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Atom Bank Select TruNarrative for Protection Against Financial Crime

TruNarrative are proud to announce their latest partnership with the UK’s first bank built exclusively for mobile or tablet, Atom bank plc, to provide an AML transaction monitoring and financial crime customer screening and monitoring solution.   The Durham-based bank offers Fixed Saver accounts, secured business lending for SMEs and residential mortgages. Atom’s commitment to innovation, disruption and providing a safe environment for customers has been core to their growth and ensures they remain a genuine alternative to established banks in the UK. Atom’s desire to evolve current capabilities and work with TruNarrative represents their focus on innovation, and demonstrates an understanding that legacy and traditional services limit their disruptive capability and competitive advantage. Regulatory changes and the digital nature of contemporary business, combined with fast evolving criminal threats, means regulated entities must be proactive in their adoption of technology and in designing process that will absolutely solve these modern day challenges. Legacy solutions and processes will not always provide the flexibility, agility and innovation required to cope with these demands. Innovation and rapid implementation are key focuses for the Atom and TruNarrative partnership. Atom’s overarching criteria for selecting a real-time AML transaction monitoring and a financial crime (adverse media, PEP & Sanctions) customer screening solution, was for a platform which would support future products and safeguard against emerging risks in the market. Helen Hassen, Head of Financial Crime at Atom bank said: “In selecting a partner for financial crime prevention there were three key focus areas: innovation, configurability and capability. TruNarrative demonstrated a passion for innovative financial crime prevention methods and are clearly driven by challenging legacy systems and issues in the industry. They provide excellent levels of configurability and flexibility in their platform, allowing Atom to respond quickly to AML/CTF threats in a controlled way. It is clear that TruNarrative have already established a track record of improving financial crime prevention capabilities in their platform and their collaborative approach will add real value to our solution.” The post Atom Bank Select TruNarrative for Protection Against Financial Crime appeared first on The Fintech Times.
The Fintech Times

Post hack, Binance Academy issues report cautioning users of cyber crime via mobile devices

Since the inception of cryptocurrency and Bitcoin [BTC], the ecosystem of virtual assets has witnessed major highs and lows. However, like everything, the world of cryptocurrencies also has its drawbacks. The market surge of 2015 and 2017, which brought the attention of the world to digital currencies, also attracted the attention of cyber-criminals. The cryptospace is laced with risk and instability, and their relatively anonymous characteristics make them a lucrative target for online hackers and lawbreakers. Recently, Binance, one of the most active platforms of 2019, witnessed a major security breach which ended up costing the exchange 7,000 BTC, worth $41 million. The hack hardly affected the prices of BTC, but mildly affecting the price of BNB. However, the fact that the hack also included the theft of a large number of API keys, 2FA codes, and other important information, affected the overall “credibility” of the exchange. Now, Binance Academy, an online blog/informative website backed by Binance, released a post where it elucidated the various potential threats smartphone users needed to avoid in terms of fake exchange apps and fake digital wallet apps. The post mentioned that in order to avoid fake exchange apps, users should first verify it with the official website of the exchange to learn if it actually provides an application. It is also necessary to check out app developer information and figure out whether the company is legitimate in terms of an email address and website. In terms of protecting your account information, users must activate 2FA on their accounts. 2 face-authentication [2FA] is much more difficult to breach, even if one’s login details are compromised. The blog also mentioned that in the past, various fake wallets had also been created, which led to many users losing their capital. To avoid such a situation, it was mandatory for users to verify the private key provided by the wallet app, as in whether the public addresses can be derived and accessed from it or not. The post Post hack, Binance Academy issues report cautioning users of cyber crime via mobile devices appeared first on AMBCrypto.
AMBCrypto

Crypto-assets & Financial Crime

Criminals see cryptoassets as the perfect medium for financial crime. That’s because of the perceived anonymity a person enjoys when they use Bitcoin and similar currencies. But is there proof that cryptocurrencies are being used for financial crimes? And if so, what’s being done about it?Cover icon by dDara from flaticon.comWhy Cryptocurrency?Why white-collar criminals and fraudsters choose to use cryptocurrencies? The media’s perception is that currencies like Bitcoin afford criminals a degree of privacy they don’t enjoy when using cash or bank transfers.To an extent, that’s true. A bitcoin wallet’s ID is a string of characters that on its own is impossible to link to any one person, either a criminal or not. The name that a person uses on an exchange isn’t necessarily linkable to a person, either, provided that they don’t use something recognisable.But the anonymity of cryptocurrency is undermined by blockchain. Every transaction is logged and tracked in a publicly accessible, uneditable ledger. As things stand, it is possible to disguise funds and their ultimate destination through a tumbler, but with enough time and effort, any amount of funds can be tracked.Regardless of how accurate claims of anonymity are, however, those claims are the reason why criminals are attracted to cryptocurrencies. Bitcoin’s rise to fame caught the attention of businesses, individuals and fraudsters alike.Which Financial Crimes?Cryptocurrencies can be used for almost any type of crime: the most well-known, headline-grabbing crimes are those related to the dark web. Anything to do with hacking and ‘cyber-crime’, terrorism and sexual crime is highlighted extensively.What isn’t highlighted is anything that doesn’t grab the imagination. Simple fraud and money laundering don’t stir the imagination like those listed above, so even though they’re much more common than, say, terrorist funding, they’re largely ignored.In terms of financial crimes, there are several to be aware of, including:1. Money laundering2. Bank fraud, i.e. fraudulently accessing and taking the assets of a bank3. Posing as a bank in order to dupe victims into sending you money (which is also known as ‘bank fraud’)4. Payment fraud, which is any kind of scam to steal money from a victim, e.g. phishing, ID theft or pagejacking5. Fraudulent chargebacks, i.e. securing a refund from a business when one isn’t necessary, but still keeping the item6. Funding crimes, e.g. terrorist funding.Money laundering can be done easily through cryptocurrency. Coins are bought through an exchange and are then put through a tumbler. They are then forwarded in chunks to another wallet not previously used by a known person.As for terrorist funding, this has been covered extensively in the media. Even though the frequency with which it occurs has likely been overestimated, that doesn’t mean it hasn’t happened.Are All Cryptocurrencies Involved in Financial Crime?All that being said, not all cryptocurrencies are as much involved in financial crime. Bitcoin received a lot of attention for being the first in the market, and for its incredible growth in value. But it’s not the most popular with people that want to remain anonymous.Monero and Z-Cash are currently the most popular privacy-centred cryptoassets available. Each of these privacy-oriented cryptocurrencies has been involved in terrorist funding, specifically ISIS.It’s currently unclear to what extent these currencies are being used for less glamorous, headline-grabbing financial crime. And to be absolutely clear, the people behind these currencies deny that there’s a problem. Both are built on blockchain, like all cryptocurrencies.But any criminal that’s knowledgeable about cryptoassets would be attracted to these privacy-centric currencies over others like Bitcoin.What Is Being Done?Law enforcement agencies are waking up to the possibilities and dangers of cryptocurrencies. INTERPOL, for example, are actively preparing to meet these dangers. They have set up a special group specifically to look at cryptocurrencies (the INTERPOL Working Group on Darknet and Cryptocurrencies).In 2018 they held a meeting which highlighted Altcoins as a matter of specific concern. But with over 2,000 cryptocurrencies currently available, they have their work cut out identifying which ones are most likely to be used by criminals. In particular, they highlighted Monero and Z-Cash — the two cryptoassets we described above — as worth investigation.Aside from investigating individual crimes, however, it’s unclear how much INTERPOL can do. The task is being left to FinTech, crypto companies and regular financial institutions to identify fraudulent transactions where they can.Is Extra Government Regulation the Answer?Some cryptocurrency regulations already exist and lessen the chance of financial crimes.In the U.S., for example, Bitcoin exchanges have to be registered with the Financial Crimes Enforcement Network of the US Department of Treasury. But more stringent regulation isn’t the answer until tools are available that can pinpoint financial crime and fraud.With every transaction recorded in the blockchain, though, the capability to do that is there. All we need is the right tools to analyse all the data in front of us. Many IT solutions are currently available in the market, and some of them offer adequate levels of reliability.You could also argue that government at least needs to make a bigger noise about investigating these claims of white-collar crime. Even if they don’t currently have the capability to catch every fraudster, making it obvious that they’re trying may at least discourage future criminals.But as for regulation, there’s very little more that governments could do that wouldn’t violate the underlying point of cryptocurrencies. The idea is that each coin is independent, devolved, and free of government interference.It’s striking a balance between complete deregulation and the prevention of financial crime that’s going to be difficult.This article should not be construed as a recommendation, endorsement, opinion or approval of any kind. It has been produced for information only and should not be relied on for legal purposes. Professional advice should always be sought before taking action based on the information provided.https://medium.com/media/3c851dac986ab6dbb2d1aaa91205a8eb/hrefCrypto-assets & Financial Crime was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Crypto Crime Is Exceeding Professional Expectations

Cryptocurrency theft remains a huge problem throughout the space, and quarter one of 2019 is already off to a rough start. Crypto Crime Is at Its Worst According to a new report released by cybersecurity firm Cipher Trace, more than $1.2 billion in crypto funds have been stolen in just the first three months of the year. Losses from hackings and fraudulent activity appear to be at an all-time high, and citizens need to take preventative measures, so they and their funds can remain protected. Cipher Trace also comments that the total amount of cryptocurrency stolen in 2018 through cyberattacks was $1.7 billion. That means in the first three months of the new year, we’re just shy of hitting that tally (less than $.5 billion). The company says that crime has predominantly sped up as the market has slowed and business activity in the cryptocurrency space has become less common and prosperous. In all, approximately $356 million has been stolen from various exchanges, while misappropriated funds or fraud directed at individuals accounts for more than $850 million in losses. This includes losses derived from the recent Quadriga X scandal that occurred last December. The owner of the Canadian company was ultimately found dead in India. He was the only one with the login information necessary to unlock the funds in customers’ accounts. Cipher Trace chief executive officer Dave Jevans comments: Crypto crime has gotten worse because regulations are still weakly enforced. Europe broadly has not implemented its regulations yet, and the cybercriminal community continues to grow. I would also add that insider issues such as fraud or theft have grown mostly due to operations outside of the U.S. where regulations are poor, or simply due to greed and mismanagement by young management teams at these cryptocurrency companies that are managing hundreds of millions or even billions of dollars. At one point, attacks like Mt. Gox and Coincheck appeared to be at the top of the crypto theft game, though these attacks and others are now small beans when compared to the growing numbers of losses that have been accumulating since 2018. Mt. Gox and Coincheck occurred roughly four years apart, and both took place in Japan. Mt. Gox occurred in February 2014, while Coincheck was attacked in January 2018. Both exchanges lost well over $400 million in cryptocurrency funds. Altogether, both companies account for roughly $1 billion in total losses. Is This Going to Stop? Coincheck was enough for Japan to get the Financial Services Agency (FSA) involved in regulating crypto activity. It began sending nasty letters to all exchanges that did not meet present security standards. Cipher Trace comments that there was also “a major gap” in the crypto regulatory environment with regards to cross-border payments from the U.S. to international crypto exchanges. These companies are often not monitored or examined by U.S. authorities. The post Crypto Crime Is Exceeding Professional Expectations appeared first on Live Bitcoin News.
Live Bitcoin News
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PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever

By CCN: In 2016 a cryptocurrency project named BitConnect came along offering 1% daily compounded interest for those who purchased and staked its token. When the BitConnect (BCC) bubble inevitably burst, the owners, as expected, made off everyone’s money. The BCC token price sunk by 99.9%, and a previously $2.5 billion valued project became worthless. Now, the greatest scam ever sold is back. Enter BitConnect 2.0. Hey, Hey, Hey: BitConnect 2.0 Arrives for a Second Bite at the Cherry A website and Twitter profile advertising the arrival of BitConnect 2.0 appeared in the last few days. The website shows a The post PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever appeared first on CCN
CCN

Scam Alert: Bitconnect ‘2.0’ Claims Binance Listing for July Launch

The return of notorious cryptocurrency ponzi scheme Bitconnect is closer than ever, its mysterious organizers claim after revealing a July launch date. Bitconnect: Unapologetically Fraudulent A fresh tweet from the Twitter account of the so-called ‘Bitconnect 2.0’ May 18 confirms the scheme is set to debut – again – on July 1. Not only that, but true to the style of deception for which the original Bitconnect became known, a fake exchange partnership has already surfaced. The owner of the Twitter account added prospective investors can purchase tokens on major cryptocurrency exchange Binance – when in fact this is simply a lie. “Welcome everyone back to Bitconnect 2.0[.] We will launch Bitconnect2.0 on July 1st,” the post reads. Welcome everyone back to Bitconnect 2.0We will launch Bitconnect2.0 on July 1stvisit our website for more Infoshttps://t.co/xKJ10yeYoP — Bitconnect2.0 (@Bitconnect2_0) May 18, 2019 Despite claiming further information is available on its ‘official’ website, the social media activity remains the only hint of the impending plans. The site consists only of a sign-up form for updates, a countdown timer and a duplicate of the Twitter feed. Beyond the assumed launch date, however, the operations of the latest incarnation of Bitconnect remain a mystery. As Bitcoinist reported, the original Bitconnect – ostensibly an exchange and lending platform – crashed in January 2018 after it became sufficiently known the company was fraudulent. Formerly something of celebrity meme in the crypto space, thanks mostly to events speaker Carlos Matos, the mood turned sour as Bitcoin came off its all-time highs of $20,000. Investors saw the value of their Bitconnect tokens drop to virtually nothing in minutes, with cryptocurrency industry figures lamenting that those without experience were still easy targets for scammers. Criminal proceedings followed, yet it remains unclear whether Bitconnect 2.0 has any relation to its predecessor beyond sharing a name. A Scam To Rival OneCoin On social media, reactions overwhelmingly focused on issuing warnings not to interact with the scheme, even if it should succeed in offering new tokens. Others noted the Bitconnect.io domain name will expire before the alleged launch date. Binance and CEO Changpeng Zhao (known as CZ) have yet to comment on the Twitter account’s claims of a partnership. Another entity meanwhile is attempting to gather members for a Bitconnect community on messaging platform Discord, participants already numbering close to 500. Bitconnect’s resurgence comes in line with the renaissance seen throughout Bitcoin and altcoin markets. Equally poetic is the timing following on from the ‘death’ of fellow ponzi scheme OneCoin, the founders of which spent years accruing around $4 billion. Now subject to legal action, OneCoin nevertheless succeeded in fooling the public to hand over huge amounts of money, despite warnings from various governments and associated watchdogs. What do you think about Bitconnect 2.0? Let us know in the comments below! Images via Shutterstock The post Scam Alert: Bitconnect ‘2.0’ Claims Binance Listing for July Launch appeared first on Bitcoinist.com.
Bitcoinist

BITCONNECT 2.0 is Here! - MY RESPONSE! - Please share this video, save kittens!

💰Get on the Waiting List ★ http://yen.io // GET THE APPS 💰 Social Exchange - http://yen.io 🚀 Market Cap - https://beta.yen.io/yenIq 📚 Free Email Course - http://10daysofbitcoin.com // GET STARTED 💻 Join us at the PUB! - http://thebitcoin.pub 💰Get a Coinbase Wallet! - http://dctv.co/dctv-coinbase - Sign up! // WE DO SOCIAL 🔑 Decentralized Newsletter - https://dctv.co/dctv-news 📔 Twitter - https://dctv.co/dctv-twitter ✏️ LinkedIn - https://dctv.co/dctv-linkedin Music by Charles Giovanniello, a Bitcoin Pub community member! Note: This is not financial advice as all investing is speculative. Have fun and good luck!
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Twitter Spoof: BitConnect 2.0 to Return in July; BCC Token to Rise from the Crypto Graveyard?

Bitcoinnect is known for its high yield investment platform Bitconnect.co. The company had a cryptocurrency Bitconnect Coin (BCC) which investors bought with Bitcoin to gain a 0,25% daily interest. The company also has a lending platform and exchange which closed due to warnings from Texas and North Carolina authorities. Some unknown person is however working […]
Bitcoin Exchange Guide
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