News and analysis on the global fight against fraud
Since the outbreak of COVID-19, daily life has significantly changed. Many in-person activities have been transferred online, and transactions are increasingly conducted solely through digital channels. But even before the pandemic, users were well-accustomed to identity verification and authorization in the digital format. The concept of digital identity is nothing new and was widely implemented at all levels of maturity.
Read MoreWhen the FBI shut down the infamous darknet black market website Silk Road in 2014, the bureau embarked on investigations to seize bitcoin quantities earned through illegal transactions on the website, later selling those bitcoins for more than $48 million. Silk Road, founded in 2011 by Ross Ulbricht, played host to more than $200 million in cryptocurrency transactions during its online tenure. In 2015, Ulbricht was sentenced to serve a double life imprisonment for drug trafficking, computer hacking and money laundering, but because of the encrypted nature of cryptocurrency transactions, many of the site’s users who profited from the sale of illegal goods remain anonymous and untraceable.
Until now.
Read MoreWhen you think of how the Panama Papers unfolded, you could imagine a scene from a movie: a hero with great hair meeting with an anonymous source on a park bench and exchanging code words. But, as we know, our realities can be much stranger than fiction. The initial exchange of the Panama Papers began at Bastian Obermayer’s parents’ home in Germany.
Read MoreA money laundering scandal involving an Estonian branch of Danske Bank, the Danish financial institution, led to the resignation of CEO Thomas Borgen on September 19, but the fallout from what could end up being the largest money laundering scandal in European history is far from over.
Read More“The name of the game — moving the money from your client’s pocket to your pocket,” said actor Matthew McConaughey, playing fraudster Mark Hannah in the Hollywood blockbuster The Wolf of Wall Street. The irony of this quote is not lost on the people of Malaysia.
Read MoreNews and analysis on the global fight against fraud.
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