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Featured Fraud

Nigerian anti-graft office charges two Britons in connection with failed gas deal

Nigeria’s anti-fraud office on Monday charged two Britons in the capital, Abuja, for alleged money laundering in connection with an ill-fated gas deal that has left the government facing a disputed bill of more than $9 billion. James Richard Nolan and Adam Quinn pleaded not guilty in an Abuja court… Read More

Credit Card Data Gets Leaked From Site That Sells Stolen Numbers

BriansClub is one of the top underground destinations for buying and selling stolen credit cards, according to security experts. It is known for good customer service, a steady stream of stolen credit-card information and expert quality control. BriansClub also appears to enjoy goading Brian Krebs, a cybersecurity journalist who runs… Read More

European governments move to veto Facebook’s digital money

Major European players are joining forces to block Facebook’s proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday. The firm opposition from France, Italy and Germany added to the mounting resistance faced by the tech giant’s troubled foray into… Read More

21st October 2019

The Good Life of Criminal Suspects Who Flee to Israel

Eddie Abittan, who moved to Israel from France 16 years ago, feels comfortable in his new-ish home. So comfortable, in fact, that when his wife competed in (and won) the reality show “Master Chef Israel,” he showed up with their children, mugged for the cameras, and ran to hug her… Read More

18th October 2019

Indian court jails former MD of PMC Bank as fraud probe deepens

An Indian court on Thursday sent the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, to jail as a probe into an alleged 43.55 billion rupees ($610 million) fraud intensifies. Thomas stands accused in a police complaint of criminal breach of trust, forgery and falsification of… Read More

17th October 2019

Halkbank Charged in U.S. Indictment With Fraud, Laundering

U.S. prosecutors filed criminal charges against Turkey’s Halkbank, accusing it of fraud, money laundering and violating U.S. sanctions against Iran, in a case that Turkish President Recep Erdogan had pressed both President Donald Trump and President Barack Obama to dismiss. Read More

16th October 2019

Ex-Credit Suisse Bankers Will Testify in Mozambique Bribery Case

At least two former Credit Suisse Group AG bankers will testify for the U.S. at a federal trial this week, describing their roles in what the Justice Department says was a $2 billion kickback scam in Mozambique. Andrew Pearse, who headed the global financing group in the bank’s London… Read More

16th October 2019

Shadowy operators power Duterte’s offshore gaming boom

It has created 470,000 jobs. It contributes over $11 billion to the economy. It has even sparked a diplomatic clash with China. The strange thing is, nobody is sure who fully owns it. It’s not as though the Philippine offshore gaming operators who are transforming Manila, known collectively as POGOs,… Read More

16th October 2019

PrivatBank wins London appeal in lawsuit against ex-owners

PrivatBank won an appeal in a London court on Tuesday that allows Ukraine’s largest lender to pursue claims worth billions of dollars against its former owners. The case is part of a protracted legal battle between the Ukrainian government and former owners Ihor Kolomoisky and Gennadiy Bogolyubov after PrivatBank was… Read More

11th October 2019

Guiliani Associate Indicted for Money Laundering Ran Company That Claimed to Combat Fraud

If you’re under federal indictment for money laundering charges, it might be better not to have “Fraud Guarantee” and “Loan Crime Investigation” on your resume. Lev Parnas — one of the Rudy Giuliani associates indicted on conspiracy charges relating to fraudulent campaign donations, including allegedly steering Russian… Read More

10th October 2019

Report Traces Source of U.K. Fraud Office Case Delays

The U.K.’s Serious Fraud Office at times has struggled to appropriately staff cases and process digital materials, an independent government inspector said. The findings were part of a report released Tuesday by Her Majesty’s Crown Prosecution Service Inspectorate, which reviewed six randomly selected SFO cases. The amount of time it… Read More

10th October 2019

Synthetic Identity Fraud Is The Fastest Growing Financial Crime — What Can Banks Do To Fight It?

Synthetic identity fraud is a relatively recent phenomenon that is on the rise. McKinsey claims synthetic ID fraud is the fastest-growing type of financial crime in the U.S. LexisNexis Risk Solutions found that “61% of fraud losses for [large] banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger… Read More

4th October 2019

PMC Bank: ED raids 6 locations, slaps money-laundering charge

The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative (PMC) Bank case, officials said. They said the raids were being conducted after a criminal complaint was filed under the Prevention of Money… Read More

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