Losses from Authorized Push Payment (APP) scams are projected to reach $7.6 billion by 2028 across six major real-time payment markets, including the U.S., U.K., and Brazil, according to ACI Worldwide’s latest Scamscope report.
Ilya Lichtenstein has been sentenced for his role in a massive money laundering conspiracy stemming from the 2016 hack of the cryptocurrency exchange Bitfinex. Court documents revealed that Lichtenstein infiltrated Bitfinex’s network and executed over 2,000 transactions, transferring 119,754 bitcoin—worth $70 million at the time—into a wallet under his control. The stolen cryptocurrency’s value has since skyrocketed to an estimated $10.5 billion.
The Financial Sector Cloud Resilience Forum, established in April 2023 by the Monetary Authority of Singapore (MAS), brings together Asia-Pacific financial regulators and major Cloud Service Providers (CSPs) to enhance public cloud risk management practices.
Citigroup is under investigation by U.S. government agencies, including the Department of Justice, the FBI, and the IRS, for its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, according to Barron’s.
A survey of 600 executives and 120 fintechs/insurtechs across 13 countries reveals that financial firms face significant hurdles in realizing the full value of their cloud investments.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an alert to assist financial institutions in identifying fraud schemes involving deepfake media created with generative artificial intelligence (GenAI). The alert outlines fraud typologies, provides red flag indicators to detect and report suspicious activities, and emphasizes reporting requirements under the Bank Secrecy Act.
Over the past six years, 18 states have enacted data privacy laws aimed at giving individuals more control over their personal information and limiting unnecessary data collection.
Financial regulators are taking action as financial firms increasingly depend on a small number of technology providers, which could pose significant risks to the UK financial system. While third-party tech services can boost sector competitiveness, disruptions such as cyber-attacks or power outages could affect multiple firms and consumers, threatening overall stability.
