Money Laundering stories

SEON expands its Asia-Pacific team in response to growing demand for advanced fraud prevention and anti-money laundering solutions across the region.

UK mobile banking fraud surged 11% in 2024 as scammers shift from voice scams, with card fraud and remote iOS attacks also on the rise, reports BioCatch.

Mandiant's 2024 report reveals a rise in financially motivated cyber attacks, with 55% of threat groups seeking profit, while detection remains a major challenge globally.

Reports indicate a staggering 63% rise in the misuse of savings accounts for fraud in the UK last year, outpacing a 12% increase in current accounts.

Secureworks' Counter Threat Unit reveals a marked shift in the ransomware landscape, with LockBit's influence waning amidst coordinated law enforcement efforts.

Moody's highlights a six-year high in romance scams, unveiling 1,193 new entities globally in 2024, with the US leading at 38% of cases.

Experts predict that 2025 will revolutionise AI in banking, enhancing fraud prevention, risk management, and customer experience, according to SAS.

Financial crime is set to cost global economies USD $485.6 billion in 2023, prompting calls for Corporate Digital Identity to enhance fraud prevention.

Experts warn that rising digitalisation fuels fraud, with AI aiding cybercriminals, prompting calls for robust security and real-time threat response.

Ripjar has secured a majority growth investment from Long Ridge Equity Partners, appointing Tom Obermaier as its new CEO to enhance global operations.

The persistent ability of criminals to exploit legitimate structures to launder money has banks and others on the hunt for new tools and techniques to counter the threat.

PAYSTRAX partners with Featurespace to enhance fraud detection in the UK and Europe, aiming to address significant global fraud losses projected at USD $343 billion by 2027.

BioCatch's latest report reveals a dramatic shift in the APAC fraud landscape, with 70% of scams now stemming from mobile apps, highlighting new vulnerabilities.

Group-IB aided a tri-nation police operation that dismantled a cyber fraud syndicate, linking it to over 1,899 cases in Singapore and losses exceeding USD $25 million.

Finance professionals lead AI adoption, with 63% utilising it for fraud detection and risk management. Marketing and sales show lower usage at 27% and 19%.

NFT Workx and Unstoppable Domains launch .WRKX Web3 domain, enabling tokenised identities to combat counterfeiting.

First AML launches AI Assist, promising to reduce compliance tasks to 60 seconds, expediting KYC and AML processes by 90% through automated data extraction.

Report reveals increase in fraud cases amongst banks, with money laundering, account takeovers, and AI-generated threats posing significant risks.

Oracle unveils AI-powered Finance Services Compliance Agent to help banks combat a predicted $5.05tn in money laundering in 2024, through enhanced transaction monitoring and risk-control efficiency.

London's Ripjar launches Compliance CoPilot, an AI-risk management assistant, aiming to revolutionise threat monitoring.