December 5, 2024 at 01:18AM The U.K. National Crime Agency led Operation Destabilise, disrupting Russian money laundering networks, resulting in 84 arrests and the seizure of £20 million ($25.4 million). The U.S. Treasury sanctioned several individuals linked to these networks, which facilitated sanctions evasion and organized crime across multiple regions, including the U.K. and South … Read more
November 7, 2024 at 05:33PM In 2024, Canadian banks report a 34% decrease in fraud cases, but customers may still lose as much as $569 million, mostly due to high-value impersonation scams. BioCatch notes fraud strategies are shifting towards targeting fewer individuals for larger amounts, with younger victims emerging as primary targets. ### Meeting Takeaways … Read more
October 12, 2024 at 01:18AM The U.S. Department of Justice announced arrests in Operation Token Mirrors, targeting individuals accused of manipulating cryptocurrency markets. The FBI created NexFundAI as part of the investigation. Eighteen entities are charged with wash trading, resulting in over $25 million in confiscated cryptocurrency and multiple arrests across several countries. ### Meeting … Read more
September 27, 2024 at 10:21AM Visa intends to acquire Featurespace, a developer of real-time AI payments protection technology. Featurespace’s solutions analyze transaction data to detect fraud and financial crime. The acquisition is expected to enhance Visa’s fraud detection capabilities and provide benefits to financial institutions and consumers. The transaction is set to close in fiscal … Read more
August 7, 2024 at 07:37AM Interpol recovered over $40 million in a recent business email compromise heist within two days of the crime. The victim company was scammed into sending funds to a fake supplier account in Timor-Leste. With the assistance of local police, $39 million was intercepted, and seven arrests made. Despite this, the … Read more
August 6, 2024 at 12:12PM INTERPOL introduced a “global stop-payment mechanism,” aiding recovery of funds in the largest-ever business email compromise (BEC) scam. A Singaporean firm lost $42.3 million to a fraudulent supplier but through INTERPOL’s mechanism and arrests, $39 million was recovered. Additionally, a cryptocurrency exchange, Cryptonator, and its founder face indictments for alleged … Read more
August 1, 2024 at 11:30AM The FBI cautions about scammers impersonating cryptocurrency exchange staff to defraud people. Precaution is advised to safeguard funds. Based on the meeting notes, the FBI has issued a warning about scammers who are pretending to be employees of cryptocurrency exchanges in order to fraudulently take funds from unsuspecting victims. It’s … Read more
July 26, 2024 at 10:30AM Russian-speaking threat actors accounted for over two-thirds, surpassing $500 million, of all ransomware crypto proceeds in the previous year, according to TRM Labs. North Korea leads in cryptocurrency theft, with Asia leading in scams and fraud. Russians dominate in malicious crypto activities, encompassing cybercrime, illicit exchanges, and darknet markets. From … Read more
July 17, 2024 at 02:35PM Operation Jackal III, a global law enforcement campaign targeting West African crime groups for online financial fraud, led to 300 arrests, identified 400 suspects, and blocked access to 700 bank accounts. Assets totaling $3 million were seized, weakening the influence of syndicates like Black Axe involved in cyberfraud, human trafficking, … Read more
July 17, 2024 at 09:00AM Interpol’s Operation Jackal III targeted West African criminal networks and resulted in the arrest of 300 individuals, seizure of $3 million, and the freezing of 720 bank accounts. The operation aimed to combat online financial fraud and syndicates operating globally. Notably, the Black Axe group, involved in various criminal activities, … Read more