High risk foreign currency wires catch attention of US Treasury Department
The US Treasury just handed down a fine of $125 million against UBS for failing to monitor suspicious transactions of high-risk foreign currency international wires. This comes on the heels of the fallout and repercussions through US banking from the US Department of Justice (DOJ) levying a fine of $3 billion in 2024 against TD […]
Setting thresholds do make a difference to reducing fraud losses
Prior to its acquisition by Royal Bank of Canada (RBC), HSBC Bank Canada had specific online transfer thresholds set up for consumers: Online Banking Wire Transfer Limit: The standard daily limit for self-serve transfers/wires initiated through HSBC Canada’s online banking portal or mobile app was $50,000. Higher Tier Authorizations: For amounts exceeding $50,000 up to […]
Fraud is a global threat causing great consumer harm
Having just posted a link to OECD’s June report on Protecting Consumers from Financial Scams and Frauds on this financial vulnerability blog, where a clear and defining recommendation was international collaboration and cooperation to fight the global scourge of fraud which respects no borders, this LinkedIn post by Mr. Islam, picks up on what OECD […]
We are all in this global financial fraud together
Someone has called it a scamdemic but however you define financial fraud, it has widereaching tentacles spanning the entire globe. Too bad it cannot be jettisoned into space but will not be because consumers live here. They are often the target of these fraudsters who operate internationally and zero in on countries like Canada where […]