In conjunction with Internal Revenue Service Criminal Investigation (IRS CI), the US Financial Crimes Enforcement Network (FinCEN) has released a notice asking financial institutions to report signs of workers’ compensation fraud and payroll tax evasion in the construction industry. The […]
Fraud
The UK’s Payment Systems Regulator (PSR) is conducting two consultations exploring when and how its authorized push payment (APP) requirements will apply when they come into force in 2024. According to Chris Hemsley, Managing Director at the PSR, “The two […]
Authorities in Singapore have made ten arrests, seizing illegal assets worth over S$900 million in simultaneous raids nationwide. The raids were the culmination of a forgery and money laundering (ML) investigation facilitated by the Monetary Authority of Singapore (MAS) and […]
Due to economic pressures, businesses have undergone both external and internal changes that can make them susceptible to exploitation. The numbers are evidence of this, as the total amount of global payment fraud losses for 2021 reached a staggering $41 […]
Over 50 percent of companies disclosed they were victims of fraud between 2020 and 2022, according to PwC’s Global Economic Crime and Fraud Survey 2022. This is the highest percentage of fraud seen in the last two decades of research […]
During seasons of economic volatility, businesses have historically faced numerous enhanced risks to their operations, such as supply chain disruption, staff retention, and cyber threats. In 2023, this has led to an increase in fraudulent activities as fraudsters use advanced […]
According to payment systems company ACI Worldwide, 20 percent of global consumers surveyed in 2022 reported losing money to fraudsters within the past four years. Of those surveyed, 27 percent reported being victims of authorized push payment (APP) scams. In […]
The United States Department of Justice (DOJ) has announced a 16-year prison sentence for Kayricka Wortham, the “mastermind” behind a fraud spanning nearly two years. During her time as Operations Manager for the Smyrna, Georgia-based Amazon warehouse, Wortham stole $9.4 […]
The State of Compliance Webinar Series
The State of Compliance webinar series brings together industry experts from across the compliance sector for a hands-on look at key themes and major issues.
E-money institution (EMI) Payset offers diverse payment solutions, from multi-currency accounts and B2B wallets to currency exchanges and – soon – debit cards. Established in 2018, the company aims to bring financial services up to speed with modern business requirements […]
Triangulation fraud is a big concern for financial firms, yet it can be challenging to detect because, at first glance, all the actors appear legitimate. Firms can improve triangular fraud detection and prevention with smart software that utilizes artificial intelligence […]
If you’ve found this article, the chances are you’re looking for: A fraud detection tool that’s powerful, efficient, and scalable. A way to quickly tell what differentiates leading solutions. A straightforward list of features and use cases. This article summarizes […]