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ATM Skimmer pleads guilty in Rhode Island federal court

Skimming continues to be a problem for ATM machines and law enforcement continues to try to combat the problem. Skimming devices are attached to credit and debit card and ATM machines in order to intercept debit and credit...more

In Case You Missed It: Launch Links - April 2016 #4

Some interesting links we found across the web this week: - House of Representatives approves bill requiring warrants for email searches - It was a productive week on the Hill, as the House passed the Email...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

How to Avoid or Respond to Wire Transfer Fraud

Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

Department of Justice Indicts Seven Iranians for State-Sponsored Hacking

The Department of Justice has announced the indictment of seven Iranian hackers alleged to work for the Iranian government on charges stemming from a coordinated string of distributed denial of service (“DDoS”) attacks...more

Cyber prosecutions update

The feds have been busy on the cyber prosecutions front. First, on March 18, 2016, the FBI announced that a multi-agency collaborative effort blew up an identity theft ring whose leader was an inmate in a Georgia prison. The...more

Bitcoin traders allegedly bribe pastor to conduct transactions

New York federal prosecutors allege in an unsealed indictment that Trevor Gross, a New Jersey pastor at Hope Cathedral and Chairman of a credit union, was bribed $150,000 by illegal bitcoin traders to complete transactions...more

European Parliament Draft Report Calls for the Creation of Task Force Devoted to Digital Currencies

A new report published by the European Parliament’s Committee on Economic and Monetary Affairs calls for the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and...more

SEC Speaks 2016: Enforcement Panels Double Down on Use of Data Analytics

Data collection and analysis continue to impact SEC’s approach to enforcement. The increasing use of data analytics to jump-start investigations and enforcement efforts dominated the panel discussion at this year’s...more

[Webinar] Protecting Against Wire Transfer Fraud: Limiting Your Company's Exposure - Feb. 25th, 1:00pm CST

Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more

Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

FinCrimes Update: December 2015 Summary, Volume 2, Issue 10

AML/BSA & OFAC: OFAC PUBLISHES CYBER-RELATED SANCTIONS REGULATIONS - On December 31, OFAC issued regulations to implement Executive Order 13694 of April 1, 2015, “Blocking the Property of Certain Persons Engaging in...more

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...more

Former Executive Sentenced for Conspiracy to Bribe Panamanian Government Officials

On December 16, the U.S. District Court for the Northern District of California sentenced a former regional director of a Pennsylvania-based software and technology company for his involvement in a conspiracy to bribe...more

Marketplace Lending and San Bernardino

Reports show that the San Bernardino shooter took out an online marketplace loan a few weeks prior to the attacks. Despite the terrorists resorting to marketplace lending, I do not believe there is anything that could have...more

DOJ Announces Sentencing of Former Secret Service Agent for Involvement in Silk Road Investigation

On December 7, the DOJ announced that a former Secret Service agent was sentenced to 71 months in prison on charges of money laundering and obstruction of justice. Between 2012 and 2014, the former agent conducted forensic...more

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

DOJ Disables Malware Designed for Bank-Theft; Unseals Indictment Against Botnet Administrator

On October 13, the DOJ unsealed an indictment against a Moldovan citizen for his alleged involvement in a criminal conspiracy to steal confidential financial information by distributing malware software through phishing...more

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

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