryuk ransomware. Operators behind the malware mounted one of the largest cyberattacks against the healthcare sector in a fall 2021 ransomware spree.
Dutch police have arrested a man accused of working as a developer for Tornado Cash. "He is suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies via the decentralized Ethereum mixing service," Dutch authorities say.
In the latest weekly update, four ISMG editors discuss the breach of customer engagement platform Twilio, a cyberattack on the U.K.'s NHS that has reignited concerns about supply chain security in the healthcare sector, and the U.S. Treasury clamping down on shady cryptocurrency mixers.
A high-ranking employee at Bitcoin Mercantile Exchange, or BitMEX, has pleaded guilty to violating the Bank Secrecy Act, which requires financial institutions to help prevent money laundering. The plea by Gregory Dwyer follows BitMEX's three founders all pleading guilty to the same charge.
Financial crimes against financial institutions have become more significant. These risks now represent one of the biggest areas of concern for the industry and one of the largest drivers of IT and compliance costs. Nick Davison of EY Australia and Paul Franks of SAS share new financial crime management...
How can you leverage artificial intelligence and make sense of data from different industries to determine whether a customer is creditworthy or whether an account is a mule account? Guy Sheppard, general manager of financial services at Aboitiz Data Innovation, discusses a case study.
Financial services firms lose an average of $18.5 million per year through malicious activity like leaked credentials, payment fraud, money laundering, fake account registration, loyalty abuse, and more. Fraud prevention depends on effective intelligence gathering, and few firms have the tools or personnel to...
There has been a rise in crypto fraud, and a substantial portion of it can be attributed to stimulus funding and paycheck protection programs, says David Britton, vice president of strategy, global ID and fraud at Experian. He discusses new authentication methods and stricter regulations.
In the today’s digital world, when so much of our lives are online, identity verification and authentication are critical to addressing fraud-related risk management challenges. To prevent fraud and protect your business and your customers, you must be certain the people you are dealing with are who they represent...