fraud
Sardine’s algorithm helps crypto and fintech companies detect fraud
It’s a great time to be in the fraud detection business in crypto and fintech. Crypto in particular has faced some high-profile scams recently, and many companies operating within the…
DOJ seizes $3.6B in bitcoins after busting entrepreneur couple in Bitfinex laundering scheme
The U.S. Justice Department (DOJ) has seized over 94,000 bitcoins that were allegedly stolen in the 2016 hack of crypto exchange Bitfinex and arrested a married couple suspected to have…
FTC: US consumers lost $770 million in social media scams in 2021, up 18x from 2017
A growing number of U.S. consumers are getting scammed on social media, according to a new report by the Federal Trade Commission (FTC), which revealed that consumers lost $770 million…
FTC orders online shop to pay $4M for hiding reviews below 4 stars
We all know online reviews must be taken with a grain of salt, but generally you’d like to think that a product with a 4.5-star average is better than one…
FrankieOne nabs $16M to provide fintechs with ID and fraud management as a service
Fraud continues to be a major issue in the world of digital transactions, a situation that research shows was only compounded in the last 20 months of online activity growing…
Alloy raises $100M at a $1.35B valuation to help banks and fintechs fight fraud with its API-based platform
Alloy, which has built an identity operating system for banks and fintechs, announced Thursday that it has raised $100 million at a $1.35 billion valuation. Lightspeed Venture Partners led the…
Early Affirm employees raise $70M for SentiLink, an identity verification startup
SentiLink, an identity verification technology startup, has raised $70 million in a Series B funding round led by Craft Ventures. Felicis Ventures, Andreessen Horowitz (a16z) and NYCA also participated in…
Tiger Global leads $34M investment into Unit21, a no-code fraud prevention platform
Unit21, a startup that helps businesses monitor fraudulent activities with its no-code software, announced today it has raised $34 million in a Series B round of funding led by Tiger…
Fraud protection startup nSure AI raises $6.8M in seed funding
Fraud protection startup nSure AI has raised $6.8 million in seed funding, led by DisruptiveAI, Phoenix Insurance, AXA-backed venture builder Kamet, Moneta Seeds and private investors. The round will help the…
RSA Security has spun out its fraud and risk intelligence business into a standalone company called Outseer that will double down on payment security tools amid an “unprecedented” rise in…
Hackers are targeting employees returning to the post-COVID office
With COVID-19 restrictions lifting and employees starting to make their way back into offices, hackers are being forced to change tack. While remote workers have been scammers’ main target for…
Forter raises $300M on a $3B valuation to combat e-commerce fraud
E-commerce is on the rise, but that also means the risk, and occurrence, of e-commerce fraud is, too. Now, Forter, one of the startups building a business to tackle that…
Stripe acquires Bouncer, will integrate its card authentication into the Radar fraud detection tool
On the heels of a $600 million fundraise earlier this year, payments giant Stripe has been on an acquisition march to continue building out its business. In the latest development,…
Shift Technology raises $220M at a $1B+ valuation to fight insurance fraud with AI
While incumbent insurance providers continue to get disrupted by startups like Lemonade, Alan, Clearcover, Pie and many others applying tech to rethink how to build a business around helping people…
Fraud prevention platform Sift raises $50M at over $1B valuation, eyes acquisitions
With the increase of digital transacting over the past year, cybercriminals have been having a field day. In 2020, complaints of suspected internet crime surged by 61%, to 791,790, according…
Geico admits fraudsters stole customers’ driver’s license numbers for months
Geico, the second-largest auto insurer in the U.S., has fixed a security bug that let fraudsters steal customers’ driver’s license numbers from its website. In a data breach notice filed…
Feedzai raises $200M at a $1B+ valuation for AI tools to fight financial fraud
On the heels of Jumio announcing a $150 million injection this week to continue building out its AI-based ID verification and anti-money laundering platform, another startup in the space is…
Wise accuses former Brazil banking partner of smear campaign after ‘unfounded’ accusations of fraud
Wise, the London-headquartered company that made its name offering international money transfers and is reportedly planning an IPO, has accused its former banking partner in Brazil of a “smear campaign”…
Decrypted: Uber’s former security chief charged, FBI’s ‘vishing’ warning
A lot happened in cybersecurity over the past week. The University of Utah paid almost half a million dollars to stop hackers from leaking sensitive student data after a ransomware…
Quantexa raises $64.7M to bring big data intelligence to risk analysis and investigations
The wider field of cybersecurity — not just defending networks, but identifying fraudulent activity — has seen a big boost in activity in the last few months, and that’s no…
Amazon US sellers will have to display their name and address starting Sept. 1, 2020
Amazon on Wednesday informed its U.S. sellers they will soon have to display their business name and address on their Amazon.com seller profile page. For individual sellers, this will include…
Microsoft secretly seized domains used in COVID-19-themed email cyberattacks
A court granted Microsoft’s request to take control of the domains used by the scammers.
After grinding investigation, Luckin Coffee confirms $300 million revenue fraud
Luckin Coffee’s drips and drops of news the past few weeks — including a boardroom feud that is pitting the company’s chairman against a special investigation committee looking into an…
NS8 raises $123M led by Lightspeed for its suite of online fraud prevention tools
Online fraud costs people and organizations billions of dollars each year — with one aspect alone, identity fraud, a $16.9 billion problem in 2019, says Javelin Research, and each dollar of…
Google says Iranian, Chinese hackers targeted Trump, Biden campaigns
Google security researchers say they’ve identified efforts by at least two nation state-backed hackers against the Trump and Biden presidential campaigns. Shane Huntley, director for Google’s Threat Analysis Group, said…
To fight fraud, Amazon now screens third-party sellers through video calls
Amazon is piloting a new system aimed at validating the identify of third-party sellers over video conferencing, the company announced on Sunday. The technology is a part of a series…
Facebook sues OnlineNIC for domain name fraud associated with malicious activity
Facebook today announced it has filed suit in California against domain registrar OnlineNIC and its proxy service ID Shield for registering domain names that pretend to be associated with Facebook,…
Dating app maker Match sued by FTC for fraud
They’re just not that into you. Or maybe it was a bot? The U.S. Federal Trade Commission on Wednesday announced it has sued Match Group, the owner of just about…
Justice Department indicts 80 individuals in a massive business email scam bust
The Justice Department has indicted dozens of individuals accused of involvement in a massive business email scam and money laundering scheme. Thom Mrozek, a spokesperson for the U.S. Attorneys Office…
The SEC wants disgraced VC Mike Rothenberg to cough up more than $30 million
Nearly three years ago, TechCrunch reported on suspected fraud committed by Mike Rothenberg, a self-described “millennial venture capitalist” who’d made a name for himself not only by eponymously branding his…
