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

FinCEN Says Check Fraud Approached $700 Million Over 6 Months
FinCEN Says Check Fraud Approached $700 Million Over 6 Months
September 11, 2024  |  Security & Fraud

Earlier this week, FinCEN reported that mail theft-related check fraud amounted to more than $688 million in a recent six-month period. The bulk of the...

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Unregistered Crypto ATMs Lead to Landmark UK Prosecution 
Unregistered Crypto ATMs Lead to Landmark UK Prosecution 
September 10, 2024  |  Legal

A British regulator has charged a London man for operating several unlicensed crypto ATMs. Olumide Osunkoya, 45, has been charged with a running series of...

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New AI System Aims to Detect Financial Fraud Across Corporate Networks
New AI System Aims to Detect Financial Fraud Across Corporate Networks
September 06, 2024  |  Fraud Prevention

Researchers have developed a new artificial intelligence (AI) system to detect accounting fraud within individual companies and across supply chains and industries. The machine learning...

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FTX and Alameda Pay $12.7 Billion to End CFTC Lawsuit
FTX and Alameda Pay $12.7 Billion to End CFTC Lawsuit
August 08, 2024  |  Legal

FTX and sister company Alameda Research have agreed to pay their creditors $12.7 billion. The agreement, approved Wednesday (Aug. 7) by U.S. District Judge P. Kevin Castel,...

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German Prosecutors Charge 2 Former Wirecard Executives With Embezzlement
German Prosecutors Charge 2 Former Wirecard Executives With Embezzlement
August 06, 2024  |  Security & Fraud

Four years after the collapse of online payments company Wirecard, German prosecutors have reportedly charged two more of the firm’s former executives. Wirecard’s former finance...

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Bitcoin Jumps on Calls to Integrate Crypto Into US Asset Arsenal
Bitcoin Jumps on Calls to Integrate Crypto Into US Asset Arsenal
July 29, 2024  |  Cryptocurrency

The price of bitcoin hit a six-week high Monday (July 29). The alleged reason? Separate comments made over the weekend by presidential candidates Donald Trump...

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UK Crime Agency, Banks Cooperate to Identify Organized Crime
UK Crime Agency, Banks Cooperate to Identify Organized Crime
July 26, 2024  |  Security & Fraud

The United Kingdom’s National Crime Agency (NCA) and seven U.K. banks are working together to identify and take action against organized crime. In this public-private...

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Trending: AI Gets Smarter on Fraud and Financial Crime as New Models Boost Security
Trending: AI Gets Smarter on Fraud and Financial Crime as New Models Boost Security
July 24, 2024  |  artificial intelligence

In a world inundated with data, traditional methods of financial crime detection are becoming inadequate. Financial crime remains a challenge for financial institutions (FIs) worldwide,...

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Featurespace and OrboGraph Team to Combat Check Fraud
Featurespace and OrboGraph Team to Combat Check Fraud
July 23, 2024  |  Fraud Prevention

Financial crime prevention firm Featurespace has launched a partnership with fraud detection software maker OrboGraph. The collaboration, announced Tuesday (July 23), is aimed at protecting...

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