Can You Sue Your Bank Over a Scam Call? Inside the Fight Against Fraud Liability
Published in the Legal Examiner
As spoofed bank calls drain the savings of Americans across the country, an ongoing New York lawsuit against Citibank could decide whether federal law forces banks to reimburse victims’ losses.
Phone spoofing, like financial scam calls, that impersonate a victim’s own bank have become one of the fastest-growing forms of fraud in the country. While everyday Americans lose substantial amounts of money, everything from retirement savings…
Read MoreHow Synthetic Identity Fraud is Coming for Machine Identities
The Hacker News
Most people understand identity theft as an attacker stealing a real person’s sensitive information and impersonating them.
Synthetic identity fraud is much harder to catch. Instead of stealing a real identity, the attacker manufactures a new one, frankensteining together several real data points with fabricated ones to create a person who doesn’t exist. Since no real victim monitors misuse, a fake identity can silently accumulate permissions and credibility over time before it’s ever detected. This same principle has a largely unexplored parallel with Non-Human Identities (NHIs)…
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House Financial Services Committee Chairs Release Report to Combat Fraud and Scams
Liz Carey, Financial Regulation News
U.S. Reps. released a new report aimed at confronting the growing crisis of financial fraud and scams.
The staff report, “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams,” details a year-long investigation into the growing threat of financial fraud and scams targeting American consumers. The report outlines not only the scope of the problem, but also emerging fraud trends, and recommendations to strengthen consumer protections and improve
Read MoreOrganized Crime Moves Billions Through Crypto; Some Stablecoins Impossible to Seize, Freeze
Elizabeth Howcroft, AML Intelligence
Organized crime is taking advantage of gaps in regulation to move billions in illicit proceeds through the crypto industry, FATF warned today (Thursday), in its latest review into the role of virtual assets and illicit finance.
Moreover, the use of stablecoins by illicit actors has increased in the past year, with some criminal networks developing their own stablecoins which can resist being frozen or seized by authorities…
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