Cryptocurrency money laundering is increasing dramatically, being already three times greater than in 2017. And we're only half way through the year, observes Dave Jevans, Founder and CEO of CipherTrace, and chairman of the Anti-Phishing Working Group.
Federal authorities have arrested more than 35 suspects on charges that include selling illicit substances via darknet marketplaces - such as AlphaBay, Dream and Hansa - thanks in part to undercover agents posing as cryptocurrency money launderers. Authorities say the year-long investigation is continuing.
Experts have long warned that bitcoin is not as private as it appears. The very design of bitcoin, as well as some other virtual currencies, can lend a surprising amount of information about the groups using it to transact. In fact, it's sometimes easier to track than if criminals used the banking system.
As long as we've had currency, we've had money laundering. Lately, we've been fighting a more effective battle against it. But what used to be a stable, predictable evolution of regulation, compliance, and on the criminals' side, evasion, has collapsed in a year of revelations.
This report is divided into two...
What happens when you need to verify a new customer? Without prior information or customer records, and when the information you rely on is publicly available, it can be challenging to determine whether an account was created by a new customer or by a cybercriminal. Download this whitepaper and learn how IBM Trusteer...
Police in Greece arrested Russian national Alexander Vinnik, who was indicted by a U.S. federal grand jury for allegedly running the BTC-e bitcoin exchange and helping to launder $4 billion in cryptocurrency tied to criminal enterprises, including the hack of the Mt. Gox bitcoin exchange.
Banks that cannot evolve their fraud detection capabilities to effectively address two seemingly opposing requirements - building trust through strong cybersecurity programs and delivering a seamless customer experience - will fail to build new market share, and will lose market share to those banks that...
As financial institutions seek to capture new opportunities through online banking, it becomes increasingly critical to both provide a seamless user experience and help protect against online fraud. But fraudsters continue to successfully modify their attack methods to keep pace with this transformation, stealing...
Banks often view innovation as coming at the cost of security. Instead, security can be an enabler to the digital transformation - helping banks welcome customers in and keep fraudulent activity out so they can pursue new growth opportunities, improve the customer experience, and build customer loyalty.
As the global threat landscape shifts, so does Kaspersky Lab. Moving from its traditional cybersecurity focus, Kaspersky now is honing in on fraud prevention. Emma Mohan-Satta describes this shift and what it means for security and anti-fraud leaders.
Banks that collectively own SWIFT saw their profits vanish last year as the organization increased its investments in information security, even as the interbank messaging service handled record volumes of money-moving messages.
Memo to would-be cybercriminals: Want to move stolen funds internationally to bank accounts that you control? Need to route the funds to a few money mules to get it laundered? Don't do it from a system tied to an IP address registered to your home.
An internal investigation into the February theft of $81 million from the central bank of Bangladesh reportedly found that a handful of negligent and careless bank officials inadvertently helped facilitate the heist by outside hackers.
"Inertia and clumsiness" at the Federal Reserve Bank of New York nearly led to one of the biggest cyber-heists in history - resulting in $81 million being stolen from the central bank of Bangladesh - being even worse, according to a new report.