Featured Cyber

How cryptocurrency scams work

By Nir Kshetri, University of North Carolina – Greensboro Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in… Read More

Hobbling Huawei: Inside the U.S. war on China’s tech giant

In early 2018, in a complex of low-rise buildings in the Australian capital, a team of government hackers was engaging in a destructive digital war game. The operatives – agents of the Australian Signals Directorate, the nation’s top-secret eavesdropping agency – had been given a challenge. With all… Read More

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

By Iwa Salami, University of East London The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what is perhaps the most profound development since the birth of cryptocurrencies through… Read More
17th May 2019
Police in six countries have dismantled a complex cybercrime network that operated from Eastern Europe and fleeced victims – including small businesses and charities – of some $100 million, Europe’s police agency said on Thursday. The GozNym network, led by a man from Tbilisi, Georgia, used phishing emails to infect… Read More
15th May 2019
Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More
10th May 2019
Hackers who stole bitcoin worth over $40 million from the major Binance cryptocurrency exchange have moved the tainted coins to a number of digital wallets, researchers said on Thursday, potentially throwing up clues to those behind the heist. Binance, one of the world’s biggest exchanges, said on Wednesday that hackers… Read More
9th May 2019
The UK’s Financial Conduct Authority (FCA) is increasingly turning to machine-learning technology to identify companies and individuals that launder money and pose other risks to the financial sector, an official said Wednesday. As part of that effort, the FCA is backing the development of technical solutions, particularly in relation to… Read More
9th May 2019
U.S. prosecutors have filed money laundering charges against two Israelis who allegedly made millions of dollars operating a website connecting customers to sellers of fentanyl, heroin, guns and other illegal goods, the Justice Department said on Wednesday. It said Tal Prihar, an Israeli living in Brazil, and Michael Phan, an… Read More
18th April 2019
The UK in the coming year will seek to extend a senior management accountability program to new firms, toughen its oversight of professional bodies and reform how it processes suspicious activity reports, two agencies disclosed. The Financial Conduct Authority (FCA) said in a 2019/2020 business plan published Wednesday that… Read More
1st April 2019
After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon’s Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move. In July he became chief compliance officer at cryptocurrency exchange Coinbase, taking a leap into the more lightly regulated… Read More
28th March 2019
Cyber attackers are more frequently and more effectively targeting core banking systems, including payment messaging and transaction authorizations, according to a recent report by the Carnegie Endowment for International Peace. While targeted network intrusions against banks have become a weekly occurrence, cyber crooks have become harder to detect and investigate… Read More
15th March 2019
Canadian regulators are looking to create new rules for crypto trading platforms, months after the death of the founder of digital platform Quadriga CX that led to about C$180 million ($135 million) in frozen cryptocurrencies. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization… Read More
26th February 2019
With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More