Defendants who allegedly enrolled consumers, without their knowledge, into continuity plans for products they did not buy will forfeit assets valued at $40 million and be banned from certain conduct. The Federal Trade Commission (FTC) said in a Tuesday (Sept. 17) press release that a federal court...
Trouble with federal regulators continues for Wells Fargo. The Office of the Comptroller of the Currency (OCC) said Thursday (Sept. 12) that it has signed a formal agreement with the bank to rectify deficiencies in its anti-money laundering (AML) and financial crimes risk management practices....
The number of cryptocurrency-related complaints accounted for 10% of all financial fraud complaints but 50% of the total losses in 2023. That is due in part to the use of crypto in investment scams that see victims accumulating “massive debt” to cover their losses, the Federal Bureau...
PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant threat to the financial services industry. Security is a top concern, and these institutions need cutting-edge tools to fight this...
December 06, 2023
PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant threat to the financial services industry. Security is a top concern, and these institutions need cutting-edge tools to fight this rising tide of fraud and financial crime. FIs typically use […]
September 26, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found it to be of money laundering concern in 2018, the […]
September 17, 2024
Defendants who allegedly enrolled consumers, without their knowledge, into continuity plans for products they did not buy will forfeit assets valued at $40 million and be banned from certain conduct....
September 09, 2024
The number of cryptocurrency-related complaints accounted for 10% of all financial fraud complaints but 50% of the total losses in 2023. That is due in part to the use of...
November 09, 2023
The Securities and Exchange Commission (SEC) has announced charges against the former co-CEOs of Bitwise Industries, a private technology services startup based in Fresno, California. The charges against Jake Soberal and Irma Olguin...
