SECURE YOUR PLACE ABOVE
From Paul O’Donoghue at AMLi
HAPPY FRIDAY – we lead with a look at Meta’s unconvincing performance outlining how it is stopping fraud.
For years, online platforms have escaped any attempt to hold them responsible for malicious adverts posted on their websites.
Instagram’s parent company has come under the spotlight after Liz Ziegler, Lloyds’ fraud prevention director, said that roughly two-thirds of fraud reports from their customers started on a Meta platform.
At a panel discussion organised by the FATF, Meta tried to shift the blame onto the fragmentation and ambiguity of current regulations. But the argument did not inspire much confidence.
STANDARDISING EU STRS: It’s been a busy week for the EU’s Anti-Money Laundering Authority, which proposed to allow suspicious transaction reports (STRs) to differ across the…
Cyber fraud uses technology as the primary weapon. It is highly scalable and can be conducted from anywhere in the world.
- Phishing/Smishing/Vishing: Using deceptive emails (phishing), text messages (smishing), or phone calls (vishing) to trick victims into clicking malicious links or revealing sensitive data.
- Business Email Compromise (BEC): A high-value scam where a criminal impersonates a CEO or high-level executive via a “spoofed” email address to trick a staff member into making an urgent, unauthorized wire transfer.