Fraud Alert is your go-to source to discover the latest fraud and scams in the industry. Alerts come directly from professionals working in the anti-financial crime industry. Discover the trends and stay ahead of the curve with insights from subject-matter experts around the globe. Be a part of the global financial crime detection and prevention exchange.
Currently, financial institutions (FIs) and private sector corporations are investing in scaling solutions that will expand anti-money laundering (AML) efforts, improve suspicious activity detection and enhance loss prevention systems. These efforts will simultaneously increase efficiency with minimal impact on operations. In the game of profitability,...
Financial fraud remains a significant threat to the stability and integrity of the European financial system, particularly as digital transactions and cross-border payments grow in both speed, volume and complexity.1 The European Banking Authority (EBA) and the European Central Bank (ECB) have taken active roles...
The banking industry faces an unprecedented challenge in 2024: protecting both its youngest professionals as well as its youngest clients from the deluge of questionable financial “advice” flooding social media. JPMorgan Chase’s recent lawsuits against customers who exploited a viral ATM “hack” highlight a disturbing...
The holiday season, with its surge in shopping, travel and festive activities, is also a peak period for scammers who seek to exploit the spirit of generosity and the flurry of financial transactions. In 2024, as digital technology becomes more integrated into daily life, new...
It was a Tuesday afternoon in a small, well-to-do, southeastern Connecticut town. Nancy was on her laptop checking the afternoon TV schedule from her lower-income senior housing apartment. After clicking the link for the TV guide site and scrolling past NCIS, an alert popped up...
In a testament to its growth, the valuation of cryptocurrencies has quietly surged to an astounding $2.6 trillion, a phenomenon often overlooked by many. In the 15 years since the introduction of Bitcoin, the allure of crypto among investors has sparked significant turmoil, impacting millions...
Payment fraud is not a new issue. Historically, fraudsters had to be patient and willing to engage in time-consuming, manual techniques to carry out their schemes. The process itself acted as a deterrent, adding enough friction to limit widespread fraudulent activity. However, digital tools have...
About two years ago, I wrote an article that made me feel vulnerable from a reputational standpoint. The topic was about fraudulent candidates, and I discussed how I had experienced and been scammed by candidates posing as anti-money laundering or compliance experts. I felt safe...
Creating a legitimate-looking business entity used to be difficult. Making a fake merchant website and fabricating business operations that looked convincing enough to dupe underwriters took time and skill. Now, thanks to the emergence of generative artificial intelligence (GenAI), it is easy—and it is on...
As I was in the midst of writing this article, I received not one but two thoughtful text messages from numbers that I did not recognize, as shown in Graphic 1. Graphic 1: Examples of Job Opportunity Fraud Source: Illustration created by Jon Estreich, CAMS-Audit,...
