Financial CrimeRSS

Wells Fargo fake bank account scam gets bigger

Under pressure

The scandal of employees at Wells Fargo creating 2.1 million fake bank accounts and credit card numbers to boost sales figures has just got bigger. After an expanded third-party review of retail banking accounts dating back to the beginning of 2009, Wells Fargo reveals that the number is in fact 3.5 million accounts. As reported […]

Mizuho primes for financial crime with IBM Watson time

Mizuho

Mizuho is testing out new ways of risk management and dealing with financial crime by using IBM Watson’s cognitive technology. The plan is to use the Watson-powered software, which runs on the IBM Cloud, to analyse a range of data sources, including retrieving news sources and extracting data using screening technologies, that were previously done […]

Nordea and Danske Bank being investigated for money laundering

denmark flag 1

Nordea is now keeping people informed about an ongoing investigation by the Danish Prosecution Service into its alleged anti-money laundering (AML) violations. By way of recap, it follows criticism by the Danish Financial Supervisory Authority (DFSA) in June 2016 regarding AML transgressions by Nordea Bank Danmark. According to Danish newspaper Berlingske, the money laundering involves […]

“Jihadi capital” Belgium most lenient country on money laundering

Belgium 1

Belgium – the “Jihadi capital of Europe” – is the European Union’s (EU) most lenient country on money laundering despite its role in terrorist financing, according to anti-money laundering (AML) firm Fortytwo Data. With refreshing frankness in the usually jargon-soaked and platitude-drenched world of fintech, Fortytwo Data says the EU’s disjointed approach to the fight […]

Lloyds Bank target of Trickbot banking trojan

Cyber crime

Trickbot is back, new and improved, and is targeting customers of Lloyds Bank in the UK in a new phishing campaign, according to cybersecurity specialist Cyren.

BioCatch partners with LexisNexis to leverage data and analytics for better risk management

BioCatch and LexisNexis team up

Behavioural authentication and threat detection company BioCatch teamed up with risk management company LexisNexis Risk Solutions in an effort to reduce losses caused by fraud.

Blockchain and Bitcoin round-up: 3 August 2017

Blockchain

Following on from Tuesday’s (1 August) round-up, here’s more action from the busy blockchain and Bitcoin scene. Features Gwyneth Paltrow (yes, really), Abra, Gibraltar Stock Exchange and WannaCry. Actress and food writer Gwyneth Paltrow has joined Abra, a Bitcoin-based digital wallet app, as an advisor. In an episode of American reality show “Planet of the […]

UK Government has another run up at encryption

uk flag

UK Home Secretary Amber Rudd has taken another dim-witted swipe at end-to-end encryption claiming that terrorists are the only ones who care about it, reports Telecoms.com (Banking Technology‘s sister publication). It’s the latest chapter in one of the most short-sighted and ill-informed books available today, as Rudd has continued her moronic quest to make the […]

Belize’s central bank selects Swift to combat financial crime

New addition to Swift's network

The Central Bank of Belize has chosen Swift’s Sanctions Screening solution to combat financial crime and put in compliance controls. The bank says: “Implementing the right compliance controls within an organisation is not only a regulatory responsibility, but also a priority for global security.” Juan Martínez, managing director Latin America and the Caribbean, Swift, says […]

Italy’s largest bank UniCredit gets hacked

UniCredit in technology standardisation drive

Italy’s largest bank UniCredit has been the victim of a security breach due to unauthorised access through an Italian third-party provider to customer data – with up to 400,000 customers potentially affected. The incident is confined to Italy and relates to personal loans only. The bank says a first breach seems to have occurred in […]

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