It’s the start of a new year and many investors will be reviewing their financial portfolios. Some of them may soon be reaching for antacids or for lower-shelf martinis. Given the volatility of global financial markets, investors at all levels will have to be forgiven if they’re a little vulnerable to the power of suggestion… Read More >>
Is More Forgery the Trade-off for Digital Signatures?
Sometimes increased convenience comes with a cost. Case in point: digital signatures, which provide “significantly” easier and more efficient customer interactions. However, that increased ease apparently applies to forgers, too. Says FINRA: “The increasing use of digital documentation can significantly improve the ease and efficiency of customer interactions, but digital documentation also creates risks for… Read More >>
Crypto Scams Rob Investors of $575M: FTC
Some day digital fraudsters tricking regular folks out of their hard-earned money by promising a big-bucks payday for only a few hundred (or a few thousand) up front will spend a lot of hours inside courtrooms. And a lot of dollars on high-priced lawyers paid to get them out of their legal jams. Today is… Read More >>
Avoiding Scams That Steal Your Heart & Money
Just in time for Valentine’s Day, the CFTC has issued a Customer Advisory that is meant to serve as a warning for people who use online dating and social media platforms but get pulled into scams where they send money to “fraudulent websites that claim to trade foreign currency exchange (forex) contracts, precious metals contracts,… Read More >>
FBI, SEC & FINRA Warn Against Imposter Brokers
None other than Larson E. Whipsnade himself declared, “You can’t cheat an honest man.” That was in the 1939 movie of the same name, and Whipsnade was played by W.C. Fields. So, it should come as no surprise that the Federal Bureau of Investigation (FBI), the Securities and Exchange Commission (SEC), and the Financial Interest… Read More >>
State Street Fraud Case Resolved via Fine & DPA
State Street will be paying a criminal penalty of $115 million and entering into a deferred prosecution agreement (DPA) in a resolution of a federal case involving charges of fraud against custody customers, according to the U.S. Justice Department and the firm. The settlement with the Justice Department is an acknowledgment from State Street that… Read More >>
FINRA Warns Broker-Dealers About ‘Instant Funds’ Scam
The Financial Industry Regulatory Authority, aka FINRA, the self-regulatory organization (SRO) for the brokerage business, has issued a warning to the broker-dealers it supervises. According to a “special alert” from FINRA, dated March 25, 2021, so-called “retail investors” have a new rip-off to worry about. “Retail investors” are, for the most part, non-professionals who might be losing big… Read More >>
Financial Crime Probes Miss the Mark: Report
Banks and other financial firms are expected to encounter “increasing risks and exposure to losses” because of “hackers and online adversaries.” That is the top-line conclusion of the 2020 Global Financial Crimes Survey, conducted by Authentic8, in partnership with the Association of Certified Financial Crime Specialists (ACFCS). Authentic8 offers a platform that “enables anyone, anywhere,… Read More >>
DoJ Gives Back $378 Million to Madoff Victims
Some day, perhaps, Malaysian sovereign-fund alleged fraudster Jho Low, who has escaped prosecution by fleeing to China, will be played in the inevitable biopic by Jet Li or Chow Yun Fat. But until then Bernie Madoff will remain Wall Street’s King of All Media. In fact, Bernard L. Madoff was so a major a media… Read More >>
Big Data Takes Aim at Big Silos
While many financial services firms are making strides in using Big Data technologies to address front office concerns like pre-trade analytics and tailoring the customer experience, the use of Big Data is catching on much more slowly among middle- and back-office operations, industry observers say. However, as more firms begin to wake up to Big… Read More >>
