Browsing: scheme

Key insight: A new class action lawsuit alleges JPMorganChase enabled a massive $328 million cryptocurrency fraud by ignoring glaring warning signs.What’s at stake: During the scheme,…

Key insight: Dechanta Benning established a shell company and used mobile deposit technology to cash stolen checks, a methodology becoming standard for fraudsters.Supporting data: The American…

What’s at stake: A Brooklyn banker admitted to bypassing know-your-customer protocols to open accounts for shell companies that billed Medicare for fake claims. Key insight: The relationship…

Key insight: Beyond courier scams, banks are battling “card cracking” schemes where fraudsters solicit credentials from young users on social media to deposit worthless checks.Expert quote:…

Key insight: The conspiracy used “Ploutus” malware to force ATMs to dispense cash without debiting accounts, specifically targeting older Diebold Nixdorf terminals.What’s at stake: Prosecutors allege…

Key insight: St. Louis fraudster combined a decades’ old scam with modern technology to abscond with $6 million from banks.What’s at stake: Bank fraud works because…

Key insight: The DOJ seized a domain used by a Myanmar-based syndicate, marking the first major victory for the new Scam Center Strike Force.Expert quote: “American…

Key insight: A Luxembourg court ruled HSBC owes restitution to a Madoff investor fund, finding the bank was negligent in its custodial role.Supporting data: The $1.1…

The Home Guarantee Scheme is a federal government initiative that has helped hundreds of thousands of home buyers get into their own homes. It’s administered by Housing…

Key insight: The case against Berkshire Bank, which includes unusually detailed allegations, represents the latest test of the law in cases where bank customers commit fraud.Supporting…