Featured Cyber

Synthetic identity fraud worrying U.S. regulators

Synthetic identity fraud, one of the fastest-growing financial crimes in the United States, has become an increasing concern for regulators, as banks struggle to find common ways of tackling the innovative theft technique that combines real and fictitious data about individuals. Estimates over the scale of the fraud vary, but nearly… Read More

Ex-Microsoft dev. gets 9 years in prison over $10M theft involving Bitcoin mixing

Ukrainian citizen Volodymyr Kvashuk, 26, was sentenced in the U.S. District Court in Seattle for 18 federal felonies related to his scheme to defraud Microsoft of more than $10 million. This marks the first case of its kind in the U.S., according to a press release by the Department… Read More

Working together to stop money laundering: A conversation with Marcus Pleyer

The International Compliance Association’s BIG Compliance Festival concluded on a high note last week as financial crime expert and Compliance Week columnist Martin Woods sat down with Dr. Marcus Pleyer, president of the Financial Action Task Force (FATF), for an exclusive interview. In a wide-ranging and forward-looking discussion, Pleyer emphasized… Read More
3rd November 2020
Citigroup Inc.’s chief risk officer will depart as the bank works to overhaul its risk-management systems, the nation’s third-largest bank said Monday. Brad Hu, a 12-year veteran of Citigroup, will remain in his position until the end of the year to ensure a smooth transition, according to an internal… Read More
2nd November 2020
The EU has now imposed its first cyber sanctions regime targeting Russian, North Korean and Chinese actors deemed responsible for cyber attacks against EU member states. In recent months, the US has also pursued similar sanctions and indictments against Russian, North Korean and Chinese actors. Indeed,… Read More
26th October 2020
Washington imposed sanctions on Friday on a Russian research institute tied to the development of a dangerous computer program capable of causing catastrophic industrial damage, a move that Russia called illegitimate. The U.S. Treasury Department alleged that the Russian government-backed Central Scientific Research Institute of Chemistry and Mechanics – also… Read More
23rd October 2020
The European Union imposed sanctions on the head of Russia’s military intelligence, Igor Kostyukov, and another Russian on Thursday, accusing them of stealing Angela Merkel’s emails in a 2015 hacking attack on the German parliament. Russia in May denied the accusations as a “hackneyed story” and said the EU lacked… Read More
21st October 2020
Darkside hackers claim to have extorted millions of dollars from companies, but say they now want to “make the world a better place”. In a post on the dark web, the gang posted receipts for $10,000 in Bitcoin donations to two charities. One of them, Children International, says it will… Read More
16th October 2020
Twenty people have been arrested as part of an investigation into QQAAZZ, a group that police said had laundered millions on behalf of the world’s most prolific cyber criminals. The arrests, part of a multinational investigation that included police in 15 countries, target a notorious gang of so-called money mules… Read More
9th October 2020
With the help of United Overseas Bank (UOB), the police’s Anti-Scam Centre recently recovered more than US$4.91 million (S$6.7 million) stolen from an alleged business email scam — the largest sum recovered since the centre was set up last year. The police said in a media briefing on Thursday (Oct… Read More
7th October 2020
Banks and other financial institutions could be forced to cut ties with cloud providers and other technology suppliers under a draft European Union regulation that aims to limit cybersecurity risks to the sector. National regulators in EU countries could require banks to stop using external technology services if their providers… Read More
2nd October 2020
Companies that assist victims of ransomware attacks in making payments to criminal hackers could face penalties, according to a new advisory from the U.S. Department of the Treasury. The civil penalties would apply to those who assist in making ransom payments on behalf of victim companies or governments hacked… Read More
2nd October 2020
The recent $200 million hack of Singapore-based major cryptocurrency exchange KuCoin has been making headlines, but the difference between this attack and others in the past has been the hacker’s blatant utilization of everyone’s favourite new crypto frontier – DeFi (decentralized finance). The KuCoin hacker must have had a lightbulb… Read More