High-value art is being used by sanctioned individuals to launder money, according to a recent report by the U.S. Senate Permanent Subcommittee on Investigations. The art industry does not have the same anti-money laundering (AML) requirements as banks and other financial firms, creating a perfect loophole for criminals. Many auction houses do have voluntary AML programs in…
Money launderers are exploiting vulnerabilities in private equity firms and hedge funds, according to a recently leaked FBI report. These firms are not subject to the same anti-money laundering (AML) requirements as other financial firms. For example, whereas banks and broker-dealers are required to have an AML program in place and must perform Bank Secrecy Act filings and customer…
Update: The Beam platform is now Jumio Transaction Monitoring. *** We have been very busy developing exciting new features in the Beam platform. Today we are happy to announce some major improvements that will make compliance even smoother in your organization. Quality Control (QC) This feature allows QC managers to verify that analysts are meeting…
A J.D. Power study released in February 2020 found that the number of new account openings at bank branches now comprises just 55% of all new account openings, down 10 percentage points from just a year ago. The same study found that 31% of new account openings are executed through a bank website or mobile…
Identity theft and account takeover are on the rise, with cyberattacks targeting the financial sector increasing 238% from February to April 2020, according to a VMware Carbon Black report. Now more than ever, as businesses deal with the financial stressors of the global health and economic crisis brought on by COVID-19, there has never been…
Synthetic identity fraud is one the fastest-growing — and hardest-to-detect — forms of identity theft in the U.S., according to the U.S. Federal Trade Commission. Synthetic identity fraud is responsible for up to 20% of credit losses and costs lenders billions each year, according to Auriemma Consulting Group. Synthetic identity fraud is when criminals combine…
New account fraud isn’t new, but it’s fast becoming one of the biggest problems in the digital banking era, costing the financial services industry billions each year. In fact, 48% of all fraud value stems from accounts that are less than a day old (according to RSA Security) and Experian’s 2020 Global Identity and Fraud…
A recent study by the UK National Fraud & Cyber Security Centre reported that coronavirus-related fraud increased by 400% in March, but amidst these dark times, a new generation of heroes has emerged. People across the globe are teaming up virtually and finding ways to help each other overcome the difficulties brought on by the…
Identity proofing has been fundamental to businesses for a very long time to ensure that customers are who they say they are. The concept of identity proofing dates back to prehistoric times when beads were used to communicate wealth, familial lineage and personal identity. Facial tattoos such as those adorned by the Maori of New…
Update: The Beam platform is now Jumio Transaction Monitoring *** It’s been two months since San Francisco issued the shelter-in-place order. Like everyone else, we at Beam are looking forward to the day when we can all go safely back to our normal routines. But during this time, we have been busier than ever getting…