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

Gary Wang Details FTX’s 3-Year Journey From Trusted to Busted
Gary Wang Details FTX’s 3-Year Journey From Trusted to Busted
October 06, 2023  |  Cryptocurrency

Sam Bankman-Fried allegedly lied about many things over the course of his cryptocurrency exchange’s collapse.  But when the since-indicted FTX co-founder first heard about the...

READ MORE >
Jury Selection Completed in Sam Bankman-Fried Trial
Jury Selection Completed in Sam Bankman-Fried Trial
October 04, 2023  |  Legal

Jury selection has been completed in the criminal fraud trial of Sam Bankman-Fried, the co-founder of FTX cryptocurrency exchange.  The trial, which began Tuesday (Oct....

READ MORE >
Banks Need to Be on the Cutting Edge of AI’s Double-Edged Fraud Sword
Banks Need to Be on the Cutting Edge of AI’s Double-Edged Fraud Sword
October 04, 2023  |  Artificial Intelligence

The greatest innovations are those that democratize access to new skills and empower populations. Generative artificial intelligence (AI) promises to be one of those innovations....

READ MORE >
Do Bankman-Fried Jurors Need Crypto Knowledge to Decide Case?
Do Bankman-Fried Jurors Need Crypto Knowledge to Decide Case?
October 03, 2023  |  Legal

Jurors in FTX founder Sam Bankman-Fried’s trial may not be familiar with cryptocurrencies. And as The Wall Street Journal (WSJ) reported Tuesday (Oct. 3), that lack of knowledge...

READ MORE >
WorkFusion Unveils AI-Powered Transaction Monitoring Investigator
WorkFusion Unveils AI-Powered Transaction Monitoring Investigator
October 02, 2023  |  AML

WorkFusion has unveiled a new AI Transaction Monitoring Investigator designed to automate the review of first-level (L1) transaction monitoring alerts.  The new artificial intelligence (AI)...

READ MORE >
Report: Casino Hacks Likely Caused by Malware-Driven Theft of Employee Credentials
Report: Casino Hacks Likely Caused by Malware-Driven Theft of Employee Credentials
September 15, 2023  |  Cybersecurity

The recent cyberattacks on Caesars Entertainment and on MGM Resorts reportedly may have been launched with stolen login credentials. A cybersecurity company based in London, DynaRisk, discovered that the login credentials of...

READ MORE >
Banks and Payment Firms Tap AI to Combat Fraud Amid Surge in Sophisticated Financial Crime
Banks and Payment Firms Tap AI to Combat Fraud Amid Surge in Sophisticated Financial Crime
September 14, 2023  |  Fraud Prevention

The rise of digital banking and faster digital payment methods has brought about increasingly sophisticated fraud and financial crime.  Against that backdrop, financial institutions (FIs)...

READ MORE >
Report: Caesars Entertainment Paid $15 Million Ransom After Cyberattack
Report: Caesars Entertainment Paid $15 Million Ransom After Cyberattack
September 13, 2023  |  Security & Fraud

Caesars Entertainment, the operator of Caesars Palace in Las Vegas, reportedly fell victim to a cyberattack during the summer and paid a ransom of approximately...

READ MORE >
CertifID Raises $20 Million to Combat Real Estate Wire Fraud
CertifID Raises $20 Million to Combat Real Estate Wire Fraud
September 12, 2023  |  Fraud Prevention

Wire fraud prevention company CertifID has raised $20 million in a Series B funding round. The financing, announced Tuesday (Sept. 12), will help the Texas-based firm develop fraud prevention...

READ MORE >