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Snowflake claims Santander and Ticketmaster breaches not its fault
Data cloud platform Snowflake denies that vulnerabilities in its system allowed the ShinyHunters hacking group to breach security and access customer details of both Santander Bank and Ticketmaster last month [May 2024].
Online Published Date:
04 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
New technologies tackle the UBO verification challenge
Regulated businesses, governments and anti-corruption investigators need to know who they're really dealing with behind complex company structures. But, identifying and verifying ultimate beneficial owners (UBOs) or 'persons of significant control' remains a significant challenge. Steve Lamb of Kyckr reports on how technology is being used to assist and speed the process.
Online Published Date:
05 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Autonomy founder acquitted of all fraud charges in US
UK tech entrepreneur Dr Mike Lynch was found not guilty of 14 counts of fraud and one of conspiracy by a jury in San Francisco on 6 June.
Online Published Date:
07 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
UK regulator rejects call to delay to APP fraud reimbursement
The UK's Payments Systems Regulator (PSR) has rejected a 10 June plea from industry group the Payments Association for a year's delay to this autumn's start of mandatory reimbursement for victims of authorised push payment (APP) fraud.
Online Published Date:
14 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Holistic elements of successful investigations
The British Post Office's Horizon IT scandal is a high-profile example of what can go wrong when fraud cases aren't conducted effectively across a broad scope of investigative skills. Tim Tyler and Wayne Haynes of the International Compliance Association discuss a balanced approach to financial crime investigations.
Online Published Date:
14 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Glencore pays US$50 million to Nigeria over graft but details scarce
Anti-graft campaigners, including Britain's Spotlight on Corruption, are calling on Nigeria's federal government to publish its US$50 million anti-corruption settlement with mining major Glencore International.
Online Published Date:
19 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
The AI frontline: new tech, old tricks
The advance of artificial intelligence pits counter-fraud professionals against adversaries who are using the technology to ply cunning variations on well-established criminal themes. It is not feasible to rely solely on technological protections; proactive human engagement and regulatory efforts are needed, reports Oli Buckley of Loughborough University.
Online Published Date:
25 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Digital assets and litigation - square pegs in round holes?
Although the cryptoasset marketplace is a hot target for frauds, victims still face uncertainty in the courts over whether their item is 'property', if a third party could be deemed liable and how cryptoassets should be valued. Sarah Murray of Stevens & Bolton discusses some of the legal issues in play.
Online Published Date:
25 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Keep out - deterrence (and detection)
Prevention is far better than cure so how to stop bad actors infiltrating the organization in the first place but if they do, which way to find them? Keith Nuthallseeks answers.
Online Published Date:
26 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
Deeper, wider, faster - AI, risk and predictive analytics
Generative AI is turbo-charging the contest between fraudsters and those intent on stopping them. Sarah Gibbons wants to know where the advantage lies.
Online Published Date:
26 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024
South African legislates failure to prevent corruption offence
Changes to South Africa's anti-graft legislation have come into force - ahead of the country's recent elections, where the ruling African National Congress (ANC) lost its parliamentary majority - addING a new criminal offence of 'failure to prevent corrupt activities' for private sector and state-owned enterprises.
Online Published Date:
27 June 2024
Appeared in issue:
August/September 2024 - 01 August 2024