News and analysis on the global fight against fraud
The U.S. Department of Justice (DOJ) announced in early February 2022 that they had arrested two individuals, Ilya Lichtenstein and his wife Heather Morgan. When the couple was arrested in connection with the theft of cryptocurrency from the Bitfinex cryptocurrency exchange in 2016 and subsequent laundering of the proceeds, it led to one of the most valuable seizures of illicit proceeds in law enforcement history.
Read MoreIn September 2021, the IRS published a request for proposal titled, “Development of Exploitation Techniques Against Cryptowallets.” According to supporting documentation, it appears that the digital forensics unit of their Criminal Investigations branch has repeatedly run into scenarios involving the seizure of crypto hardware wallets (also known as cold storage devices) that could not be accessed due to their security features. The growing interest by law enforcement and tax authorities in this issue is long overdue.
Read MoreOne of the most covered topics so far in 2021 has been non-fungible tokens, or NFTs. In this Fraud Talk podcast episode, ACFE Senior Research Specialist Mason Wilder, CFE, talks to OSINT researcher extraordinaire and artist Kirby Plessas to cover what NFTs are and the fraud implications of their rapid emergence into the public consciousness.
In this excerpt from the full transcript of episode 107 of Fraud Talk, Plessas describes how this new, fast-moving technology creates a ripe opportunity for fraudsters.
Read MoreIn the summer of 2017, researchers from the University of Washington presented technology they developed that combined realistic lip-synched video of former U.S. President Barack Obama with preexisting video and audio clips. In doing so, they birthed deep fakes, a phenomenon which has gone on to cause consternation among national security figures and, generally, creep a lot of people out.
Read MoreAs the world witnesses a surge in fraud incidents, leveraging artificial intelligence (AI) for fraud detection could be the key to saving millions of dollars in financial fraud losses. Organizations worldwide are increasing their investment in AI-based fraud detection solutions, indicating that the industry is bullish on the capabilities of AI in fraud.
Read MoreNews and analysis on the global fight against fraud.
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