Financial crime stories
Users hit by Drift Protocol’s USD $285 million exploit will be repaid as trading restarts under a recovery plan led by Tether.
Merchants face higher losses and uneven compliance burdens as a new report says fraud controls are failing to keep pace with social engineering.
The bank is positioning itself for long-term risks and opportunities in quantum, from encryption to fraud detection, through new North American partnerships.
Banks using Oracle’s compliance software will get AI-led case handling, as the deal aims to cut manual work in money-laundering probes.
Banks and government agencies face a wider mobile fraud threat after researchers tied fake Android apps to a Cambodia scam compound.
Banks and public bodies in 21 countries face device-takeover fraud that can steal SMS codes, biometric data and funds.
Banks and payment providers could cut fraud losses by up to 40% as the new system flags risky merchants earlier in the payment chain.
Banks face wider compliance burdens as regulators scrutinise AI-generated messages, collaboration tools and cloud records across finance.
Banks are being urged to watch for fraud and exploitation patterns as the 2026 World Cup is expected to fuel risky cross-border payments.
A 1,151% jump in iOS injection attacks in late 2025 has put mobile identity checks under fresh pressure, iProov says.
Trusted data can cut fraud, speed onboarding and reduce manual reviews as banks try to balance customer ease with tighter controls.
Hidden process gaps in mortgage origination can let fraudulent loans slip through, raising fresh questions for banks after a Australian Big Four case.
More applicants are overstating income or other details, with credit card cases nearly doubling and Ontario seeing up to CAD $123 million in losses.
Customers are increasingly being tricked into approving payments, as UK banks reported a 62% rise in attempted social engineering scams in 2025.
Stronger safeguards and faster rollout could help Japan turn advanced connectivity into wider economic gains as scams and exclusion persist.
Scam losses may top USD $1 trillion a year, forcing banks to use real-time intelligence and customer data to curb authorised push payments.
Criminals could move proceeds abroad undetected unless foreign-owned lenders lift weak reporting and controls, AUSTRAC has warned.
Only 6% of accountants feel ready for July’s anti-money laundering rules, leaving small firms exposed to penalties and heavier compliance duties.
Real estate and law firms are racing to get compliant before AUSTRAC brings up to 100,000 professional services businesses under supervision in 2026.
Email fraud is still slipping through Australian firms as front-line staff prove better than managers at spotting scams, a CommBank survey found.