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FinCEN issues warning on cryptocurrency being used by Mexican Drug Cartels 2%-5% of the worlds GDP — or $2.22 to $5.53T — is laundered Cryptocurrency makes up only .47%, or one-half of one percent, of money laundered On June 20, 2024, the US Financial Crimes Enforcement Network (FinCEN) issued an updated advisory to US financial…

Check fraud is on the rise Fraudsters require depositor information to pull off scams ID theft is growing as a result Jenna Herron, a columnist at Yahoo Finance, recently found herself on the wrong side of a case of identity theft. Not long ago, someone posed as me at three bank branches and drained thousands of…

Overall banking fraud is climbing Account takeover fraud is now surpassed by authorized payments scams While check deposits are down, check fraud is up 33% NICE Actimize has gathered and published some in-depth research that clearly shows a precipitous rise in banking fraud, which is understandably a growing concern for Financial Institutions (FIs) and consumers…

Many parts of the U.S. have been on the blunt end of some “interesting” weather of late. Whether it’s flooding rains, high winds, or excessive heat, it’s been important to be “weather aware.” Effective weather prediction — the kind that helps you postpone that camping trip when storms are ahead, or make sure the snowblower…

Check fraud is on the increase and touching more and more depositors Over half of financial institutions report checks as the payment method most impacted by fraud Technology currently exists to combat the threat Detecting check fraud is — to say the least — complex. There are many variables that need to be considered, along…

Fraudsters use fake LLCs to perpetrate schemes Even careful consumers can be fooled  Consortiums are vitally important to combat this type of tactic A few weeks ago, we talked about the ease with which fraudsters open LLCs in order add an additional layer of “realism” to their schemes. While setting up a fake business is…

ATMS are more popular than ever Their popularity makes ATMs ripe targets for thieves Legislation has been introduced in the U.S. aimed at curtailing these thefts As reported by the American Banking Institute, ATMs — deposit and withdrawal devices that are more popular than ever — are becoming goldmines for thieves. ATMs have become lucrative…