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The Importance of Know Your Business (KYB) in the Fintech World

Jul 19, 2024 By SecuritySenses In SecuritySenses

In the dynamic and rapidly evolving fintech industry, regulatory compliance and risk management are crucial for maintaining trust and ensuring sustainability. One critical component of this regulatory framework is the Know Your Business (KYB) process. KYB involves verifying the legitimacy and credentials of business clients and partners, ensuring they are who they claim to be, and assessing their potential risks. In the fintech world, KYB is essential for mitigating fraud, ensuring compliance with regulations, and fostering a trustworthy ecosystem.

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Pyramid Scheme: What Is it and How Does It Work?

Jul 18, 2024 By Steven In IDStrong

Pyramid schemes are one of the world's most well-known forms of financial fraud. For many years, they have victimized people who trust the promises of quickly making easy and significant profits. The frightening thing about these schemes is that they are built on a "business model" doomed to collapse. It is essential to understand what principles the pyramid operates in to be able to reveal and then avoid involvement in such a scam.

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Malvertising Campaign Impersonates Microsoft Teams

Jul 17, 2024 By Stu Sjouwerman In KnowBe4

Researchers at Malwarebytes warn that a malvertising campaign is targeting Mac users with phony Microsoft Teams ads. The ads are meant to trick users into installing Atomic Stealer, a commodity strain of malware designed to steal information from macOS systems.

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Beyond the baguettes-12 Paris scams and tourist traps

Jul 16, 2024 By Nyrmah J. Reina In Avast

Paris is the place to be, hosting events like Vogue World and Tour de France. Unfortunately, where there’s a lot of people, there are plenty of scammers.

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How to Spot and Avoid Grandparent Scams

Jul 16, 2024 By Ashley D'Andrea In Keeper

Grandparent scams happen when a cybercriminal impersonates a victim’s family member, such as a grandchild, to convince them that there is an emergency. Despite the name of this scam, the victim doesn’t always have to be a grandparent or grandchild. The primary goal of these scams is to extort money from a victim by pretending that their loved one is in danger.

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What is a Ponzi Schemes: History and Examples

Jul 16, 2024 By Steven In IDStrong

Ponzo schemes continue to grow in complexity and notoriety. These schemes are not transactions or one-time hacks. “Ponzi schemes are fraudulent business operations that promise high returns with little or no risk, claiming investors' money will go towards a legitimate investment.” Investors believe they will score huge returns from their initial investment, yet most only realize once it is too late that the entire scheme is doomed to fail from the beginning.

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How to Stay Away from LinkedIn Scams

Jul 16, 2024 By Steven In IDStrong

LinkedIn is the world's largest professional networking service for accountants, policemen, politicians, advertising professionals, business executives, college students, investment bankers, and consultants. Most use LinkedIn to connect with others and help with career development, new business contacts, and professional networking. However, job scams and other online cybercriminals use LinkedIn features for fraudulent activities.

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What Is Google Chat Scam and How to Spot and Stop It

Jul 16, 2024 By Steven In IDStrong

Google Chat is a popular communication software that allows you to share content and send messages in real time. Individuals use it for personal communication or collaboration with teams at work. However, as its popularity is increasing, people are using it as their primary form of communication.

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5 Tips for Spotting and Avoiding Pig Butchering Scams

Jul 15, 2024 By Martina Dove In Tripwire

Pig butchering scams came onto the scene a few years ago and have been gaining momentum ever since. A unique take on an old classic, pig butchering is a typical investment scam with a romantic or relationship-based twist. The large sums of "invested" money are typically funneled into fake crypto apps where they are promptly lost.

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How To Protect Yourself from Tech-Support Scams

Jul 12, 2024 By Aranza Trevino In Keeper

You can stay protected against tech-support scams by learning to spot them and following tips to avoid them, such as never answering unsolicited calls from unknown numbers, never giving someone remote access to your computer and not clicking on malicious advertisements. Continue reading to learn more about how you can protect yourself against tech-support scams and what to do if you’ve fallen for this type of scam.

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