Featured Identity Fraud

Ireland: Ex solicitors had 60 fake identities to defraud banks out of €395,000

A married couple who are former solicitors created 60 false identities, donned disguises and paid homeless people for their PPS numbers in order to defraud banks and credit unions of several hundred thousand euro, Cork Circuit Criminal has heard. Keith Flynn (46) and Lyndsey Clarke (37), of Blarney Street in… Read More

NAB’s sex industry woes

Three years after NAB began upgrading its anti-money laundering and counterterrorism-financing program it was still unable to follow its own policies regarding the sex industry, closing accounts of sex workers it promised to support while opening new accounts for businesses it promised not to service. NAB decided it would no… Read More

U.S. Treasury unit warns banks of unemployment fraud

U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More
13th October 2020
It began with a text purportedly from O2. The message informed Stephen Frew that his latest payment could not be processed and asked him to update his card details via a link. Frew duly obliged. Within a week the £21,330 he was about to use as a deposit on a… Read More
1st October 2020
U.S. financial institutions have filed more than 91,000 SARs on potentially illicit payments related to the novel coronavirus pandemic since February, Ken Blanco, director of the Financial Crimes Enforcement Network, said Tuesday. The bureau has also received “hundreds of inquiries” related to anti-money laundering compliance issues during the pandemic, including… Read More
18th September 2020
The U.S. Justice Department charged two Russian nationals who prosecutors say defrauded three cryptocurrency exchanges and their customers, resulting in losses of at least $16.8 million. Danil Potekhin and Dmitrii Karasavidi were charged in the U.S. District Court in San Francisco with aggravated identity theft, conspiracy to commit computer fraud… Read More
15th September 2020
Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures designed to detect problematic transactions, risky trades and anything else that could harm the bank. The expected rebuke from the Office of the Comptroller of the Currency and… Read More
11th September 2020
The Treasury Department has designated Andriy Derkach, a pro-Russian Ukrainian promoting discredited allegations against Joe Biden, for sanctions related to foreign interference in the U.S. election. Derkach, who was previously identified as a malign actor by the intelligence community, met with President Donald Trump’s lawyer Rudy Giuliani in Ukraine… Read More
27th August 2020
Hackers linked to North Korea have used LinkedIn as part of a major heist to steal cryptocurrency, new research has revealed. The notorious Lazarus Group, which was behind the 2014 cyber attacks on Sony, carried out an attack against a cryptocurrency organisation using a tailored job advert posted… Read More
12th August 2020
Donald Trump calls himself the “law and order” president, but when it comes to white collar crime, he has overseen a significant decline in enforcement. The prosecution of securities fraud, antitrust violations and other such crimes has hit a record low as the pandemic slows the courts, according to one… Read More
10th August 2020
Westpac will implement new fraud protection measures within its branch network after flagging a spike in scamming activity since the onset of the coronavirus pandemic. The country’s second largest bank said it will implement new scam detection technology across its national network of bank branches, in an attempt to curb… Read More
10th August 2020
Organised crime syndicates are using online companies such as Airtasker to traffic drugs and stolen goods around the country, with federal police making busts in Melbourne and Sydney involving on-demand courier services. Criminal groups are also taking advantage of the coronavirus crisis to advertise “working from home” opportunities online, using… Read More
10th August 2020
When Ashley lost her position as a French program co-ordinator due to the COVID-19 pandemic, she threw herself into an aggressive search for another job. With experience in sales, marketing and co-ordination, the 25-year-old sent her resume out widely and posted it on Indeed, Linked-in and other reputable career sites. Read More