27 Aug 2021

US charges HeadSpin ex-CEO over fake $1bn valuation scheme

HeadSpin has been charged $1 billion by the SEC and the US Department of Justice for allegedly defrauding investors by falsely claiming that the company had achieved strong and consistent growth. The organization markets itself as an AI testing, dev-ops, and mobile testing platform. For two years, officials state that

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02 Jun 2021

Rhode Islander Charged with Phishing Political Candidates

A Rhode Island woman has been charged with phishing and email fraud after impersonating Microsoft to steal personal information from political candidates and their staff. The woman, Diana Lebeau, allegedly delivered phishing emails to 22 different campaign staffers working for a political candidate around January 2020. Lebeau, who is 21,

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18 May 2021

Consumers Warned About Surge in Meal Kit Delivery Scams

Cybersecurity firm Tessain has warned consumers to be vigilant about a surge in meal kit delivery scams after uncovering SMS scams impersonating popular companies such as Gousto and HelloFresh. The uptick in meal kit delivery scams is likely a result of their increase in popularity during the Covid-19 lockdown. The

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13 May 2021

Telegram Fraudsters Ramp Up Forged COVID-19 Vaccine Card Sales

A new type of fraud has been circulating on the dark web, with vendors selling fake vaccination records to people who want the social benefits of gaining access to places where proof of vaccine is required, but don’t want to get the shot. Telegram groups are currently being abused by

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20 Jan 2021

Is Digital Advertising the ‘Mother of All Money Laundries?’

Online ad fraud cost global brands and media companies $42 billion in 2019. Losses are projected to approach $100 billion worldwide by 2023, according to UK-based consultants Juniper Research. The integrity of the digital advertising industry has never been more in doubt. Just as the U.S. Treasury singled out fraud as the leading predicate crime for money laundering in its 2018 National Money Laundering Risk Assessment, proceeds from ad fraud are also reintegrated and rinsed via non-transparent, $336-billion digital media supply chains.

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13 Jan 2021

RG Coins cryptocurrency exchange owner lands 10 years behind bars for money laundering

Rossen Iossifov was the Bulgarian owner of RG coins and has been sentenced to 10 years in prison. He was sentenced after his actions of laundering millions of dollars from defrauded victims. The stolen money was converted to cryptocurrency and moved through cryptocurrency exchanges to hide the source of the

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23 Dec 2020

A Massive Fraud Operation Stole Millions From Online Bank Accounts

IBM researchers claim that they have uncovered a widespread automated fraud operation that leveraged a network of mobile device emulators to stead millions of dollars from targeted bank accounts in just days. The scale of the operation is unprecedented. According to IBM, the cybercriminals behind the campaign used roughly 20

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14 Jul 2020

Army Investigative Unit Looks to Detect and Trace Cryptocurrency Transactions

The Army Contracting Command, a top Pentagon investigative unit, announced plans to tap into an existing cloud-based solution in order to quickly detect unlawful cryptocurrency transactions. The entity invited potential new partners to offer opinions on their capacity to supply a cryptocurrency investigation service, stating that the application must provide

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16 Mar 2020

Big BEC Bust Brings Down Dozens

Federal officials have arrested two dozen individuals as part of a business email compromise scheme that has cost victims $30 million in total. The individuals were arrested on charges related to fraud and money laundering schemes. Most of the individuals reside in Atlanta, Georgia, and are alleged to have committed

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12 Mar 2020

First 100,000 Victims of Western Union Fraud Scheme Receive $153m

Western Union set up a remission fund to compensate the victims of a money transfer scam that hit thousands of its customers. The company states on Tuesday that it had begun paying approximately $153 million in funds that were forfeited to the US government to roughly 100,000 victims across the

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