Featured Identity Fraud

EU Won’t Stop Member States From Seizing Assets of Accused

European Union regulations don’t prevent countries from confiscating assets from someone charged with civil offenses or not yet convicted of a crime, the EU’s highest court ruled Thursday. The question before the five-judge panel of the European Court of Justice was whether Bulgaria was allowed to confiscate assets from Tsvetan… Read More

Sydney man allegedly stole identities to net $11m from life savings, superannuation

A 31-year-old man has been charged over an $11 million cyber fraud in which he allegedly obtained the financial profiles and identities of more than 80 people to create fraudulent bank accounts and steal from their savings and superannuation accounts. Adam Jones, originally from South Australia, was arrested at a… Read More

Belgium’s main banks will start sharing personal data using blockchain

Belgium’s four major banks, Belfius, BNP Paribas Fortis, ING Belgium and KBC, will now use a blockchain to simplify their customer services, the Isabel Group announced on Wednesday. The four will use the Kube application, which will allow them to share businesses’ data between them and thus facilitate the verification… Read More
26th December 2019
UK authorities have put a Chinese man behind bars for renting out hundreds of properties to gangs to be used in prostitution, drug trafficking and human smuggling. Feng Xu was arrested in Birmingham, England in May 2019 and was sentenced on Friday to more than seven years in prison… Read More
20th December 2019
Goldman Sachs is negotiating with federal prosecutors to pay a fine of as much as $2 billion, and have a subsidiary plead guilty to settle claims about its role in a scheme to loot billions from a sovereign wealth fund in Malaysia, according to two people with knowledge of… Read More
11th December 2019
The financial technology industry that’s upending consumer finance could be the solution to a kind of identity fraud that’s dogging traditional banks and fintech companies alike. It’s called synthetic identity fraud, where instead of stealing one person’s information, criminals synthesize a false identity using information from many people — usually those… Read More
1st November 2019
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence. The FATF (Financial Action Task Force) has issued draft guidance clarifying how digital ID systems can be used for CDD (customer due diligence), reflecting… Read More
10th October 2019
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
17th September 2019
A national bank regulator is trumpeting his agency’s oversight as a good business proposition. Banks are taking him up on it. Fifth Third Bancorp is the latest company to seek supervision from Trump-appointed regulators who have struck a friendlier tone with the industry. The Office of the Comptroller of… Read More
20th June 2019
British financial institutions are filing high volumes of low-quality suspicious activity reports (SARs) and are in need of further guidance on their compliance obligations, according to a report published Tuesday by the Law Commission. The study, which was conducted at the behest of the UK Home Office, concluded that only… Read More
12th June 2019
It is one of the most ambitious anti-money laundering (AML) bills presented to the US Congress in years, though its greater distinction may be that it arrives with something harder to come by than ambition on Capitol Hill: bipartisan support from well-placed lawmakers. Four members of the Senate Banking Committee—Sens. Read More
7th June 2019
Tens of thousands of people are expected to take to the streets of Hong Kong on Sunday in a bid to block changes to the Chinese-ruled city’s extradition laws, which could pave the way for fugitives wanted by mainland China to be sent across the border for trial for the… Read More
6th June 2019
An opposition politician has collected 680,000 signatures to push for Hungarian membership of a planned European Union prosecutor’s office (EPPO), a step rejected by Budapest’s eurosceptic nationalist government. Due to be launched in 2020, the EPPO will be geared to investigating and pressing criminal charges in cases crossing borders of… Read More