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21 JULY 2017
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Fraud Watch

Fraud Watch is the premier title reporting on fraud and money laundering in financial services. Providing a daily news service, it publishes contributed articles from industry experts; it reports extensively on the latest compliance requirements, laws and regulatory changes, and gives very wide coverage of the latest court cases, ongoing investigations and fraud threats. It reports on security issues, including data, PCI requirements, systems security, diagnostics and forensics including the cyber threat.

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Total: 2594 results found.

Page 1 of 26
1. RegTech Summit Europe
(Events/General)
September 27 2017 RegTech Summit Europe London http://finance-edge.com/regtecheu/
Friday, 21 July 2017
2. Conduct Risk
(Events/General)
September 13 2017 Conduct Risk Summit London http://finance-edge.com/conductrisk/
Friday, 21 July 2017
3. Cyber London Conference
(Events/General)
September 27 2017 Cyber London Conference London http://www.clc2017.co.uk/
Friday, 21 July 2017
4. London Fraud Forum
(Events/General)
October 12 2017 London Fraud Forum London https://www.londonfraudforum.co.uk/conference-overview/
Friday, 21 July 2017
5. Big Cyber Security Show
(Events/General)
November 22-23 2017 Big Cyber Security Show Mumbai https://www.tresconglobal.com/
Friday, 21 July 2017
De-risking threat to financial integrity - FATF and G7 call for more balance to resolve contentious issue that threatens both inclusion and security of the financial system - Number of affecited entities ...
Friday, 21 July 2017
Fraud now officially the most commonly experienced offence in the UK Figures included in crime statistics for the first time There were an estimated 3.6 million cases of fraud and two million computer ...
Thursday, 20 July 2017
Barclays Qatar trial set for January 2019 Four executives face charges The trial date for Barclays and four of its former top executives charged with fraud over undisclosed payments to Qatari investors ...
Wednesday, 19 July 2017
9. Ex Brazil president convicted of corruption
(News/Bribery and corruption)
Ex Brazil president convicted of corruption Lula faces jail for role in Petrobras scandal Former Brazilian president Luiz Inacio Lula da Silva has been given a nine and a half year jail sentence ...
Monday, 17 July 2017
First international treaty to combat tax evasion - Common reporting standard launches in September - Increasing overlap between evasion and money laundering - Up to 10% of corporate revenues are lost ...
Friday, 14 July 2017
73% say 4AMLD will make it easier to prevent laundering Financial crime professionals upbeat about newly enacted directive Nearly three-quarters (73%) of financial crime professionals in financial ...
Thursday, 13 July 2017
BofE warns it will go after lenders that cut corners on risk Senior managers and boards to be held responsible for "return to the Punchbowl" The Bank of England has warned major lenders ...
Tuesday, 11 July 2017
GDPR consultancy makes five senior appointments Global expansion as world wakes up to requirements As the world finally wakes up to the enormity of the GDPR requirements, cloud solutions provider ...
Tuesday, 11 July 2017
30 held in ML and drug raids across Europe Police operation covers five countries Thirty alleged members of an organised crime group involved in international money laundering and drug trafficking ...
Monday, 10 July 2017
Massive CNP jump in annual payments fraud figures UK and France show greatest losses: Poland and Sweden are biggest risers FICO has released its annual interactive map of European card fraud, which shows ...
Friday, 07 July 2017
AML and the combating of terrorism financing How can companies and financial institutions drill down on ultimate beneficial owners when confronted with layers of front companies in offshore jurisdictions? ...
Friday, 30 June 2017
17. Leumi Card uses AI to fight fraud
(News/Cards and Payments)
Leumi Card uses AI to fight fraud Platform flags abnormal behaviour Israeli credit card service provider Leumi Card is implementing an AI platform to enhance its fraud detection and prevention ...
Monday, 26 June 2017
New AML rules will impact senior managers as well as FS firms Starting from today senior managers must be aware of new responsibilities they now bear for their firms compliance with 4MLD A new anti-money ...
Monday, 26 June 2017
Compliance officer charged with SAR violations Former broker-dealer CO & AML officer agrees to industry bar The former compliance and anti-money laundering officer at US broker-dealer Meyers ...
Thursday, 22 June 2017
76 held in international eCommerce fraud crackdown Arrests linked to 20,000 fraudulent transactions Seventy-six suspected eCommerce fraudsters have been arrested in an international operation in ...
Wednesday, 21 June 2017
Former UBS compliance officer charged with insider dealing Co-defendants each face five charges Fabiana Abdel-Malek, a former compliance officer at the London branch of UBS has been charged with insider ...
Friday, 16 June 2017
22. 153 people arrested for airline fraud
(News/Investigations)
153 people arrested for airline fraud Charges after global operation Police in 63 countries have arrested 153 people suspected of flying using airline tickets purchased with stolen, compromised or ...
Wednesday, 14 June 2017
No respite from financial cyberattacks Email and account takeover are biggest threats Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks, with ...
Tuesday, 13 June 2017
24. Deutsche Bank gets massive AML fine
(News/Money laundering)
Deutsche Bank gets massive AML fine Bank punished by regulators for the second time this year Deutsche Bank has been fined US$41m by US regulators for anti-money laundering failures. The Federal ...
Friday, 09 June 2017
EU plans financial fraud Prosecutors Office New department to conduct criminal investigations into EU budget frauds The EU is planning to establish a new European Public Prosecutor's Office to ...
Thursday, 08 June 2017
Forex and binary options fraud prevalent in France Investors being targeted by Cyprus-registered companies The number of fraudulent entities targeting French investors remains high, particularly ...
Tuesday, 06 June 2017
Chief compliance officer held responsible in Mexican ML case Fine and ban for AML failures The chief compliance officer (CCO) of Banamex USA has been fined US$70,000 and barred from working at financial ...
Monday, 05 June 2017
28. Internal fraud fears soar
(News/Research)
Internal fraud fears soar 30% of financial decision makers worried over insider threat Concerns over internal fraud among financial decision makers have risen by 138% over the last year. Over 30% ...
Friday, 02 June 2017
South Africa fines banks a total of R46.5m Penalties related to AML/CFT failures The South African Reserve Bank fined domestic and international banks a total of R46.5m (Eur3.17m) in 2016 for weaknesses ...
Wednesday, 31 May 2017
Four factors transform security software market Businesses rethink security and risk management requirements The security software market is undergoing a dramatic transformation due to four key developments. ...
Tuesday, 30 May 2017
17-19 September ACFE Fraud Conference Asia Pacific Hong Kong http://www.fraudconference.com/asiapac2017.aspx
Tuesday, 30 May 2017
FCA secures £2.2m confiscation orders Eight convicted of farmland investment scam The Financial Conduct Authority has secured confiscation orders of over £2.1m against people convicted of defrauding ...
Friday, 26 May 2017
Airbus brings in outsiders to probe corruption claims Independent compliance panel will report to CEO Airbus has set up a compliance panel of external consultants to investigate allegations of ...
Tuesday, 23 May 2017
Swift issues customer security guidance New controls policy Inter-bank messaging platform SWIFT is setting global customer security standards and increasing the overall level of transparency on ...
Monday, 22 May 2017
Compliance execs to increase Regtech investment Geopolitical risks create additional layer of complexity A large majority (75%) of anti-money laundering AML professionals say the current geopolitical ...
Thursday, 18 May 2017
PCI compliance cheap compared to EU GDPR say experts If you thought PCI was expensive, then just wait for  the upcoming General Data Protection Regulation (GDPR). This is the warning from Jeremy ...
Wednesday, 17 May 2017
Russian banks fend off cyberattack Banks in Russia have been targeted by a massive cyberattack, according to the countrys central bank. The report of the attack came amid the global cyberattack ...
Monday, 15 May 2017
VR tech company gets half billion funding Applications include cybersecurity UK virtual reality technology company Improbable has raised $502m in a round of Series B funding led by Japans SoftBank. ...
Friday, 12 May 2017
PwC gets record fine for audit failings Regulator flexes muscles amid mounting scouting scandals PwC has been fined £5mm for failings related to its 2009 audit of social housing group Connaught, ...
Thursday, 11 May 2017
Regulator criticised for logo spend Re-design little more than vanity The Financial Conduct Authority has been criticised for spending more than £66,000 on a new logo. Critics say the new design ...
Tuesday, 09 May 2017
41. SEC chairman confirmed
(News/Regulation)
SEC chairman confirmed Trump nominee is sworn in Jay Clayton has been sworn in as the new head of US financial regulator the Securities and Exchange Commission. Corporate lawyer Clayton was the ...
Monday, 08 May 2017
42. Two-factor m-payment codes hacked
(News/Cards and Payments)
Two-factor m-payment codes hacked Attack highlights cybercrime vulnerabilities of mobiles O2 has confirmed that some of its customers across Europe have had their bank accounts plundered by criminals, ...
Friday, 05 May 2017
43. Christine Czuprynski joins McDonald Hopkins
(Jobs & People/Jobs & People)
Christine Czuprynski joins McDonald Hopkins Attorney recruited from Reed Smith Data breach and privacy response attorney Christine Czuprynski has joined business advisory and advocacy law firm McDonald ...
Friday, 05 May 2017
44. PaymentsCompliance appoints van Cann
(Jobs & People/Jobs & People)
PaymentsCompliance appoints van Cann PaymentsCompliance, a provider of independent legal, regulatory and business intelligence to the global payments industry, has appointed Jorden van Cann as commercial ...
Friday, 05 May 2017
Clampdown on proceeds of crime and corporate tax Increased powers and unlimited fines as new legislation is rushed through The UK Criminal Finances Bill has received Royal Assent and is likely to ...
Thursday, 04 May 2017
Malta PM calls election after offshore allegations Claims leader's wife owned secret company The Prime Minister of Malta has called a general election after allegations that his wife owns an offshore ...
Tuesday, 02 May 2017
Financial data breaches skyrocket Compromised records up by 937% in 2016 The financial services industry was attacked more than any other industry in 2016 being 65% more likely to be targeted ...
Friday, 28 April 2017
Global compliance survey: Large companies fall short on expenditure A quarter spend less than US$25 per employee Only 27% of compliance chiefs attend all board meetings Companies across the world ...
Thursday, 27 April 2017
Cybersecurity spend not keeping pace with breach costs Fines and business costs dwarf expenditure levels Global expenditure on cybersecurity is increasing, but is failing to keep pace with the cost ...
Tuesday, 25 April 2017
US plans replacement for Dodd-Frank New law would cut power of regulators US Republicans are planning to replace the Dodd-Frank Act with a new law that will reduce the power of regulators, roll ...
Monday, 24 April 2017
Employees actively by-passing cybersecurity policies Insiders continue to be biggest threat First and last two weeks of employment are the critical periods Ninety-five percent of company risk assessments ...
Friday, 21 April 2017
Kingfisher boss arrested in London Former airline operator and F1 boss faces extradition to India Business tycoon Vijay Mallya faces extradition to India on fraud charges after being arrested in ...
Thursday, 20 April 2017
Coutts fined by Hong Kong regulator Penalty follows others in Singapore and Switzerland The Hong Kong operation of Coutts has been fined HK$7m (US$0.9m) for failures in its anti-money laundering ...
Wednesday, 19 April 2017
Suspected Russian botnet mastermind is arrested Global cybercrime network attacked tens of thousands of computers Spanish police have arrested the Russian spammer suspected of being behind the huge ...
Tuesday, 18 April 2017
Plans for ID verification using official records Banks and government working together on standard UK banks are working with the government on plans to use official records to prove customer identity ...
Thursday, 13 April 2017
SWIFT launches real-time payment controls New fraud and cyber-crime prevention service to flag suspicious transactions SWIFT is launching a new real-time payment controls service which it says complement ...
Wednesday, 12 April 2017
China promises crackdown on iron roosters Regulator warns companies over dishonest dividend practices Chinas chief securities regulator says he will take tough measures on companies that engage ...
Tuesday, 11 April 2017
58. Court approves Tesco DPA
(News/Regulation)
Court approves Tesco DPA Agreement only relates to Tesco Stores Ltd Tesco Stores deferred prosecution agreement (DPA) with the Serious Fraud Office has been approved by the Crown Court. The approval ...
Monday, 10 April 2017
Barclays CEO punished for whistleblower actions Two UK investigations are opened and US regulator considers probe Jes Staley, the CEO of Barclays, has been reprimanded by the banks board for attempting ...
Monday, 10 April 2017
Cybersecurity hampers bank fintech collaborations Institutions facing a compliance quagmire Bank efforts to innovate are being slowed by concerns over the cybersecurity risks of partnering with fintech ...
Friday, 07 April 2017
61. Libor pair are acquitted
(News/Court cases)
Libor pair are acquitted Unanimous verdicts from jury Former Barclays traders Stylianos Contogoulas and Ryan Reich have been acquitted by a jury of charges of conspiracy to defraud. The unanimous ...
Thursday, 06 April 2017
Banks block PSPs due to de-risking issues FCA-regulated firms perceived to be laundering threat Despite efforts by regulators to open up the payments market to new players many payment service ...
Wednesday, 05 April 2017
Europe and US banks fall short on email cyber-risk More banks should deploy protocol to protect ecosystem The vast majority of major banks in the US and Europe are failing to use a recommended protocol ...
Wednesday, 05 April 2017
Global regulators demand more red team testing Initiatives to tackle cyber threat to banks Red team testing is a technique being used by banking and finance firms around the world to respond to ...
Tuesday, 04 April 2017
65. US fraud increases both online and offline
(News/Cards and Payments)
US fraud increases both online and offline Skimming and CNP attacks on the rise Card fraud in the US is increasing in both the eCommerce and card present channels, two new surveys suggest. As has ...
Monday, 03 April 2017
66. CNP drives 2% financial fraud increase
(News/Cards and Payments)
CNP drives 2% financial fraud increase Mobile and biometrics provide long term solutions to ongoing problem Financial fraud losses across UK payment cards, remote banking and cheques totalled ...
Friday, 31 March 2017
AML requirements: Are the stakes increasing? Financial controls for AML continue to rise up the agenda for regulators on both sides of the Atlantic. Financial institutions in Europe must soon comply with ...
Thursday, 30 March 2017
68. Global data breaches up by 86%
(News/Cybercrime)
Global data breaches up by 86% Number of FS breaches down, but total amount of records stolen rockets There were 1,792 data breaches worldwide in 2016 that led to almost 1.4 billion data records ...
Wednesday, 29 March 2017
69. Tesco agrees accounts scandal DPA
(News/Investigations)
Tesco agrees accounts scandal DPA Retailer will also set up scheme to compensate share buyers Tesco has reached a deferred prosecution agreement with the Serious Fraud Office to settle the accounting ...
Tuesday, 28 March 2017
Acquittal rate jeopardises Finland's anti-foreign bribery efforts Serious concerns about court approach Finland has proactively investigated seven allegations of Finnish individuals or companies ...
Monday, 27 March 2017
Banks need their own cyber watchdog Treasury committee head brands current system opaque and headless The UK needs a central point of responsibility to address cyber risk issues in the financial ...
Thursday, 23 March 2017
Malaysian tycoon to be charged in US over 1MDB scandal Whereabouts of financier are currently unknown The United States is planning to file criminal charges against Malaysian financier Jho Low ...
Wednesday, 22 March 2017
73. NCA considers Russian ML investigation
(News/Money laundering)
NCA considers Russian ML investigation UK banks are linked to massive Laundromat operation The National Crime Agency says it will consider opening an investigation after 17 UK banks - including ...
Tuesday, 21 March 2017
US charges Russians for Yahoo cyberattacks Two of accused work for security service Three Russians have been charged by US authorities in relation to the huge 2014 cyberattack on Yahoo accounts that ...
Monday, 20 March 2017
Legacy travel systems put passenger data in danger Three main booking systems vulnerable to hackers Travel bookings worldwide are maintained in a handful of Global Distributed Systems (GDS) built ...
Friday, 17 March 2017
Swiss firm pays U$73m for internal control failures Korean Penalty follows opening of UK investigation Swiss engineering company ABB has reached a settlement to pay a US$73m pre-tax charge on its ...
Friday, 17 March 2017
Government plans AML watchdog to "guard the guards" Funding will come from AML supervisor fee The government is to create a new anti-money laundering watchdog to effectively "guard the guards". The ...
Thursday, 16 March 2017
Russia agencies deny involvement in Yahoo hack Four men indicted, including two Russian intelligence offices Four men, including two Russian intelligence officers, have been charged with participating ...
Thursday, 16 March 2017
Concerted effort to pause rise in financial fraud Take Five Day asks customers to stop and think Financial Fraud Action UK is running a campaign today to highlight the UK£2m lost each day to fraud. ...
Thursday, 16 March 2017
Legacy travel booking systems put passenger data in danger Travel bookings worldwide are maintained in a handful of Global Distributed Systems (GDS) built around mainframe computers linked to the web ...
Thursday, 16 March 2017
New York State cyber rules expected to become global benchmark Risk assessment a central tenet New regulations come into effect in New York State in March, requiring that all regulated financial ...
Wednesday, 15 March 2017
'Explosion' of data coming into hands of regulators Increased risk to FIs and customers from historical information  The amount of data coming into the possession of regulators is rapidly increasing, ...
Tuesday, 14 March 2017
US states are tax evasion hotspots Country emerges as leading secrecy haven for rich foreigners The United States is emerging as a new global tax evasion hotspot, according to a new European Parliament ...
Monday, 13 March 2017
South Korean president ousted after corruption scandal Court upholds parliamentary vote South Korean President Park Geun-hye has been removed from office after the corruption scandal that has thrown ...
Friday, 10 March 2017
Stolen fingerprints the next fraud challenge Use of biometric data in bank accounts highlighted With the rapid adoption of biometric authentication, stolen fingerprints will present the next major ...
Thursday, 09 March 2017
Ad fraud more than double previous estimates Google and Facebook called to account A new study has been published into ad fraud, re-estimating the losses for 2017 at US$16.4bn in 2017 accounting ...
Wednesday, 08 March 2017
MEPs want wider access to BO registers No need to demonstrate legitimate interest European Parliament MPs want wider citizen access to registers of the beneficial ownership of companies. Currently ...
Tuesday, 07 March 2017
88. German laundering law planned for June
(News/Money laundering)
German laundering law planned for June Draft bill extends coverage of gambling sector The German government has published a draft bill to adopt the requirements of the Fourth EU Anti Money Laundering ...
Monday, 06 March 2017
Yahoo lawyer resigns after data hack probe CEO loses bonus over 2014 investigation failures Yahoos top lawyer, Ronald Bell, has resigned, and its chief executive, Marissa Mayer has lost her 2016 ...
Friday, 03 March 2017
90. Bank fined US$8m for AML failures
(News/Money laundering)
Bank fined US$8m for AML failures Regulators impose penalties for money services business activities Merchants Bank of California has been ordered to pay a a total of US$8m by regulators for wilful ...
Tuesday, 28 February 2017
Former IMF boss jailed for embezzlement Corporate credit card fraud at two banks Rodrigo Rato, the former managing director of the International Monetary Fund, has been jailed after being convicted ...
Friday, 24 February 2017
EBA backtracks on strong authentication Exemptions around transaction risk analysis in revised PSD2 draft An increase in the remote payments threshold and exemptions to the use of strong customer ...
Thursday, 23 February 2017
EU financial firms exposed to terror financing risks Lack of access to intelligence highlighted Lack of access to appropriate intelligence from law enforcement is leaving financial firms in the ...
Wednesday, 22 February 2017
80% think mobile wallets are secure US and Indian consumers have most faith in ability of organisations to safely store their data Consumers across the globe are more concerned with protecting ...
Tuesday, 21 February 2017
US banks seek overhaul of 'outdated' AML régime Call for just one agency to regulate large multinationals US banks say the current anti money laundering and counter financing of terrorism (AML/CFT) ...
Friday, 17 February 2017
NCSC boss aims to make UK 'safest place' to work online National Cyber Security Centre officially opens The UK National Cyber Security Centre (NCSC) has opened today (February 14) with its CEO stating ...
Tuesday, 14 February 2017
Accounts fraud case settled after over a decade CEO and CFO at insurer admit culpability The former chief executive of American International Group (AIG) has agreed to settle an accounting fraud ...
Monday, 13 February 2017
98. MEPs reject AML blacklist
(News/Money laundering)
MEPs reject AML blacklist Revised list of countries branded entirely insufficient European MPs have voted down a proposed new anti-money laundering blacklist of high risk third countries. The ...
Friday, 10 February 2017
99. GoCardless hit by burglary
(News/Cards and Payments)
GoCardless hit by burglary Low-tech crime puts customer data at risk Payment processor GoCardless has suffered a burglary at its London base with 19 laptops containing customer data being stolen. ...
Friday, 10 February 2017
Customers trust bank security more than banks Gulf between consumer perceptions and reality Customers have more faith in bank cybersecurity than banks do themselves, according to research from Capgemini. ...
Thursday, 09 February 2017
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