Credit Unions Embrace AI for Fraud Detection and Prevention
As the battle against financial fraud intensifies, credit unions increasingly turn to artificial intelligence (AI) to bolster their defenses. Kathy Stares, Provenir’s EVP for North America, believes that AI significantly enhances credit unions’ capabilities in fraud decision-making when properly deployed. The urgency of fraud detection Fraud detection and prevention have emerged as top priorities for […]
Silvergate to face lawsuit over alleged FTX exchange fraud
In a significant development within the cryptocurrency banking sector, Silvergate Bank is set to face a class-action lawsuit. This follows allegations from FTX users that the bank played a role in facilitating fraud at the exchange and its affiliate, Alameda Research. The lawsuit received a boost when, on March 20, a federal court in San […]
AI Technology Drives Surge in Fraud Attempts, Warns SEON Report
in a report released by SEON, an end-to-end fraud prevention, and AML platform, alarming revelations have surfaced regarding the exploitation of artificial intelligence (AI) in driving fraudulent activities within the fintech industry. The report, titled “Fraud Trends 2024,” draws attention to the increasing sophistication and frequency of fraud attempts, fueled by advancements in technology. AI […]
South Korea sentences Bitsonic execs in $7.5M crypto fraud case
In a significant development within the South Korean cryptocurrency sector, the Seoul District Court has handed down sentences to two executives of the Bitsonic cryptocurrency exchange for their roles in a fraud scheme that resulted in a $7.5 million loss for investors. Bitsonic’s CEO, Jinwook Shin, received a seven-year prison term, while the vice president […]
Trio arrested for $10M bank fraud scheme involving cryptocurrency
Three individuals have been arrested and charged in connection with a sophisticated bank fraud scheme that saw them steal over $10 million from banks and financial institutions. Zhong Shi Gao, Naifeng Xu, and Fei Jiang face multiple charges, including bank fraud conspiracy, wire fraud conspiracy, money laundering conspiracy, and aggravated identity theft. The arrests were […]
UK Social Market Foundation Calls for Action Against AI-Enabled Fraud
In the lead-up to the Prime Minister’s AI summit, the UK’s Social Market Foundation (SMF) has issued a strong call for a comprehensive approach to combat fraud, emphasizing the critical role artificial intelligence (AI) plays in this battle. The SMF’s briefing highlights the urgency of addressing the rising threat of fraud, which has taken a […]
The Impact of AI on Video Content and Its Regulation
Artificial Intelligence (AI) has recently witnessed significant progress, notably in video content manipulation. These cutting-edge AI applications enable the translation of spoken words into multiple languages while accurately replicating the speaker’s voice. While this advancement holds immense promise, it has also raised concerns about potential misuse and deception. The concerns surrounding AI deception and manipulation […]
Fraudulent $1 Billion OpenAI Investment Exposed on London Stock Exchange
In a startling revelation, a fabricated announcement of a substantial $1 billion investment in OpenAI, the mastermind behind ChatGPT, has been successfully removed from the London Stock Exchange (LSE) website. The hoax announcement, which originated from an undisclosed source, falsely claimed that the US private equity firm Ripplewood would be infusing a substantial sum into […]
Lawyer makes urgent plea to reopen $4 billion Onecoin investigation
Onecoin victims’ lawyer, Dr. Jonathan Levy, is urging Bulgarian authorities to reopen an inquiry into the fraudulent $4 billion crypto scheme and recover assets to compensate his clients. The lawyer has asked Sofia officials to consider the latest developments in the case, including a murder that happened recently in South Africa involving a Bulgarian crime […]
The FBI issues warning as crypto job scams and labor trafficking surge
The U.S. Federal Bureau of Investigation (FBI) has recently expressed deep concern over a new cryptocurrency job scam circulating among U.S. citizens and those residing or traveling abroad. The fraud, audaciously linked to labor trafficking, has raised the specter of a disturbing trend in the crypto job market. The FBI’s warning, issued on May 22, […]
Eddy Alexandre, crypto and forex platform CEO, pleads guilty to $248M fraud scheme
Eddy Alexandre, the CEO of the supposed crypto trading website EminiFX, has pled guilty to commodities fraud in a New York district court, promising to repay millions of dollars to investors who lost money as a result of his “cryptocurrency investment hoax.” Eddy Alexandre, 51, of Valley Stream, New York, was arrested in May 2022 […]
NY Attorney General wants to hear from defrauded investors
The recent bearish wave brought many crypto companies to their knees as they couldn’t stand the losses. The result of these changes was the increasing trend of collapse and defaulter. While some companies have gone for lay-offs to ensure that they make up for their losses. As there are possible chances of a scam, NY […]
Spanish crypto scammer arrested for $1 billion fraud
Alleged Crypto scammer detained in Spain Authorities charge him with money laundering and fraud. In Spain, law enforcement agents have arrested a crypto scammer, Santiago Fuentes, who founded and operated a crypto trading firm that was used to defraud over 100,000 people allegedly. The crypto company used for the alleged scam, Arbicorp, is renowned for […]
UK police fail to see $3 million fraud as a crime
Lyfecoin scam costs $3 million Police dismiss case, cite insufficient evidence UK police have stirred controversy today after ruling that no crime was committed in an alleged case of fraud. Investors estimate that the scam has cost them approximately three million dollars. Last Tuesday, the British newspaper Metro published an expose about a cryptocurrency start-up […]
MetaMask to help crypto fraud victims retrieve stolen assets
Metamask, developed by ConsenSys, has partnered with Asset Reality. The partnership will enable users to access and reclaim seized crypto and digital assets to combat crypto fraud. The union will provide help to victims of the MetaMask fraud and phishing attacks in their efforts to retrieve their valuables. According to MetaMask, there are many phishing […]
Beanstalk Farms: Fraudster exploits worth $182M due to governance exploit
TL;DR Breakdown A governance flaw has led to a big exploit in the collateral of the Beanstalk Farms. The malicious actors took benefit of the possible breach in the collateral system, wiping it. The damage caused the loss of the whole amount of the collateral of Beanstalk Farms, which amounts to $182 million. Fraud and […]
California Legislator Backs Blockchain To Combat Unemployment Fraud
TL;DR Breakdown California Member of Assembly proposes the use of blockchain technology as a solution to fraud cases on employment status. Unemployment benefit fraud is a serious problem in the United States. Application of blockchain in governance. A member of the California State Assembly has put forward a bill that suggests the use of blockchain […]
FTM DeFi project Grim Finance loses $30 M in targeted exploitation
TL;DR Breakdown An FTM-based yield optimizer Grim Finance loses FTM tokens worth an estimated value of $30 M. Grim has classified the attack as highly advanced and contacted DAI and Circle to suspend further withdrawals. An FTM-based DeFi protocol, Grim Finance, has suffered an immense loss through a cyber attack that claimed FTM tokens worth […]
Monero multisignature wallet code compromised
TL;DR Breakdown A bug has been identified in the monero multisignature code. Customers’ funds could be at risk if they transact with untrusted parties. The monero team is working to find a solution as soon as possible. The users and participants of the Monero ecosystem have been alerted to inconsistencies in the network. According to […]
Shiba Inu supporters, are you in the right room?
TL;DR Breakdown Scammers impersonate SHIB admin to trick the users. SHIB teams call upon all users to be on the lookout as fraudsters compromise them. Crypto scams have taken an upward trajectory. Shiba Inu developers have warned the public to be wary of an ongoing scam. They issued an alert on Twitter. The team said the hoax is […]
South Korea apprehends 33 crypto offenders, charges them for $1.4B fraud
TL;DR Breakdown South Korea apprehends 33 crypto offenders for siphoning $1.4 billion. The crypto offenders forged remittance records to aid their laundering activities. South Korean crypto tax to commence in 2022. The South Korean crypto fraud saga Over the past 8 weeks, the Seoul Central Customs (SCC) has apprehended 33 persons and determined their involvement […]
Cryptocurrency frauds: Russia and the U.S. tops list
TR;DR Breakdown: Russia and the U.S dominate the list of countries involved in crypto fraud. Russia imposed a ban on holding of cryptocurrencies. Chainanalysis reports that the United States and Russia are dominating the world as regards cryptocurrency frauds in the past year. In-depth analysis shows that Russia is primarily involved in the darknet, particularly […]
How CitaBit recruits advisors in 3 simple steps
Crypto industry’s biggest challenge against adoption is not regulation, but the shortcuts adopted by others in the industry and frauds. Deception is no less than a fraudulent activity. The first principles approach is so essential these days that we need to think about everything we do from that perspective. It’s a common trend for blockchain […]
Bitcoin: can it hide alarming criminal behaviors?
The conviction of former Microsoft employee, Volodymyr Kvashuk, who used Bitcoin (BTC) to convert his stolen gift cards to cryptocurrency, highlights the accountability of cryptocurrency and cryptocurrency platforms. Crypto assets can’t hide criminal behavior, which is one more reason to incorporate cryptocurrency into our current banking and finance systems. How the Bitcoin fraud started…and ended […]
Desperate Harvest Finance offers $1 Million Bounty for Hacker
Harvest Finance put out $1 million bounty for Hacker Hacker stole over $24 million in crypto from customers Controversial DeFi exchange Harvest Finance has now offered a bounty of $1 million to whoever can give them the hacker(s) identity responsible for the October 26th theft of over $24 million in cryptocurrency from their customers’ crypto-wallets. […]
Inside US regulators ongoing war with financial crime
A proposed amendment will require businesses to divulge foreign transactions valued over $250 Part of a broader push by the government to combat crypto’s use in money laundering US regulators have created an amendment to existing legislation in the ongoing war with financial fraud. The proposed amendment will force businesses to gather and share data […]
DOJ Cybercrime Taskforce hopes to increase regulation of cryptocurrency platforms
DOJ publishes 83-page report detailing plan regulate cryptocurrency usage DOJ already seizing crypto accounts used by hackers and charging crypto exchanges with fraud DOJ Cybercrime Taskforce hopes to increase regulation of cryptocurrency platforms Since 2010, the line between traditional financial crime and cybercrime has grown increasingly blurry – a problem compounded by the advent of […]
Electrum Wallet scam defrauds wallet users through fake updates
Malware users are targetting unsuspecting crypto users through an Electrum Wallet scam asking for their credentials. The malicious actors are targetting users that are still using an older version of Electrum. The attackers find victims using fake Electrum servers to send pop-up messages to people using the wallet’s old version. These popups encourage people to […]
BitMart Exchange partners with top cybersecurity solutions provider
Renowned crypto exchange firm, BitMart Exchange, has recently revealed its intentions to enter into a partnership with a cybersecurity firm, Hacken, to make crypto trading safer. In the tweet that was released, BitMart Exchange lamented the number of losses that clients have had to endure while saying this new development will be a groundbreaking innovation. […]
Bitcoin fraud: Serbian Deputy Prime Minister’s identity stolen
Bitcoin fraud using the likeness of a Serbian official uncovered on Instagram The person that goes by Melissa Brodbeck used the identity of Serbian Deputy PM to represent her business Serbian Government has issued a warning Recent bitcoin fraud has led to Serbian Deputy Prime Minister, Zorana Mihajlovic, Ph.D., become known abroad as a person […]
Could a Forsage scam collapse push ETH price lower?
An Ethereum trader has cried out that the new Forsage scam that is carried out with Ethereum could drag the price of the digital asset down. 2019 saw one of the biggest scams of Ethereum take place in which the developers were able to cart away with nothing less than $2 billion in crypto. Even […]
SWIFT and BAE Systems divulge crypto laundering tricks
The popular financial firm, SWIFT has partnered up with British intelligence outfit, BAE Systems to give a detailed report into crypto laundering activities by hackers. According to the study released by (British Aerospace) BAE Systems and Society for Worldwide Interbank Financial Telecommunication (SWIFT), the process of crypto laundering is very technical and requires high-level knowledge […]
Anubis malware: a malicious crypto wallet on the prowl
Reports claim a new Anubis malware that was created has entered into the crypto space and is in turn threatening most wallets in the space. The malware which goes by the name Anubis was recently developed and has been modified for 100% effectiveness. The Anubis malware is presently going around on the internet and is […]
Russian hackers arrested after failed attempt to hack Tesla Gigafactory
A group of Russian hackers have been caught after a failed attempt to attack computers at Tesla with ransomware. The detailed report which was shared by a news outlet, Electreck, said that the Russian hackers made attempts to install malware into the computers at Tesla in a bid to hold them for ransom when it […]
Ransomware attackers send bomb threat emails in Austria, demand ransom in bitcoins
Austrian police have announced that bomb threats via email have been sent to businesses with reports claiming attackers demand ransom in bitcoins. In the announcement released by the Austrian police, the threat emails were sent to businesses and investments located around Austria. Presently, police have no idea of a specific location where the bombing might […]
Boon.Tech to pay $600K penalty over unregistered ICO
Boon.Tech has been charged by the United States Securities and Exchange Commission (SEC) for conducting an unregistered initial coin offering (ICO) and defrauding investors. The agency publicized legal action against the project claiming that the project’s Boon Coins were securities while the firm failed to register them as such. The firm is now required to […]
45yo man admits to attempting to purchase chemical weapons with Bitcoin
45-year old Jason William Siesser from Columbia, Missouri, has pleaded guilty to charges against him, for attempting to purchase chemical weapons with Bitcoin through the dark web. While Siesser awaits his sentence hearing, he is most likely to face five years in federal prison without parole. Siesser ordered $150 chemical weapons with Bitcoin According to […]
Anonymous wallet deposits ban: a foretaste of December?
In what can be said to be a kick against money laundering and financial fraud, the Russian government championed by the legislature has placed a ban on anonymous wallet deposits in the country. The passage of the ban is separate from the actual regulatory framework for the crypto industry set out in the bill “On […]
Banana Fund: US authorities seize $6.5M in crypto from alleged Ponzi scheme
The United States Department of Justice (DOJ) has confiscated $6.5 million of cryptocurrencies from the operator of Banana Fund. The unnamed administrator allegedly plotted and conducted a scheme to defraud investors using “interstate wires.” The project was investigated by the US Secret Service that filed a forfeiture suit against the operator. Banana Fund The project’s […]
Crypto-related scams in Russia skyrocketed exponentially during the first half of 2020
Cybersecurity companies have concluded that crypto-related scams in Russia have seen a rapid rise over the first half of 2020. Moreover, researchers have highlighted about 23,000 active websites involved in cryptocurrency scams in Russia, still actively looking for more victims to defraud. According to a new report by Kommersant, citing a new study conducted by […]
