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Retail FX

$310 Million Prop Trading Fraud: Regulators Freeze Assets of My Forex Funds

  • Action has been taken against two companies operating My Forex Funds and their owner.
  • The platform has more than 135,000 customers, who paid about $310 million in fees.
Monday, 04/09/2023 | 07:00 GMT by Arnab Shome
CryptoCurrency

The Fall of Moshe Hogeg: Israeli Mogul Accused of $290 Million Crypto Fraud

  • Hogeg collected hundreds of millions through four cryptocurrency projects.
  • However, the funds were used to finance illegal operations and his lavish lifestyle
Wednesday, 23/08/2023 | 10:47 GMT by Damian Chmiel
Payments

Overcoming Security and Privacy Concerns in Open Banking

  • Can blockchain tech help open banking?
Wednesday, 19/07/2023 | 12:12 GMT by FM Contributors
FinTech

UK Financial Ombudsman Reports Increase in 'Hybrid' Scams

  • The FOS said the majority of complaints include an element of cryptocurrency.
  • The increasing number of complaints reported more than one scam.
Wednesday, 28/06/2023 | 14:02 GMT by Jared Kirui
Data

Can AI Help Improve Fraud Detection?

  • And can it be used to commit fraud?
Wednesday, 28/06/2023 | 13:24 GMT by FM Contributors
Retail FX

Boiler Room Defrauds Investors of $35 Million, SEC Intervenes

  • The SEC has obtained a provisional injunction against Legend Venture Partners LLC.
  • According to allegations, the company conducted a pre-IPO stock fraud scheme.
Wednesday, 28/06/2023 | 08:20 GMT by Damian Chmiel
Retail FX

France’s AMF Cautions against Automated FX, Crypto Trading Scheme

  • Popular personalities and websites promoted it as a 'get rich quick' scheme.
  • The regulator received complaints from dozens of victims.
Friday, 23/06/2023 | 10:33 GMT by Arnab Shome
Education Center

Will Blockchain Technology Mark a Turning Point in Fraud Prevention?

  • Blockchain tech has the potential, but can it live up to the hype?
Friday, 16/06/2023 | 16:50 GMT by FM Contributors
Retail FX

After CySEC, Belgium’s FSMA Is Now Tackling Impersonators

  • Fraudsters are approaching people impersonating themselves as regulatory employees.
  • They are utilising the ploy of seeking fees for recovering lost funds.
Tuesday, 30/05/2023 | 08:39 GMT by Arnab Shome
Retail FX

California Resident to Pay $4.7 Million for Options Fraud

  • She defrauded at least 29 individuals or entities of more than $2 million.
  • She already pled guilty to criminal charges.
Friday, 26/05/2023 | 09:45 GMT by Arnab Shome
CryptoCurrency

US Prosecutors Charge New Suspect in $45M Blockchain Fraud ‘CoinDeal’

  • Bryan Lee faces up to 20 years in prison for wire and mail fraud.
  • Previously, the US SEC charged mastermind Neil Chandran and other four individuals.
Friday, 19/05/2023 | 18:36 GMT by Solomon Oladipupo
CryptoCurrency

SEC Blocks Dozens of Websites Offering Fraudulent Investment Schemes

  • These websites were offering investment through crypto and other illegal securities.
  • Some of them were offering returns as high as 61.9 percent a day.
Friday, 12/05/2023 | 04:13 GMT by Arnab Shome
Retail FX

International Scamming Network: Israel Awaits German Extradition Request

  • Europol with cooperation of Israeli police made some 'high-value' arrests last month.
  • The schemes defrauded at least 33,000 victims, many of them from Germany
Thursday, 04/05/2023 | 16:04 GMT by Arnab Shome
Op-ed
Op-ed
FinTech
Op-ed
Op-ed

Mobile Banking Increased Dramatically, but Anti-fraud Protection is Lagging Behind

  • Over 90% of the UK alone used online banking in 2022, according to Statista.
  • Adoption of anti-fraud protection to combat ad fraud by banking apps has stayed relatively static.
Thursday, 04/05/2023 | 10:29 GMT by Kalen Bushe
FinTech

"We Will Outlaw So-Called ‘SIM Farms’": UK PM Declares War on Financial Fraud

  • Sunak launched a plan to tackle scams: "Fraud accounts for over 40% of crime."
  • The UK will ban all cold calls for financial products.
Wednesday, 03/05/2023 | 07:51 GMT by Arnab Shome
Retail FX

South African CEO to Pay $3.4 Billion for Forex Fraud

  • The CEO defrauded investors worldwide of 30K BTC between 2018 and 2021.
  • US derivatives watchdog charged Cornelius Steynberg in July last year.
Thursday, 27/04/2023 | 21:59 GMT by Solomon Oladipupo
CryptoCurrency

US Man Pleads Guilty to Defrauding Banks and "Leading Crypto Exchange" of over $4M

  • Esteban Da Corte committed the crime around March 2020, prosecutors say.
  • The Miami man and his crew used fake ID information for the scheme.
Wednesday, 26/04/2023 | 20:34 GMT by Solomon Oladipupo
Op-ed
Op-ed
FinTech
Op-ed
Op-ed

BBC Scam Alert: Regulators Should Start Outsourcing

  • The Milton network has allegedly robbed elderly people via boiler rooms, cryptos and FIAT.
  • Using AI can prevent the recurrence of such incidents, but regulators are hesitant to involve private companies' technology.
Wednesday, 26/04/2023 | 08:31 GMT by Ella Rosenberg
Retail FX

Italy's CONSOB Blocks Aquilafx, EuroCryptoFX, 3 Other Websites

  • CONSOB has now blocked 871 illegal websites over three years.
  • CySEC blacklisted six unauthorized online trading websites last month.
Thursday, 06/04/2023 | 15:10 GMT by Solomon Oladipupo
FinTech

BNP Paribas Taps Worldline to Fight IBAN Fraud in SEPA Direct Debits

  • IBAN fraud in SDD accounts for over 60% of fraud in direct debits in recent years.
  • BNP Paribas has integrated EasyCollect into Worldline's account validation technology.
Thursday, 06/04/2023 | 13:26 GMT by Solomon Oladipupo
CryptoCurrency

Ormenus Coin Scammers to Pay $102 Million as Recovery and Fine

  • The siblings ran a massive operation defrauding thousands of retail investors.
  • The SEC brought charges against the fraudsters last year.
Friday, 31/03/2023 | 09:06 GMT by Arnab Shome
Payments

Digital Payment Fraud: Strategies and Solutions for E-Commerce Merchants

  • Could E-Commerce Merchants be in a prime position to tackle fraud?
Thursday, 09/03/2023 | 11:31 GMT by FM Contributors
CryptoCurrency

SEC Busts BKCoin for Running $100M 'Ponzi-Like Scheme'

  • The scheme made Ponzi-like payments with more than $3.8 million.
  • One co-founder used at least $371,000 for personal expenses.
Tuesday, 07/03/2023 | 06:56 GMT by Arnab Shome
CryptoCurrency

Crypto Miner Gets 3 Years in US Prison for Fraud

  • He has received a supervised release sentencing.
  • He lied under oath to conceal his misdeeds.
Friday, 03/03/2023 | 09:53 GMT by Arnab Shome
Retail FX

Italy's Consob Blacklists Six New Unregulated Trading Platforms

  • None of these platforms are permitted to operate in the EU.
  • The Italian regulator now blocks a total of 845 unregulated websites.
Friday, 03/03/2023 | 07:57 GMT by Arnab Shome
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