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The Fed and FinCEN Propose to Lower Reporting Threshold on International Transfers to $250

The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve, recently proposed new rules related to the Bank Secrecy Act (BSA) and anti-money laundering regulations requiring financial institutions to collect and report information related to international transfers. The proposed changes would lower the threshold requiring when this information is

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Refinitiv Acquires GIACT to Build Holistic Fraud, Identity, AML and Cybercrime Solution

Bank account authentication, funds confirmation and KYC provider GIACT will be acquired by Refinitiv, a financial technology and data vendor owned by London Stock Exchange Group. GIACT’s data and technology will complement Refinitiv’s due diligence, risk and compliance services while broadening the company’s digital fraud prevention and identity services. The acquisition of GIACT both strengthens

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SMiShing Scams Target U.S. Area Codes Utilizing Location-Specific Information

Phishing scams carried out via SMS text messages, known as SMiShing, continue to grow and target mobile users in the United States. Cloudmark, a messaging security software provider, recently cataloged the top 25 U.S. area codes that receive the most SMS spam and detailed various SMiShing scams targeting different regions. Read More

 
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FBI Charges Creators and Distributor of Gozi Malware

Three sophisticated fraudsters behind the malware Gozi, which infected over one million computers including hundreds at NASA, have been arrested and charged with computer intrusion and conspiracy to commit bank fraud after creating and selling their malware to steal bank account credentials online in the black market. Read More

 
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