Article: The Number One Threat To Global Finance? Cyber Attacks

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The Number One Threat To Global Finance? Cyber Attacks

PYMNTS, 13 April 2021

Cyberattacks are the greatest threat to the world’s financial system, Federal Reserve Chairman Jerome Powell said in an interview with CBS News this week. Speaking to “60 Minutes” on Sunday (April 11), Powell said the risks posed by cybercriminals are greater than the lending and liquidity troubles that triggered the 2008 financial crisis.

“There are scenarios in which a large financial institution would lose the ability to track the payments that it’s making, where you would have a part of the financial system come to a halt, or perhaps even a broad part,” he said. “And so, we spend so much time and energy and money guarding against these things. There are cyberattacks every day on all major institutions now. That’s a big part of the threat picture in today’s world.” Continue reading “Article: The Number One Threat To Global Finance? Cyber Attacks”

Article: Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms

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Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms

PYMNTS, 30 March 2021


Scammers stealing from government-funded pandemic relief programs have found a new trick — opening accounts with at least four online investment platforms, CNBC reported Monday (March 29).

Law enforcement officials say digital platforms are an easy way to dump money into stolen identity accounts.

Authorities say over $100 million in fraudulent funds reportedly passed through investment accounts in the time since Congress passed the CARES Act last March.

Among the platforms allegedly used by thieves are Robinhood, TD Ameritrade, E-Trade and Fidelity, according to law enforcement.

“The thieves are loving this stuff. This has been the financial crime bonanza act of 2021,” said Charles Intriago, a money-laundering expert and former federal prosecutor, according to CNBC. Continue reading “Article: Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms”

Article: COVID FRAUDSTERS ARE NOW TARGETING INVESTMENT PLATFORMS

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COVID FRAUDSTERS ARE NOW TARGETING INVESTMENT PLATFORMS

Jacob Wolinsky,  30 March 2021

CNBC’s Senior Washington Correspondent Eamon Javers reports on covid fraudsters that are stealing people’s identities to open up investment accounts with apps like Robinhood to hide the source of their funds. A law enforcement official told CNBC that at least four investment platforms are being targeted by criminals. The digital platforms, investigators said, are easy to dump the money into by setting up accounts with stolen identities and more than $100 million in fraudulent funds passed through investment accounts since Congress passed the CARES Act last March, according to authorities.

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Article: Feds spotlight Miami as capital of COVID-19 fraud, from business to employee benefits

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Feds spotlight Miami as capital of COVID-19 fraud, from business to employee benefits

JAY WEAVER,  26 March 2021

A year ago, Congress agreed to spend hundreds of billions of dollars on benefits for small businesses and employees devastated by the coronavirus pandemic.

Of course, the government’s handout helped the struggling economy. But it also opened the door for a menagerie of con artists to fleece the federal relief program to get rich quick.

Among them: a South Florida man alleged to have bought a Lamborghini for $318,000 with millions in COVID-19 relief loans; a Broward County tax preparer who purportedly pocketed huge commissions for filing $28 million worth of phony business loan applications; and a former NFL player from Miami accused of stealing people’s identities to collect $300,000 in unemployment insurance benefits. Continue reading “Article: Feds spotlight Miami as capital of COVID-19 fraud, from business to employee benefits”