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.
On March 2, 2024, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)1 experienced a major cyber incident. As a security precaution, FINTRAC has taken most of its corporate systems offline (including reporting systems) to ensure their integrity and to protect the information that...
Banking as a service (BaaS) is “the provision of banking products and services through third-party distributors.” Partnering with a financial technology (fintech) organization allows financial institutions (FIs) to reach a larger market share and offer niche products to their customer base. In a recent trend...
We dreamt of adding a puppy to our family after a lovely weekend of dog-sitting. As I scrolled through the internet, our excitement turned to dismay as we uncovered the concept of puppy laundering: The deceptive practice of marketing puppies from mills as rescued dogs....
The Homeland Security Investigations (HSI) Cross-Border Financial Crime Center (CBFCC) is alerting U.S. financial institutions (FIs) of the prevalent use of counterfeit Chinese passports by money laundering organizations to facilitate criminal activity. Operating throughout the U.S., Chinese money laundering organizations (CMLOs), including those with suspected...
Device intelligence, as the name suggests, is the approach of collecting all the data about a device, analyzing it and creating a digital fingerprint of the device to ascertain the identity of the user. The goal of device intelligence is to facilitate early fraud detection,...
The Financial Crimes Enforcement Network (FinCEN) has released several publications asking financial institutions (FIs) to be on the lookout for elder financial abuse and to report this abuse when it is identified. While focusing on the elderly, it is a critical function to protect a...
Conozca los últimos esquemas de fraude, incluidos los que involucran aplicaciones bancarias, multibancas y pasaportes, entre otros. Fraude con las aplicaciones bancarias Los clientes están depositando cheques oficiales en la aplicación móvil de un banco sin endosos restrictivos después depositan el papel en otra entidad...
In an era where technology is growing at an unprecedented pace, the rise of deepfakes has sparked a new wave of concern across industries. The ability to manipulate video and audio content with remarkable precision has left businesses pondering the implications of this advanced technology....
What is happening with check fraud? Fraudsters are stealing business’s checks from the mail. They then open a fake business account as the payee on the check and deposit. These items have an extended return window. Banks have taken multiple losses of over $100k with...
How are fraudsters defrauding financial institutions (FIs)? Fraudsters open accounts at multiple banks using fraudulent or stolen passports. Fraudsters send checks and Zelle transfers from one FI to another to build a relationship and balance. Fraudsters then send items that do not have a balance...
