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Financial Crime

Welcome to the News View for "Financial Crime".

Here, on these archive pages, you'll find all of the articles on Payments News for Financial Crime listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 21, 2013

A Look Inside FinCEN from Director Jennifer Shasky Calvery

FincenThe Financial Crimes Enforcement Network (FinCEN) is part of the US Treasury Department where it reports to the Office of Terrorism and Financial Intelligence. FinCEN’s mission is to "safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities."

Last week, FinCEN's Director Jennifer Shasky Calvery spoke at the National Cyber-Forensics Training Alliance's CyFIN 2013 Conference in Pittsburgh. In her speech, she reviewed the activities of FinCEN in detail - from where it gets its data, its analysis process, and the upgrades it's been making to further improve its capabilities to fulfill its mission.

In addition, Calvery discussed FinCEN's work with respect to emerging payment systems - including "crypto-currencies" and virtual currencies, along with discussing FinCEN's work addressing account takeovers - particularly of small business accounts - and dealing with third-party payment processors. She's also leading FinCEN's efforts to form stronger partnerships with industry, regulatory, law enforcement, and international partners.

Director Calvery's speech is frankly a "must read" for anyone involved in emerging payments initiatives in the US. A PDF version of her speech is available for download from the FinCEN web site.

July 26, 2011

FinCEN Issues Prepaid Access Final Rule

FinCen logo 100pxThe Financial Crimes Enforcement Network (FinCEN) has issued its final rule that "amends Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Prepaid Access, amending the money services businesses (MSB) rules and establishing a more comprehensive regulatory approach for prepaid access. In summary, the rule puts in place suspicious activity reporting, and customer and transactional information collection requirements on providers and sellers of certain types of prepaid access similar to other categories of MSBs."

November 19, 2009

J.P. Morgan's Best Practices in Fighting Corporate Payments Fraud

J.P. Morgan has issued a report titled “Payments Fraud: How It Happens And What You Can Do To Protect Your Organization” in which the company shares best practices for battling check, automated clearing house (ACH), and credit card fraud, as well as tips on protecting treasury operations from advanced phishing techniques. The report also explores the key areas of fraud vulnerability and proliferation, and reviews fraud protection products and services available today. READ MORE »

November 17, 2009

CyberSource 2009 eCommerce Fraud Survey Shows Decline in Merchant Losses

CyberSource has announced the results of its latest annual survey of eCommerce fraud finding that "merchants in 2009 were fighting back against fraud, and seeing considerable evidence of success. U.S. and Canadian merchants expect to lose about $3.3 billion to eCommerce fraud this year, down from $4 billion last year. This is the first drop in estimated revenues lost since 2003. The percentage of revenue merchants predict they will lose in 2009, on average, is 1.2%, the lowest estimate in the 11-year history of the survey." READ MORE »

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