News & Analysis as of

Financial Fraud

Ballard Spahr LLP

FinCEN Reports Check Fraud Amounting to $688 Million Over Six Month Period

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The Financial Crimes Enforcement Network (“FinCEN”) issued last month an in-depth report on check fraud stemming from mail theft (“Report”).  This is a pernicious and expanding problem.  The Report follows upon a joint alert...more

BakerHostetler

7 More US Attorneys’ Offices Issue Whistleblower Non-Prosecution Pilot Programs

BakerHostetler on

There was a flurry of DOJ whistleblower program activity over the last two weeks as the U.S. Attorneys’ Offices for the Eastern District of New York (EDNY Program), District of New Jersey (DNJ Program), Southern District of...more

A&O Shearman

Combatting payment account fraud: latest regulatory developments in Singapore

A&O Shearman on

On 25 October 2023, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly published a consultation paper on a proposed Shared Responsibility Framework (SRF) in relation to...more

Estlund Law, P.A.

Brazil, South Korea and Mexico: How INTERPOL is involved in the Rise of Cryptocurrency (Post 2 of 2)

Estlund Law, P.A. on

Our last post discussed the long-delayed emergence of cryptocurrency in cases wherein countries request INTERPOL’s assistance. Today’s post will discuss the specific instances of cryptocurrency cases....more

Estlund Law, P.A.

China, South Korea, And The U.S.: How INTERPOL Is Involved In The Rise Of Cryptocurrency

Estlund Law, P.A. on

Today’s post will address the realities and implications of INTERPOL’s dealings with criminal cases involving cryptocurrency....more

Womble Bond Dickinson

Enhancing Trade-Based Money Laundering Detection: Retrieval-Augmented Generation and Semantic Search Technologies

Womble Bond Dickinson on

This article explores the application of retrieval-augmented generation combined with semantic search technologies in the detection of trade-based money laundering (TBML). Retrieval-augmented generation combined with semantic...more

Kohn, Kohn & Colapinto LLP

The Double-Edged Impact of AI Compliance Algorithms on Whistleblowing

As the implementation of Artificial Intelligence (AI) compliance and fraud detection algorithms within corporations and financial institutions continues to grow, it is crucial to consider how this technology has a twofold...more

Troutman Pepper

Tackling Credit Push Fraud: Understanding Nacha's Risk Management Package (Part One) — Payments Pros: The Payments Law Podcast

Troutman Pepper on

In this episode of Payments Pros, Carlin and Keith welcome back Jordan Bennett, Nacha's senior director of network risk management, for a two-part series on the newly approved rules designed to combat credit push fraud....more

Troutman Pepper

Nacha Approves New Rules to Combat Credit-Push Fraud

Troutman Pepper on

On March 18, Nacha, the organization that governs the ACH network, announced that its members approved a new set of rules aimed at reducing the incidence of frauds, such as business email compromise (BEC), that exploit...more

Troutman Pepper

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Mintz

EnforceMintz — COVID-19 Fraud Enforcement Unlikely to Slow Down in 2024

Mintz on

The government continued to dedicate enormous resources to investigating and prosecuting fraud against COVID-19 pandemic relief programs in 2023. While we observed some civil False Claims Act settlements, criminal enforcement...more

J.S. Held

INDEPTH FEATURE: Anti-Money Laundering 2024

J.S. Held on

Could you provide an insight into recent trends shaping financial crime in your country of focus? How great a risk does money laundering in particular now pose to companies? One would likely never imagine compliance as...more

The Volkov Law Group

SEC and DOJ Charge SafeMoon Cryptocurrency and its Executives For Multi-Million Dollar Fraud

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On November 1, 2023, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) brought charges against cryptocurrency project SafeMoon LLC and its U.S. subsidiary SafeMoon US LLC, along with...more

Ballard Spahr LLP

Zelle offers details on its solution to protect scammed customers

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Last year, we blogged that Zelle was considering possible solutions for P2P customers on the Zelle Network who were the victims of scams. In an August 30, 2023 press release, Zelle announced that it was initiating new safety...more

Kohn, Kohn & Colapinto LLP

SEC, CFTC Pass $2 Billion Award Milestone but Reforms are Still Needed

Combined, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have awarded more than $2 billion to whistleblowers. The agencies’ whistleblower programs, which were created...more

Robinson+Cole Data Privacy + Security Insider

FCC Proposes Probe into AI in Robocalls

Federal Communications Commission Chair Jessica Ronsenworcel recently announced a proposed directive to focus the FCC on AI’s burgeoning role in scam calls, particularly those targeting the elderly. The proposal will be...more

Troutman Pepper

Amici Tell Fourth Circuit that District Court Ruling Imperils Funds Transfer Laws

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On October 17, the Clearing House Association, LLC (Association) and National Automated Clearing House Association (Nacha) joined forces to submit an amicus brief in support of a credit union held liable by a district court...more

Sheppard Mullin Richter & Hampton LLP

CFPB Acts Against Fintech Operator of Mobile App for Illegal International Money Transfers

On October 17, the CFPB took action against a nonbank fintech company for allegedly deceiving consumers about the speed and cost of remittance transfers through its mobile app. The Bureau also alleges that the company...more

Polsinelli

Blockchain+ Bi-Weekly - October 2023 #2

Polsinelli on

The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Troutman Pepper

Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast

Troutman Pepper on

Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing...more

Troutman Pepper

Visa Announces New Dispute Process to Combat “Friendly Fraud”

Troutman Pepper on

On September 28, Visa, Inc. announced its new dispute process aimed at combatting first-party or “friendly fraud” for card-not-present transactions. The rule change offers merchants more ways to show a disputed charge is...more

Womble Bond Dickinson

Sam Bankman-Fried Case Provides Lessons on Fraud and D&O Insurance

Womble Bond Dickinson on

Sam Bankman-Fried’s criminal trial started this week; and on the same day, he sued one of his director & officer insurers. And a lot of people are asking, why? Is the timing a coincidence or on purpose? Shouldn’t he be...more

Parker Poe Adams & Bernstein LLP

Requiring Employees to Discover Source of Alleged Fraud Does Not Violate Sarbanes-Oxley

The Sarbanes-Oxley Act (SOX) protects employees of public corporations who report alleged financial misconduct from retaliation by their employers. Last week, the Eleventh Circuit Court of Appeals concluded that an employee’s...more

Troutman Pepper

FinCEN Issues Alert for Financial Institutions on Red Flags for “Pig Butchering” Schemes

Troutman Pepper on

On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more

Ballard Spahr LLP

FinCEN Issues Notice on Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Industry

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The Financial Crimes Enforcement Network (“FinCEN”) has issued a notice entitled “FinCEN Calls Attention to Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Sector” (the “Notice”). According to the...more

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