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Fraud Analysis

Understanding Fintech Fraud & Security Threats

World Fintech News February 20, 2023 0

The rising danger of fraud and a general lack of security are to blame for the decline in stock values across the fintech industry. The economic downturn makes matters worse. Some examples of real-world applications of fintech are provided to illustrate two critical concerns for the industry as

Fraud Analysis

Govt Lifts Ban on Digital Apps Following Scrutiny for Fraud

World Fintech News February 10, 2023 0

The Indian government recently took action against 94 lending apps, many with links to China, for alleged fraud, unauthorized services, and other unlawful activities. As a result, a ban was imposed on these apps. However, after carefully scrutinizing their details, the government has now lifted the ban from 10 fintech and loan apps operated by […]

Fraud Analysis

Combatting Duplicate Financing Frauds to Secure Trade Finance Platforms

World Fintech News February 9, 2023 0

The International Chamber of Commerce (ICC) United Kingdom has introduced a new initiative that seeks to bolster the financial sector in the UK against risks associated with duplicate financing fraud. The Centre for Digital Trade and Innovation (C4DTI), under its ‘Shutting Fraudsters out of Trade’ stream of projects, is spearheading this project in partnership

Fraud Analysis

Wells Fargo to Pay $300 mn in Securities Lawsuit Settlement

World Fintech News February 4, 2023 0

A class action lawsuit alleging fraud was brought forward by the Construction Laborers Pension Trust for Southern California on behalf of hundreds of investors. Former Wells Fargo CEO Timothy Sloan was included in the settlement. The trial began on February 27th, and the settlement states that $300 million, representing 31%-47% of the projected aggregate losses, […]

Fraud Analysis

Adani Stock Prices Plunge 50% in 7 Days: Hindenburg Short Report

World Fintech News February 3, 2023 0

In the past 10 days, since Hindenburg Research made a short report accusing Adani Group of stock manipulation and financial fraud, the ports-to-power conglomerate has gone through remarkable changes. Here are the ten most relevant updates regarding stock prices. 1.How it started On January 24, Hindenburg Research, a short-seller based in New York City, released […]

Fraud Analysis

Kabbage files for bankruptcy in the wake of federal investigations.

World Fintech News October 12, 2022 0

Kabbage, one of the biggest online lending companies in the US, is now plagued with serious issues that have prompted a federal investigation into its Paycheck Protection Program practices. The company has now decided to file for bankruptcy in the wake of these investigations. American Express merged with Kabbage in late 2020, leaving behind its […]

Fraud Analysis

Crypto Used In Trafficking Drugs Worth 5.5 Million USD!

World Fintech News October 7, 2022 0

In a recent conspiracy, the adverse effects of the dark web, crypto, and fake medicinal drugs have come to the limelight again. This incident involved the alleged dispersion of fake prescription drug pills and other controlled drugs. Here, Crypto, including Bitcoin, was reportedly used to launder more than $5.35 million for the entire cartel. The […]

Fraud Analysis

Victim of Scams & Fraud- Zelle

World Fintech News October 3, 2022 0

Zelle is in the news everywhere and is becoming popular for mishandling scams and fraud. The popular payment app was caught in two reports this year. They were accused of reimbursing only a portion of the money to the customers who got swindled after fraudulent transactions. Zelle was developed in 2017 as an answer to […]

Fraud Analysis

SEC fines Kim Kadarshian with $1.26m for violating Provisions on Crypto Promotion

World Fintech News October 3, 2022 0

Popular celebrity Kim Kardashian has been charged $1.26 million by the US Securities and Exchange Commission (SEC) for not adhering to the anti-touting provision of the federal securities laws. According to the SEC, Kardashian received $250,000 from a crypto asset offering company EthereumMax (EMAX). She had to post on her Instagram handle about EMAX tokens, […]

Fraud Analysis

The U.S SEC fines $1.1bn to Wall Street firms for not adhering to the recordkeeping provisions.

World Fintech News September 30, 2022 0

The Securities and Exchange Commission (SEC) has fined 16 Wall Street firms for long-term non-maintenance of electronic communication which is a violation of U.S federal securities law. Fifteen brokers and one advisor have agreed to pay the penalty of $1.1bn for violating the recordkeeping law of the Securities Exchange Act of 1934. The U.S SEC […]