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Tag: fraud

NVIDIA : Accelerating Financial Services With AI

AI is enabling brighter financial futures for consumers and businesses. From traditional banks to new fintechs, the financial services industry is powering use cases with AI such as preventing payments fraud, automating insurance claims, and accelerating trading strategies.

The latest episode in the I AM AI video series brings these technology stories to life by featuring global financial enterprises and startups transforming banking, insurance and payments.

Automating Insurance Claims and Document Processing

Ping An, China’s…

The Omicron Fraud. The WHO Now Says It’s “Super-mild” – Global ResearchGlobal Research

All Global Research articles can be read in 51 languages by activating the “Translate Website” drop down menu on the top banner of our home page (Desktop version).
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Visit and follow us on Instagram at @crg_globalresearch.
This is a followup of my earlier article entitled:
The Covid-19 Omicron Variant: Towards a Fourth Wave Lockdown? Pretext to Introduce New Repressive Policy Measures

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There is ample evidence of outright political fraud. A new variant detected in South Africa is used to justify…

Self-Proclaimed Bitcoin Inventor Ordered to Pay $100 Million in IP Fraud Case

Peera_Sathawirawong / iStock.comIn a very convoluted legal case to recently draw headlines, self-proclaimed Bitcoin inventor Craig Wright won part of a litigation on Dec. 6. This mixed ruling found that Wright was, in fact, not business partners with Dave Kleiman — enabling Wright to avoid having to pay billions of dollars to Kleiman’s estate. However, the conclusion of the case fails to clarify the identity of the enigmatic figure that is Satoshi Nakamoto, and many in the crypto industry continue to view Wright’s claims as exaggerated or imaginative.Discover: Housing Trends:…

YouTube reveals mass problem of false copyright claims

YouTube has published its latest transparency report – this being the first detailing the way the giant deals with copyright claims.
The big takeaway is that the copyright claims system is abused on a mass scale, as many observers believe it to be – 2.2 million videos have been targeted with fraudulent, or “incorrect” as YouTube put it, claims in the first half of this year alone, the report reveals.
Still, this is only a small fraction – under 1 percent – of overall copyright claims filed from January to June 2021, which amounted to a whopping 729 million. And 99 percent…

Christmas Happiness and the Scams That come with it

Christmas is just a few weeks away and everyone is buying gifts for some. The popularity of online buying has opened opportunities for fraudsters to steal from us.
When the time comes close to our favorite holiday, not only we but the businesses also hear the jingle bell. There are so many things to spend money on this holiday. Traveling, decoration, gifts, and whatnot. This holiday generates more than $400 billion alone in the USA. This large amount of money attracts fraudsters to take some benefit out of this.
Just like we are preparing our house with lights and Christmas trees,…

How Companies Use Artificial Intelligence to Detect Lying

Startups may become the first to embrace new deception detection technology to screen customers for loans or insurance fraud because they seek an edge against conservative, well-established banks and insurers that rely on traditional credit scores and background checks. 
“We do not use such technology today,” says Guy Goldstein, co-founder and CEO of Next Insurance, which targets small businesses and the self-employed. “I would imagine we would use it in the future, and it could mitigate risk and have significant impact on a business like Next.”
The promise of…

US SEC Charges Man With Defrauding Crypto Investors in Two Digital Asset Securities Offerings –…

The U.S. Securities and Exchange Commission (SEC) has charged a citizen of Latvia with defrauding investors in two crypto offerings. The fraudster “used fake names, fictitious entities, and fraudulent profiles to perpetrate his schemes, and misappropriated nearly all of the investor funds that were raised.”
Two Fraudulent Crypto Schemes
The SEC announced Thursday that it has “charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings.”
Noting that Ivars Auzins defrauded U.S….

Malicious KMSPico installers steal your cryptocurrency wallets

Threat actors are distributing altered KMSpico installers to infect Windows devices with malware that steals cryptocurrency wallets.
This activity has been spotted by researchers at Red Canary, who warn that pirating software to save on licensing costs isn’t worth the risk.
KMSPico is a popular Microsoft Windows and Office product activator that emulates a Windows Key Management Services (KMS) server to activate licenses fraudulently.
According to Red Canary, many IT departments using KMSPico instead of legitimate Microsoft software licenses are much bigger than one would expect.
“We’ve…

What is the Blockchain Trilemma and How do Layer-Two Scaling Solutions Help?

While perusing the internet for the pros and cons of cryptocurrencies, one of the primary concerns that isn’t related to a lack of regulation, fraud, high volatility, and an inherent lack of value related to computer code, is its scalability.
Scalability in economics implies that a company can increase sales given increased resources. In programming, it’s mostly the same but is a little different. Scalability, in regards to cryptos, is that the system handles more work by adding more resources. This is important as a network’s ability to handle more transactions per second (TPS), with…

Data Science and Machine Learning’s Potential for Fraud Detection

The consumer marketplace has been a hot spot for fraud lately. This is due in part to the rise in more digitally focused transactions amid the pandemic and the evolving way we communicate with our banks. We’re seeing a rise in fraud risk surrounding applications that are newer to the market, like digital wallets, buy now pay later (BNPL), peer-to-peer (P2P) payments as well as those that have been in the market for a while such as bank transfers and card not present (CNP) payment methods. Consumers are attracted to these methods because they’re convenient, meaning…

Celsius CFO arrested over connections to Israeli crypto mogul Hogeg

Yaron Shalem, the Chief Financial Officer of crypto lending platform Celsius, was arrested this month in Tel Aviv in connection with Israeli crypto mogul Moshe Hogeg, CoinDesk reported. His name and those of 17 other people were included in an appendix to a document issued by Israel police’s national fraud investigation unit, dated Nov. 15.

This was three days before police announced they had arrested eight people, including Hogeg, on accusations of fraud, money laundering, and sexual assault.

Celsius refuses to talk

Three sources in Israel confirmed…

How Scientific Fraud took the World Hostage

In January 2021, I wrote two Twitter threads on the peer-review procedure of Christian Drosten’s scientific publication about the Covid PCR test that formed the basis for the current political agenda. As an Editor of a Scientific Journal, I will give you some more insights into scientific peer-review processes and why fraudulent manipulation concerning Drosten’s PCR paper most likely took place at the Journal of publication “Eurosurveillance”.

Corman-Drosten PCR Paper

The scientific publication from Corman et al., with Christian Drosten as the…

Decentralized Finance (DeFi) Fraud in 2021 Is Up 600% Over 2020, Topping $10.5 Billion, Research…

According to a report published by crypto risk management firm Elliptic, fraud and theft of decentralized finance (DeFi) investments has surpassed $10.5 billion so far this year — that’s a 600% increase over all of 2020. DeFi is an automated method of banking and financing that runs on blockchain-based computer programming. It provides faster, cheaper cryptocurrency transactions anywhere in the world without a finance rep, credit check, or loan officer in the middle. As of this writing, more than $106 billion in funds are currently being invested in various DeFi offerings — that’s up…

Data Science Is A Key Weapon In The Fight Against Fraud

Businesses, health systems, utilities and even governments run on data — unseen torrents of it constantly sloshing back and forth across globe-spanning networks, at a speed and volume too large for any human brain to fathom. Fraudsters often lurk within that hidden world, exploiting weaknesses in systems or using crafty techniques to mask their activities.

Organizations can use big data technology to guard against various types of fraud, from data breaches to false claims that an item never arrived, by training algorithms to recognize what is and is not normal behavior within a…

Crypto Crime Still Rising in China Despite Crackdown, Warn Authorities


Source: AdobeStock/FotokonReports from Chinese provincial law enforcement agencies appear to show that crypto crime is still on the up – despite a nationwide crackdown on crypto and mining exacted in September this year.According to Xinmin, counterfeit currency-related crime is “declining significantly” in Shanghai, per officials speaking at a Songjiang Procuratorate press conference. However, the procuratorate claimed that criminal cases where perpetrators “make use of virtual currency as a criminal tool” are on the rise, incorporating new types of fraud and “causing larger…

Blockchain Vulnerabilities – Crypto Hacks, Blockchain Forensics And Legal Challenges – Technology

It is often assumed that blockchain based digital currencies and
applications are safe and secure. In fact, blockchain ecosystems
including cryptocurrencies such as bitcoin and Ether, smart
contracts that power a plethora of transactions, and blockchain
exchanges have many vulnerabilities. Like many other financial
systems, blockchain based systems are subject to all manner of
hacks, frauds scams, and vulnerabilities. They happen at the speed
and anonymity of the Internet. There are, understandably, numerous
legal challenges when it comes to obtaining civil remedies for
these…

Descubre las 3+1 estafas de NFT más escandalosas y millonarias de los videojuegos

El mundo digital de los tokens no fungibles ha experimentado notables fraudes en su corta y prometeica existencia

Actualmente, los NFT son uno de los tópicos del momento. Esta serie de tokens no fungibles están experimentando un exponencial aumento en su popularidad, especialmente tras el respaldo de personalidades como Willyrex y de compañías como EA y Ubisoft. Sin embargo, al igual que con toda novedad, la inexperiencia y la especulación se encuentran a la orden del día, lo que ha causado estragos no solo a nivel de expectativa y proyección sino, sobre…

‘A Bitcoin City’ – What next after El Salvador issues $1 billion Bitcoin bond

El Salvador’s move to become the first country to make Bitcoin a legal tender witnessed many developments. Although, it wasn’t a smooth sail to reach the shore. It was met with protests and bedeviled by fraud, market volatility, and technical glitches. Nevertheless, the Central American region along with the ruling executives continue to explore the Bitcoin narrative regardless of the friction.
Bitcoin Bond
Recently, El Salvador took another step forward in the same direction. It struck a deal with crypto firms Blockstream and BitFinex to mainstream its efforts in the Bitcoin market….

The future of data analytics

A large bank in the Asia-Pacific region once wanted to hire many data scientists to form a team focused on driving data analytics initiatives.
Such a move would not have been scalable or effective, given that the insights about the business are best tapped by employees on the ground, according to Robert Merlicek, chief technology officer of Tibco Asia-Pacific and Japan.

Speaking to Computer Weekly on the future of data analytics, Merlicek said a more tenable approach would be to empower call centre, fraud, helpdesk and customer acquisition teams with the tools to glean analytics…

Those ‘hiding behind anonymity of crypto transactions’ will be accountable, SEC warns

Individuals who hide behind the anonymity of cryptocurrency transactions to defraud investors should expect that the SEC will trace their illegal activity and hold them accountable for their actions
The Securities and Exchange Commission (SEC) has charged a California-based promoter for alleged Bitcoin-related fraud, the regulator announced on 18 November, 2021. The promoter, Ryan Ginster has been held for,
“…conducting two unregistered and fraudulent securities offerings that raised over $3.6 million in cryptocurrency from retail investors.”

The complaint filed, charges the…

IRS seized $3.5B in crypto-related fraud money this year as illicit activity multiplies

The Internal Revenue Service’s Criminal Investigations Unit (IRS-CI) seized $3.5 billion from cryptocurrency-related fraud cases over the fiscal year of 2021, according to an annual report published by the agency, underscoring how the booming sector has also sparked a rise in the illicit use of crypto.According to the IRS-CI, 93% of the total money they seized this year came from crypto-related cases, the latest sign that fraudsters and scammers have found a way to leverage the soaring popularity of digital coins to their advantage.While 2021 isn’t officially over, the amount of funds…

Over $10 billion lost to ‘DeFi’ scams and thefts in 2021

An illustration showing physical bitcoins alongside binary code displayed on a laptop.Jakub Porzycki | NurPhoto via Getty ImagesLONDON — Investors have lost billions of dollars to criminals targeting so-called “decentralized finance” platforms this year.According to a report from London-based firm Elliptic, more than $10 billion worth of user funds has been stolen in cases of fraud and theft on DeFi products, which aim to replicate traditional financial services using blockchain technology.DeFi has often been referred to as the “Wild West” of cryptocurrencies. Such services often promise…

What’s Next for AI in the Public Sector?

PHOTO:
ElevenPhotographs | unsplash
We’ve all been hearing how almost any organization, of any size, anywhere can leverage artificial intelligence (AI) to boost productivity and revenue. Teachers can alter course material to fit the learning needs of students, insurers can grow capacity and reduce fraudulent claims, utilities can predict equipment downtime and avoid outages, consumer packaged goods (CPG) organizations can forecast what their customers will want to buy next. The applications of AI to business are endless, limited only by the fact that poor data used to train the AI can…

China catches fraudsters using central bank digital currency for money laundering – Ledger Insights

It’s no surprise China has uncovered instances of money laundering using its pilot central bank digital currency (CBDC). Given the size of the economy and hence issuance, it’s a magnet to scammers, fraudsters and hackers. That’s especially because the digital yuan pilots are now at scale, touching more than 10% of China’s population.

In China, fraudsters use similar methods to what they’d try for a debit or credit card scam but adapted for the digital yuan.

The 21st Century Herald gave two examples. In one case, the target of the fraud was contacted and told that an…