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Tag: Financial Institutions

Managing Partner of U.S. Broker-Dealer Charged in Manhattan Federal Court with Participating in Massive International Bribery Scheme

(DoJ) A managing partner of a U.S. broker-dealer was arrested today on felony charges arising from a conspiracy to pay bribes to a senior official in Venezuela’s state economic development bank, Banco de Desarrollo Económico y Social de Venezuela (BANDES). Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Preet…
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Romanian phishers sentenced to U.S. federal prison

(SC Magazine) Two Romanian citizens will spend time in U.S. prison for their involvement in a phishing scheme which targeted customers of several banks, eBay and PayPal. On Monday, a U.S. district judge in New Haven, Conn., sentenced Bogdan Boceanu, 30, to 80 months in prison, and Andrei Bolovan, 29, to 27 months in prison.…
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German committed over money-laundering claims tells of “hell”

(The Telegraph) Gustl Mollath has been held against his will in a secure unit since March 2006, after he voiced suspicions that employees of Hypo Vereinsbank — including his ex-wife — had been smuggling money to Switzerland. He was tried on charges of assaulting his wife and detained in a psychiatric hospital in Bavaria. But…
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Fighting ATM Cash-Out Schemes

(Bank Info Security) A recent ATM cash-out scheme that netted $45 million puts a spotlight on the need for fraud prevention measures, says John Buzzard of FICO’s Card Alert Service. U.S. accounts are prime targets for these attacks because of outdated payment-card technology and ineffective transaction monitoring systems, Buzzard contends. The U.S. “is a playground…
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Mobile Version of Cridex Banking Trojan Spotted in the Wild

(Softpedia) Popular banking Trojans usually come with a mobile component that allows cybercriminals to bypass two factor authentication systems and gain access to their victims’ bank accounts. Mobile components of ZeuS (ZitMo), SpyEye (SPitMo), Citadel (CitMo) and Carberp have been around for quite some time. Now, experts from RSA say they’ve also spotted an SMS…
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FIS Breach a Broader Network Hack

(Threatpost) A previously reported attack against Fidelity National Information Services (FIS) two years ago was actually much more widespread than initially reported according to a document released to banks from the FDIC late last month. Compounding matters, as of the FDIC’s audit FIS had not taken the appropriate steps toward securing banking information and protecting…
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Microsoft, FBI Slam Door On Thousands Of Citadel Botnets

(Dark Reading) A joint effort by Microsoft, the FBI, and partners in the financial services and tech industries has disrupted more than 1,400 botnets that were using a piece of notorious banking malware responsible for more than a half-billion dollars in losses worldwide. The operation, which marks Microsoft’s seventh botnet takedown to date, began in…
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Alleged mastermind of $140,000 money-laundering scheme in Trenton denied admittance to drug court program

TRENTON (NJ) — A city man who has pleaded guilty to money-laundering charges was refused admittance to a drug court program that could potentially have reduced or eliminated the prison time he faces. Wayne Bessant, 32, allegedly masterminded a $140,000 money-laundering scheme that involved numerous co-conspirators who exchanged the cash via checks and phony construction…
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Anti-Money Laundering Tools Lag

(WSJ) U.S. authorities have been cracking down on the use of online payment systems by money launderers. But researchers say businesses do not yet have effective technology to prevent drug dealers or scam artists from using payment transfers to legitimize ill-gotten cash. The Federal Reserve is looking into risks associated with online payment systems like…
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Barclays sucked into $6bn money laundering probe

(City Wire) Barclays  has been sucked into a US money laundering operation after discovering one of its clients may be at its centre. The bank, which is still trying to overcome the furore surrounding last year’s libor manipulation probe, confirmed on Sunday that one of its clients – Arthur Budovsky – is alleged to be…
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