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Search resuls for: "Fraudsters"


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NEW YORK (AP) — Chase UK, JP Morgan's British digital bank, says it will bar customers from making cryptocurrency transactions starting next month — citing an uptick in scams and fraud. From Oct. 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. “If we think you're making a payment related to crypto assets, we'll decline it,” Chase said in an email to customers. The AP also reached out to Action Fraud for statement Tuesday following Chase's decision to stop customers from making crypto transactions. to make it harder for customers to participate in crypto markets and therefore less likely to fall victim to scams,” they wrote.
Persons: , JP, Chase, ” Chase, Dan Wyatt, Christopher Whitehouse, JPMorgan Chase, Wyatt, Whitehouse, Organizations: — Chase, Associated Press, AP, JPMorgan, Chase, NatWest Locations: British, London
Chase UK, the British challenger bank brand of JPMorgan, has blocked customers in the U.K. from purchasing crypto assets. The company said in a statement Tuesday that, starting Oct. 16, Chase UK customers would "no longer be able to make crypto transactions via debit card or by outgoing bank transfer." Chase UK cited data from Action Fraud, Britain's fraud reporting agency, that showed U.K consumer losses to crypto fraud increased by over 40% in the last year, surpassing £300 million for the first time. Chase UK is the latest bank in the country to take steps to limit the ability of their customers to purchase cryptocurrencies. "We're committed to helping keep our customers' money safe and secure," a Chase spokesperson told CNBC via email Tuesday.
Persons: Chase, We're Organizations: Chase, JPMorgan, Wales, Office, National Statistics, cryptocurrencies, NatWest, HSBC, Nationwide, CNBC Locations: England
One tool that can help you catch fraud and identity theft is credit monitoring. The best credit monitoring services are a good way to keep tabs on what's going on with your credit score and your credit report (although you'll probably still want to check in regularly). I signed up for free credit monitoring a few years ago using Credit Karma so I could stay on top of my financial health, my credit accounts, and my credit score. I opened the email and saw that a credit card from Old Navy was opened in my name. Thanks to credit monitoring, I was able to stop identity theft in its tracks before any charges were made.
Persons: you'll, I've, It's Organizations: Karma, Navy, Old Navy, Credit, Credit Monitoring, Chevron, U.S . FTC Locations: New York, Los Angeles
Facebook's new rebrand logo Meta is seen on smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp and Oculus in this illustration picture taken October 28, 2021. The government has urged Meta not to roll out encryption on those two platforms without safety measures to protect children from sexual abuse. "My call to Meta is to work with us more constructively to roll out end-to-end encryption with robust safety measures because what they're proposing at the moment will make Facebook and Instagram Direct (messages) safe havens for paedophiles," she told the BBC. Meta, whose WhatsApp platform already encrypts messages, has said encryption can help keep users safe from hackers, fraudsters and criminals. Social media platforms will face tougher requirements to protect children from accessing harmful content when the Online Safety Bill passed by parliament on Tuesday becomes law.
Persons: Dado Ruvic, Suella Braverman, Meta, Braverman, Bill, Sarah Young, William James, James Davey Organizations: Facebook, REUTERS, BBC, Meta, Times Radio, Social, Thomson
[1/2] The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. Meta, which already encrypts messages on WhatsApp, plans to implement end-to-end encryption across Messenger and Instagram direct messages, saying the technology re-enforced safety and security. "They must develop appropriate safeguards to sit alongside their plans for end-to-end encryption." End-to-end encryption is a bone of contention between companies and the government in the new law. Tech companies have said scanning messages and end-to-end encryption are fundamentally incompatible.
Persons: Yves Herman, Bill, Suella Braverman, Meta, WhatsApp, Paul Sandle, Tomasz Janowski Organizations: REUTERS, Meta, Social, Tech, Thomson Locations: Brussels, Belgium, Britain
London CNN —Fraudsters have robbed Europe’s largest copper producer of €185 million ($198 million) worth of the metal, possibly with the help of insiders, the company said Tuesday. The inventory had established the scale of thefts the company disclosed on August 31 and in June, an Aurubis spokesperson told CNN. The losses forced Aurubis to slash its pretax profit forecast for the current fiscal year by about €170 million ($182 million). Whether the same criminals are behind these past cases and the theft disclosed in August is the subject of ongoing investigations, the Aurubis spokesperson said Tuesday. Aurubis produces about 1.1 million tonnes (1.2 million tons) of copper “cathodes,” or square sheets, per year at plants in Europe and the United States.
Persons: London CNN —, Germany’s Aurubis, Aurubis, , Nadine Schmidt Organizations: London CNN, CNN, Office, State, Criminal Investigation Locations: Hamburg, Europe, United States
Student loan payments are restarting in October after a pause of more than three years — and scammers are trying to take advantage, the Federal Trade Commission warned. Fraudsters may try mislead borrowers by offering assistance and asking them to pay for it, Ari Lazarus, consumer education specialist at the FTC, wrote in a consumer alert Thursday. Those fake offers might include lowering borrowers' monthly payments, avoiding repayment or getting their loans forgiven. Interest on federal student debt was also suspended during this period but started accruing again on Sept. 1. The "best source" of information on federal student loans is the Federal Student Aid website, studentaid.gov, the FTC said.
Persons: Fraudsters, Ari Lazarus, Trump, Biden Organizations: Federal Trade Commission, Finance, Frisco, Federal, Aid, FTC
The Internal Revenue Service is pausing accepting claims for a pandemic-era tax credit until 2024 due to rising concerns that an influx of applications are fraudulent. The tax credit, called the Employee Retention Credit, was designed help small businesses keep paying their employees during the height of the pandemic if they were fully or partly suspended from operating. The credit ended on Oct. 1, 2021, but businesses could still apply retroactively by filing an amended payroll tax return. A growing number of questionable claims are coming from small businesses who may or may not be aware that they aren't eligible. The government's programs to help small businesses during the pandemic have long been a target for fraudsters.
Persons: isn't, Danny Werfel, , It's, they're Organizations: Internal Revenue, ERC, IRS
This type of "friendly fraud" might feel harmless and seem like a small drop in the bucket for powerful corporations. But taken together with more nefarious forms of fraud, it's costing retailers more than $100 billion per year, according to Riskified , which published a new study on the problem on Thursday. Riskified uses artificial intelligence and automation to fight fraud and boost revenue at major retailers including Wayfair , Peloton , Revolve and Canada Goose . For the study, it surveyed over 300 global companies with more than $500 million in total annual revenue. The firm found retail policy abuses, such as return fraud and using fake email addresses for promo codes, is rising for some retailers.
Persons: Robert, there's, they've, Eido Gal, Gal Organizations: Hulu, CNBC Locations: Long, , New York
Minnesota AG Keith Ellison opened investigations into 52 student-debt relief companies. He said those companies are suspected of "falsely promising" loan forgiveness to borrowers for fees. Should the investigations find wrongdoing, impacted borrowers could receive relief. Last week, Minnesota Attorney General Keith Ellison announced that his office has opened investigations into 52 student-debt relief companies "suspected of violating Minnesota law," according to the press release. The FTC had previously halted operations of two different debt relief companies that scammed borrowers out of $8.8 million under the guise of debt relief.
Persons: Keith Ellison, California —, Ellison, Joe Biden's, servicers Organizations: Service, Minnesota, Joe Biden's Education, Federal Trade Commission, Justice Department, FTC, Consumer Financial Protection Locations: Minnesota, Wall, Silicon, California
Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. A centralized registry would also make it easier for the government to identify repeat offenders and deter potential fraudsters, Goldsmith Romero said. Goldsmith Romero had suggested the registry several years ago while serving as the watchdog of a key 2009 financial crisis bailout program. In Goldsmith Romero's previous role, the government watchdog did launch a database of such financial crimes related to the Troubled Asset Relief Program. Such a centralized database could serve as a model for a larger, national registry that federal regulators could organize and that state regulators could also participate in.
Persons: Andrew Kelly, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Romero's, Chris Prentice, Leslie Adler Organizations: US, Futures Trading Commission, Washington , D.C, REUTERS, fraudsters, CFTC, Reuters, Troubled Asset, Thomson Locations: Washington ,, U.S
Taylor Swift performs onstage during "Taylor Swift | The Eras Tour" at SoFi Stadium on August 09, 2023 in Inglewood, California. Concert and event ticket scamsFans were especially eager to see big-ticket acts like Beyonce and Taylor Swift as they toured this summer. Vacation lodging scamsVacationers who sought rentals or other services in popular destinations may have found themselves prey to fake listings. Such vacation scams meant travelers could find themselves out money as well as a place to stay. "But at the end of the day, those listings are fake listings, which puts consumers at risk," he said.
Persons: Taylor Swift, Kevin Winter, Beyonce, Fabara, Rob Bonta, Letitia James, Roomster, James, Tashdique Mehtaj Ahmed Organizations: Getty, Visa, New York, Federal Trade Commission, FTC, Federal Student Aid Locations: Inglewood , California, California, U.S, York
Kenigsberg and the LLC building the house on the formerly vacant property said they're both victims of title fraud. Fraudulent sales like these are on the rise. "Any opportunity out there to buy a property at a good value or in a good area is going to get snapped up," Larson told Insider. "With a decrease in home sales, now they're looking for other ways to leverage real property into fraud," Rymarowicz told Insider. AdvertisementAdvertisement"We think we can uplevel RON (Remote Online Notarization) and do a higher level of online notarization," Kinsel told Insider.
Persons: Daniel Kenigsberg, they're, William Gordon, Kenigsberg, Gordon, , Eric Gibbs, Gibbs, Nick Larson, there's, Larson, Deanne Rymarowicz, Rymarowicz, it's, David Zawadzki, Pat Kinsel, that's, Kinsel Organizations: FBI, Service, Federal Bureau, Investigation's Boston, Realty ONE, LexisNexis, National Association of Realtors, Nevada Real Estate Division Locations: Wall, Silicon, Fairfield , Connecticut, Kenigsberg, Tucson , Arizona, Arizona, Nevada, Chicago
How to Help Hurricane Idalia Victims
  + stars: | 2023-08-31 | by ( Claire Moses | More About Claire Moses | ) www.nytimes.com   time to read: +1 min
Hurricane Idalia made landfall in Florida on Wednesday, causing devastating flooding. It then moved on to bring surging water into Charleston, S.C., before heading toward North Carolina on Thursday. Volunteers and aid groups are working to help the affected communities. If you wish to help, here’s some guidance. Officials with the Federal Communications Commission have said that scammers may use phone calls, text messages, emails, post mail, and even go door to door.
Persons: Idalia Organizations: Thursday . Volunteers, Federal Communications Commission, Federal Trade Commission Locations: Florida, Charleston, S.C, North Carolina
REUTERS/Scott Morgan/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - Geico must face a proposed nationwide class action accusing the car insurer of violating customers' privacy by disclosing hundreds of thousands of driver's license numbers to identity thieves looking to collect fraudulent unemployment benefits. Geico, a unit of billionaire Warren Buffett's Berkshire Hathaway (BRKa.N), was accused of auto-populating driver's license numbers into its online system when users entered "basic" information such as names, addresses and birth dates in order to obtain insurance quotations. Matsumoto accepted a July 21 recommendation by U.S. Magistrate Judge Sanket Bulsara to let the lawsuit proceed. She also accepted his recommendation to dismiss claims that Geico violated a New York state consumer protection law and committed negligence "per se." The case is In re Geico Customer Data Breach Litigation, U.S. District Court, Eastern District of New York, No.
Persons: Scott Morgan, District Judge Kiyo Matsumoto, Warren Buffett's Berkshire Hathaway, Matsumoto, Kristen Wenger, Judge Sanket Bulsara, Geico, Jonathan Stempel, Bill Berkrot Organizations: Berkshire Hathaway, REUTERS, District, U.S, Court, Eastern District of, Thomson Locations: Omaha , Nebraska, U.S, Brooklyn, New York, Eastern District, Eastern District of New York
Roman Semenov, the Russian national, and Roman Storm, were charged with laundering and violating sanctions through Tornado Cash, a crypto “mixer” that allegedly laundered more than $1 billion, including hundreds of millions that went to Lazarus Group, a North Korean cybercrime organization, the indictment alleged. The third co-founder of Tornado Cash, who was unnamed in the indictment, was arrested on money laundering charges in the Netherlands last year, the Treasury said. Tornado Cash is one of the most well-known mixers, and it, along with much of the crypto industry, was under growing regulatory scrutiny. Lazarus Group, the North Korean organization, allegedly used Tornado Cash in April and May 2022, the US attorney’s office said, in violation of US sanctions. The US Department of the Treasury sanctioned Tornado Cash last year, alleging it laundered more than $7 billion worth of crypto since 2019.
Persons: Roman Semenov, , Damian Williams, Semenov, Storm, Tornado Cash, , Brian Klein, “ Mr, ” Klein, Lazarus Organizations: New, New York CNN, Russian, North, Court, Tornado, Lazarus Group, Storm, US, Office, Treasury, DOJ, US Treasury, Korean, US Department of Locations: New York, Washington, Southern, Russian, Roman, Korean, Netherlands
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Aug 23 (Reuters) - The U.S. Justice Department said on Wednesday it has seized over $1.4 billion in COVID-19 relief funds that criminals had stolen, and charged over 3,000 defendants with crimes in federal districts across the country. A total of 119 defendants pleaded guilty or were convicted at trial during the sweep, according to the Justice Department. Last year, the U.S. Justice Department tapped federal prosecutor Kevin Chambers to lead its efforts to investigate alleged fraud schemes targeting pandemic assistance programs. Over $200 billion from the U.S. government's COVID-19 relief programs were potentially stolen, a federal watchdog said in late June, adding that the U.S. Small Business Administration (SBA) had weakened its controls in a rush to disburse the funds. Earlier this year, a separate watchdog report said the U.S. government likely awarded about $5.4 billion in COVID-19 aid to people with questionable Social Security numbers.
Persons: Dado Ruvic, Department's, General Merrick Garland, Garland, Kevin Chambers, government's, fraudsters, Kanishka Singh, Stephen Coates Organizations: REUTERS, Rights, U.S . Justice, The Justice Department, U.S, Justice Department, U.S . Justice Department, U.S . Small Business Administration, U.S . Labor Department, Social, Thomson Locations: COVID, United States, U.S, Washington
Two founders of Tornado Cash, the widely known Russian cryptocurrency mixer, have been charged with laundering more than $1 billion in criminal proceeds. Charges in the indictment include conspiring to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business. The third co-founder, Alexey Pertsev, who is not mentioned in this action, faces trial in Amsterdam over his involvement with Tornado Cash. Tornado Cash is used by some people as a legitimate way to protect their privacy in the still-nascent crypto market. Using a crypto mixing service like Tornado Cash masks those details by anonymizing the funds and concealing the identity of the buyer.
Persons: Roman, Semenov, Storm, James Smith, Alexey Pertsev, Roman Semenov, Damian Williams, Brian Klein, Waymaker, Klein, Lazarus Organizations: Tornado, Lazarus, Justice Department, CNBC, Tornado Cash, Storm, Federal Bureau of Investigation, Foreign Assets, Lazarus Group, U.S . Treasury, Treasury Department Locations: Russian, Korean, Washington, York, Amsterdam, U.S, Harmony
"I'm getting a lot of calls from investors who are duped and getting scammed by-penny stock operators," Jacob Zamansky, attorney with his firm Zamansky LLC, told CNBC. Penny stocksAlthough there is nothing inherently wrong with low-priced stocks, they are considered speculative, high-risk investments because they experience higher volatility and lower liquidity. "He really was a character as Leonardo DiCaprio portrays him in the movie," Zamansky told CNBC. And he said, If I can sell steaks, I can sell stocks." Before Zamansky started representing investors who were abused by Wall Street firms, he was an attorney for Stratton Oakmont.
Persons: I'm, Jacob Zamansky, Andres Vinelli, Greg Ruppert, Jordan Belfort, Stratton Oakmont, Leonardo DiCaprio, Zamansky, he's, Belfort Organizations: CNBC, Financial Industry, Authority, CFA Institute, Wall Street, Innocent, SEC, Securities and Exchange Commission Locations: That's, Belfort
Why penny stocks are so risky
  + stars: | 2023-08-21 | by ( Andrea Miller | Jason Reginato | Lindsey Jacobson | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy penny stocks are so riskyAs more retail investors trade penny stocks, innocent traders could be become victims. These equities are more vulnerable to fraud and have a history of multimillion-dollar scams. "I'm getting a lot of calls from investors who are duped and getting scammed by penny-stock operators," Jacob Zamansky, an investment fraud lawyer, told CNBC. Watch this video to learn more about how penny stocks inspired a new breed of investors, high-stakes gamblers, risk-taking fraudsters and enforcement crackdowns.
Persons: I'm, Jacob Zamansky Organizations: CNBC
Bitcoin's back to its volatile ways after its big move down late last week — but not for the reason investors expected. Aside from the mismanaged crypto lenders (and FTX) that plagued the crypto market in 2022, the Federal Reserve's inflation-fighting rate hiking campaign played a big part in bitcoin's downward price pressure. "The volatility will have a persistence if we're going to stay here at an elevated real rate environment," he told CNBC. Even if the Fed doesn't raise interest rates anymore, the crypto space seems more focused now on real rates and keeping them elevated to fight inflation. Having institutions with an established long core holding would act as a stabilizing force for Bitcoin, Connors added.
Persons: it's, Mark Connors, 3iQ, We're, headwinds, Connors, It's, that've, Bitcoin, , Jeff Cox Organizations: CNBC, SEC, Fidelity Locations: BlackRock
The devastating wildfires on the Hawaiian island of Maui this week have upended communities and forced thousands of residents to evacuate. Volunteers and aid groups have mobilized to help feed and shelter those who have been affected. Officials with the Federal Communications Commission have said that scammers may use phone calls, text messages, emails, post mail, and even go door to door. The Federal Trade Commission has tips on how to spot a fraudulent charity or fund-raiser. “In moments of crisis, we all must be extra vigilant against bad actors who try to take advantage of people’s good will.”
Persons: , Anne Lopez, Organizations: Volunteers, Federal Communications Commission, Federal Trade Commission Locations: Maui
CNN —Residents of Maui have suffered widespread devastation as wildfires ravage the Hawaiian island, along with Hawaii’s Big Island. Several sites help people find and support legitimate charities, including Charity Navigator, BBB Wise Giving Alliance, and CharityWatch. Dig deeper into an organization’s reputation after finding a legitimate charity you’re considering supporting. Look up the organization in the IRS’s Tax Exempt Organization Search. For larger disasters, like the Maui wildfires, GoFundMe told CNN they usually create a centralized hub of verified fundraisers.
Persons: Hurricane Dora, Patrick T, Fallon, you’ve, , It’s, GoFundMe, Don’t, Scottie Andrew Organizations: CNN —, CNN, Getty, US Federal Trade Commission, FTC, telltale Locations: Maui, Hurricane, Lahaina, Hawaii, AFP
Russia accused Ukraine of inciting elderly Russians into attacks on military recruitment offices. Russia offered no evidence of the alleged phone scam scheme and Ukraine has not yet responded to the allegations. Several attacks on Russian recruitment centers have been documented since the country invaded Ukraine in February 2022. Russian state media reported that use of the scheme has exploded in just the last week, tying Ukraine's alleged arson attempts to Russian military gains in Ukraine. The government noted that arson attacks carry up to 20 years in jail.
Persons: general's Organizations: Ukrainian, Service, General's, Russia, Russia's Federal Security Service, Ministry of Internal Affairs Locations: Russia, Ukraine, Wall, Silicon, Russian, St . Petersburg
Federal prosecutors are scrambling to recoup billions of dollars in pandemic aid from people who falsely obtained funds from government programs that were intended to keep the economy afloat during the Covid shutdowns. In some districts, prosecutors are screening those suspected of a violent crime for potential involvement in pandemic fraud schemes. Other investigators are putting together “strike force teams” to unravel the most sophisticated enterprises or leaning on local officials to steer them toward potential fraudsters in their areas. The moves come as the federal government looks for novel ways to root out what officials say was an enormous number of fraudulent claims that were submitted and approved during the pandemic. Many of the programs that were set up to dole out relief money required minimal proof from those seeking funds and approved applications quickly in order to pump money into the economy.
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