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24 SEPTEMBER 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: 2645 results found.

Page 1 of 27
Data breaches rocket by 164% ID theft and poor internal security practices blamed There were 918 data breaches worldwide in the first half of 2017, leading to 1.9 billion data records being compromised. ...
Friday, 22 September 2017
US regulator reveals it was hacked Intrusion may have enabled illicit trades The Securities and Exchange Commission says its systems have been hacked, and that the attackers may have had access ...
Thursday, 21 September 2017
3. Call for global measure of economic crime
(News/Bribery and corruption)
Call for global measure of economic crime UN ''best placed' to set up central reporting centre A global measure of economic crime should be set up to improve international efforts at tackling the ...
Wednesday, 20 September 2017
European banks fined ten times more than US counterparts Top 10 European banks have paid US$13.25bn in fines to US regulators since 2012 European banks are under disproportional enforcement ...
Tuesday, 19 September 2017
Equifax latest: Criminal investigation into breach Senators propose new data law following revelations The US Department of Justice has launched a criminal investigation into the sale of shares by ...
Tuesday, 19 September 2017
26-27 October 2017 Big Data Analytics & Effective CEM Strategy in Financial Services World Summit Singapore The Summit draws together highly-regarded expert speakers from across the ecosystem of ...
Tuesday, 19 September 2017
Equifax security chiefs depart after breach Patch failure helped enable intrusion UK customer data compromised due to process failure Equifax says its chief security officer and chief information ...
Monday, 18 September 2017
Should civil and criminal fraud cases be combined? QC wants new fraud courts to fight a war we are not winning Combined courts that hear criminal and civil fraud cases at the same time could help ...
Friday, 15 September 2017
9. State corruption: Stop asset theft at source
(News/Bribery and corruption)
State corruption: Stop asset theft at source More focus should be placed on integrity of local banks Efforts at stopping state corruption in developing countries should put greater focus on ...
Wednesday, 13 September 2017
10. Is bitcoin “a fraud”?
(News/Technology)
Is bitcoin a fraud? Bank CEO says he would dismiss any trader dealing in it Some interesting comments this week from JPMorgan Chase CEO Jamie Dimon, who says bitcoin is a fraud and that he ...
Wednesday, 13 September 2017
Law enforcement and banks plan global information sharing structure UK, Singapore and US agencies combine efforts The success of the JMLIT financial crime data sharing initiative between law enforcement ...
Tuesday, 12 September 2017
12. Analysing the Equifax breach
(News/Data security)
Analysing the Equifax breach 143 million Americans and 44 million Brits have details stolen A data security breach is bad news for any company, but when it happened to Equifax, which makes its living ...
Tuesday, 12 September 2017
13. Cambridge story menu
(Cambridge-Symposium/Canbridge-Symposium)
EXCLUSIVE STORIES AND FEATURES FROM THE CAMBRIDGE ECONOMIC CRIME SYMPOSIUM 2017 Call for global measure of economic crime UN ''best placed' to set up central reporting centre Read here Should civil ...
Monday, 11 September 2017
14. France plugs anti-corruption gaps with DPAs
(News/Bribery and corruption)
France plugs anti-corruption gaps with DPAs New law will enable "tough" corporate penalties The decision to introduce Deferred Prosecution Agreements (DPAs) in France will make it harder for companies ...
Monday, 11 September 2017
Company liability for lack of fraud prevention still under discussion Solicitor general discusses proposal at Cambridge conference With the news that the action against three Tesco senior managers for ...
Friday, 08 September 2017
Tesco fraud trial adjourned as Serious Fraud Office argues case for DPAs DPAs bring in £1m per SFO employee - claim The trial of three former Tesco directors accused of fraud in relation to the supermarket's ...
Friday, 08 September 2017
17. ECB imposes first bank fine
(News/Regulation)
ECB imposes first bank fine Central bank flexes regulatory muscles The European Central Bank has issued its first fine since taking over regulation of banks in the eurozone in 2014. The ECB has ...
Monday, 04 September 2017
Fraud Watch at the 35th Cambridge Economic Crime Symposium For six intense days, 4,000 professionals from across the globe will gather at the Cambridge Economic Crime Symposium in the UK. Fraud Watch ...
Thursday, 31 August 2017
19. PCI security failures stick at 50%
(News/Data security)
PCI security failures stick at 50% No compliant company has ever suffered a data breach Despite stringent Payment Card Industry (PCI) rules, nearly half of companies recently assessed are failing to ...
Thursday, 31 August 2017
Samsung vice-chairman appeals jail term Billionaire found guilty of bribery Samsung Electronics vice chairman Jay Y. Lee intends to appeal the five-year jail term he has been given for bribery and other ...
Wednesday, 30 August 2017
Amex faces major fines for mal-practice and discrimination Inferior terms offered to customers in Puerto Rico and US Territories The Consumer Financial Protection Bureau (CFPB) has taken action against ...
Wednesday, 30 August 2017
German retail boss investigated for accounts fraud Allegations revenue was inflated at subsidiaries The CEO of German clothing and food retailer Steinhof is being investigated for a possible accounting ...
Friday, 25 August 2017
23. Oil & Gas Compliance Exchange
(Events/General)
26 September 2017 Oil & Gas Compliance Exchange Houston,Texas http://oilgasanticorruption.com/
Thursday, 24 August 2017
Fraudsters target 20-somethings Lifestyles drive susceptibility to fraud The number of frauds against those under 30 years old has risen by 6% since 2014, while those aged 50 and up have experienced ...
Thursday, 24 August 2017
17 October 2017 Transaction and Trade Reporting Under MiFID II and MiFIR London With only a few months to go now, the Market in Financial Instruments Regulation and Directive, MiFID II, will come into ...
Thursday, 24 August 2017
20 September 2017 Extension of the Senior Managers and Certification Regime London This conference is being organised in response to demand from the market following our successful summit on this ...
Thursday, 24 August 2017
Compliance boss fined and suspended for faulty SEC filing Regulator crackdown on CCO malpractice continues The chief compliance officer of two investment advisory companies has been fined US$30,000 ...
Wednesday, 23 August 2017
Cryptocurrency investment platform compromised US$500,000 stolen by cybercriminals The Enigma cryptocurrency investment platform has been compromised in a cyberattack that defrauded investors of ...
Tuesday, 22 August 2017
29. Indian mining giant accused of fraud
(News/Investigations)
Indian mining giant accused of fraud Money from inflated invoices allegedly moved into offshore accounts Indian mining conglomerate Adani has been accused of conducting a US$298m financial fraud. ...
Monday, 21 August 2017
Australia to regulate digital currencies Regulator to be given increased powers Australias coalition government has announced plans to regulate digital currencies for the first time. The action ...
Friday, 18 August 2017
Regulators targeting smaller institutions Personal liability adds to KYC responsibilities More than 600 banks and other institutions in the US are to lose their exemptions from federal anti ...
Friday, 18 August 2017
Senior Managers Régime having positive effect Compliance professionals upbeat, despite job becoming more difficult The UK Senior Managers (SMR) has already had a positive impact on the financial ...
Thursday, 17 August 2017
Payments fraud outsourcing model from ai Tech firm will be fully liable for any fraud losses Fraud and risk management company ai Corporation (ai) has today launched its outcome-based fraud service ...
Wednesday, 16 August 2017
Bank CEO to stand down after ML claims Australian boss announces retirement The CEO of Commonwealth Bank of Australia (CAB) is to retire amid allegations that A$90m (US$70.9m) was laundered to Hong ...
Monday, 14 August 2017
Oilfield firm sets up compliance and ethics committee Move amid ongoing SFO bribery and corruption investigation UK oilfield services firm Petrofac, which has been under investigation by the Serious ...
Friday, 11 August 2017
Partnership to tackle application fraud Companies link technologies to fight escalating problem Risk mitigation provider LexisNexis Risk Solutions has joined forces with behavioural biometrics company ...
Thursday, 10 August 2017
Predictive analytics ID verification firm raises US$13.9m Platform uses AI and machine learning techniques ID verification company Socure has closed a $13.9m Series B funding round. New York-based ...
Wednesday, 09 August 2017
38. Denmark told to improve AML system
(News/Money laundering)
Denmark told to improve AML system Laundering and terror financing counter-measures are weak The Financial Action Taskforce (FATF) has told Denmark that it needs to improve the implementation of ...
Tuesday, 08 August 2017
Value of AIM listed tech continues to grow 21.3% increase from start of year despite Brexit The average enterprise value of technology companies on the London Stock Exchange Alternative Investment ...
Tuesday, 08 August 2017
PhD student wins retail cybersecurity prize More than half of reported retail fraud is cyber-enabled A London student has won the British Retail Consortium Retail Cyber Security Student Challenge ...
Monday, 07 August 2017
41. Ransomware ‘hero’ arrested in US
(News/Cards and Payments)
Ransomware hero arrested in US Allegations of involvement with Kronos malware Marcus Hutchins, the British computer expert credited with helping to stop the WannaCry ransomware attack on the ...
Friday, 04 August 2017
Israel PM under investigation for bribery and fraud Three cases against Likud leader Prime Minister of Israel Benjamin Netanyahu is under investigation for bribery, fraud and breach of trust. Israeli ...
Friday, 04 August 2017
Mobile ID scoring firm raises US$40m Technology identifies previously anonymous prepaid subscribers US mobile identity scoring provider Juvo has raised US$40m in a Series B funding round led by New ...
Friday, 04 August 2017
China banks embroiled in overseas ML scandals Cases in Spain, US and Italy highlight failures in controls Major Chinese state-owned banks are at the centre of a number money laundering investigations ...
Thursday, 03 August 2017
Privitar gets major Series A funding Cybersecurity and data privacy provider plans expansion to US Privacy engineering software company Privitar has raised US$16m in a Series A funding round. ...
Wednesday, 02 August 2017
46. Nasdaq buys RegTech startup
(News/Technology)
Nasdaq buys RegTech startup Stock exchange buys tech to catch rogue traders US stock exchange Nasdaq has bought surveillance regtech company Sybenetix for an undisclosed sum UK-based Sybnetix uses ...
Wednesday, 02 August 2017
MIT deploys machine learning to fight fraud Processor tackles sophisticated forms of attack Mexican payments processor MIT is rolling out real-time merchant monitoring to prevent fraud, reduce chargebacks ...
Tuesday, 01 August 2017
US consumers fear bank and ID fraud more than terrorist attacks Loss of money or personal data cuts deep Forty-four per cent of US consumers rate identity theft and banking fraud as their top concern ...
Monday, 31 July 2017
Singapore firm fined US$12m for Iran violations Sanctions penalty for tech company Singapore technology company CSE Global has agreed to pay US$12m for violations by its TransTel subsidiary of US ...
Friday, 28 July 2017
Senior Managers régime extended to almost all regulated firms - Burden to be placed on managers to prove they took suitable steps to prevent misconduct - Extension key to driving 'culture change' at firms ...
Thursday, 27 July 2017
Ransomware encounters up by 11.4% Anti-ransomware initiative tops 100 partners in first year The total number of computer users around the world encountering ransomware increased by 11.4% between ...
Wednesday, 26 July 2017
Nasdaq buys behavioural analytics provider Purchase to improve tech offering to global capital market compliance officers Nasdaq has entered into a definitive agreement to acquire Sybenetix, a surveillance ...
Tuesday, 25 July 2017
Largest global dark market closed down - Site had nearly 20 times as many illegal listings as Silk Road - Another major criminal site is also taken down AlphaBay, the largest criminal marketplace ...
Monday, 24 July 2017
54. RegTech Summit Europe
(Events/General)
September 27 2017 RegTech Summit Europe London http://finance-edge.com/regtecheu/
Friday, 21 July 2017
55. Cyber London Conference
(Events/General)
September 27 2017 Cyber London Conference London http://www.clc2017.co.uk/
Friday, 21 July 2017
56. London Fraud Forum
(Events/General)
October 12 2017 London Fraud Forum London https://www.londonfraudforum.co.uk/conference-overview/
Friday, 21 July 2017
57. 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 Faced with increasing AML penalties ...
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
61. 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
69. 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
74. 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
76. 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
80. 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
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
92. 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
93. 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
94. 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
95. 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
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