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

Cybercrime Botnet Chief Ordered To Prison In $100M Scheme
Cybercrime Botnet Chief Ordered To Prison In $100M Scheme
November 03, 2020  |  Security & Fraud

A Russian cybercriminal was sentenced to eight years in prison for his role in a sophisticated Botnet conspiracy that caused estimated losses totaling more than...

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Oracle Launches New Cybersecurity Apps To Help Small Banks
Oracle Launches New Cybersecurity Apps To Help Small Banks
October 28, 2020  |  Risk Management

Enterprise IT solutions platform Oracle is introducing new cloud services to provide smaller banks with the ammunition to fight large-scale money laundering schemes, Oracle said...

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Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams
Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams
October 16, 2020  |  Fraud Prevention

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Fighting these threats requires an equally wide range of defenses,...

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Digital Technologies Drive Innovation In Retail, Banking
Digital Technologies Drive Innovation In Retail, Banking
September 24, 2020  |  Today In Data

Nike’s digital sales surged in Q1, while the sportswear brand also saw an uptick in its connected fitness business. In banking, financial crime is a pervasive threat...

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HSBC To Staff: Stay Off Bank’s Social Media Accounts
HSBC To Staff: Stay Off Bank’s Social Media Accounts
September 21, 2020  |  Security & Fraud

The 233,000 worldwide employees of HSBC Holdings Plc were ordered on Monday (Sept. 21) to stay off the bank’s social media sites after a report...

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FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML
FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML
September 21, 2020  |  Security & Fraud

Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry? To that end, and as reported by BuzzFeed, documents...

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How Financial Crime Is Being Thwarted By AI, ML
How Financial Crime Is Being Thwarted By AI, ML
September 02, 2020  |  Security & Fraud

Despite the fact that they prevent over $22 billion in cybertheft annually, financial institutions (FIs) are seeing fraud attack volumes soar as cyberthieves look for...

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Today In Payments: Facebook Calls Out Apple; DC AG Sues Instacart
Today In Payments: Facebook Calls Out Apple; DC AG Sues Instacart
August 28, 2020  |  News

In today’s news, Facebook called out Apple on its fee structure and transparency, and D.C.’s attorney general is suing Instacart for pocketing tips meant for...

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Report: $50B In Cryptocurrency Moved Out Of China
Report: $50B In Cryptocurrency Moved Out Of China
August 21, 2020  |  Cryptocurrency

More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of...

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