Learn how Fraud.net could have helped detect, prevent and mitigate real-life fraud cases – and protect you from tomorrow’s schemes.
Santander UK Fined £107m by Financial Conduct Authority for AML Oversight
Coulda Caught That with Fraud.net! Santander UK was recently fined £107.7m after the Financial Conduct Authority found issues in its anti-money laundering controls, leading to over £298 million being laundered through the bank between 2012 and 2017. The FCA found several Business Banking accounts flagged with suspicious activity that were never followed up on. They stated that Santander “had ineffective systems to… verify the information provided by customers” and “failed to properly…
Ensignbus Bans Monzo & Revolut Customers from Making Contactless Mobile Payments
Coulda Caught That with Fraud.net! A UK bus company has banned mobile payments by customers of travel card providers Monzo and Revolut for bus fare and has imposed a £10 limit on mobile contactless fare payments following a wave of fraud using this method. Ensignbus claimed to have lost £10,000 through contactless mobile payments in previous months. As a result, the bus company blocked Monzo, Revolut, and ABM Amro account holders from using their cards with ticket machines. >>…
Wise.com fined by Abu Dhabi watchdog for failing AML compliance
Coulda Caught That with Fraud.net! Abu Dhabi’s Financial Services Regulatory Authority (FSRA) found that Wise, an international money transfer firm that allows customers to wire funds across 80+ countries, “did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations”. In particular, Wise failed to identify and verify the source of funds and wealth from several high-risk customers, and only began carrying out…
Prosecutors Struggle to Catch Up to a Tidal Wave of Pandemic Fraud
Coulda Caught That with Fraud.net! Investigators say there was so much pandemic fraud in federal Covid-relief programs that — even after two years of work and hundreds of prosecutions — they’re still just getting started. The New York Times calls this “one of the largest frauds in American history, with billions of dollars stolen by thousands of people.” During the pandemic, the government flooded the economy with trillions of dollars in relief bills, unemployment…