Category: In The News

Are you worried about business risks posed by global sanctions and anti-money laundering regulations? ThreatSTOP has partnered with FiveBy, a leading Risk Intelligence and Fraud consultancy with a team of sanctions experts, to offer an automated, customizable Office of Foreign Assets Control (OFAC) compliance enforcement solution that can be easily integrated into your existing network devices – including DNS servers, firewalls, routers, and even your endpoints. With One-Click Sanctions Compliance, you’ll gain access to comprehensive OFAC sanctions coverage which network enforcement solutions to now include sanctioned entities and their subsidiaries.

Navigating Compliance Challenges in a Changing World

 Businesses today face mounting challenges in safeguarding their firms amid an ever-evolving sanctions landscape. Rapid changes in compliance requirements, driven by geopolitical conflicts, impact internet traffic and business dynamics. Since the invasion of Ukraine, US sanctions on Russia have skyrocketed, with over 2,500 new Russian-related targets added to the Treasury Department’s SDN (Specially Designated Nationals) list. Engaging with these entities or their subsidiaries can lead to penalties, investigations, negative publicity, and business disruptions. However, identifying subsidiaries, scattered globally, requires extensive investigative and digital forensic research, intensifying the complexity of compliance.

To overcome these obstacles, compliance officers and businesses must adapt by identifying sanctioned entities and subsidiaries, and strictly enforcing all compliance requirements. Staying ahead of evolving sanctions and skillfully navigating compliance is critical to protect firm integrity and reputation.

One-Click Sanctions Compliance: Expertise Meets Technology

Introducing One-Click Sanctions Compliance: a powerful solution by ThreatSTOP and FiveBy. Automate compliance with sanctions regulations and protect your network effortlessly. The ThreatSTOP platform blocks machine-to-machine connections with sanctioned countries, entities, subsidiaries, and seized territories, preventing prohibited business engagements. Customize enforcement policies to fit your specific needs, allowing you to selectively block countries and sanctions regimes while enabling traffic on an entity-specific basis.

Save time and resources by automating compliance efforts, freeing you to focus on business growth. One-Click Sanctions Compliance provides data-backed evidence of your commitment to compliance, blocking and logging communication attempts to prevent violations. It offers internal and external network communications tracing for quick decision-making and action, enhancing your risk mitigation efforts.

Interested in instant sanctions compliance? Get One-Click Sanctions Compliance installed today.

Talk to an Expert

 

ThreatSTOP is a cloud-based automated threat intelligence platform that converts the latest threat and sanctions data into enforcement policies, and automatically updates your firewalls, routers, DNS servers and endpoints to stop attacks before they become breaches.

For more information, go to www.threatstop.com or contact sales@threatstop.com.

FiveBy is a leading Risk Intelligence and Fraud consultancy. ​When it comes to risk and fraud management, FiveBy’s industry experts bring strength and clarity to protecting our clients’ profits and managing their reputations. This can be done through one-time risk assessments, or ongoing managed services.

For more information, go to www.FiveBy.com or contact info@fiveby.com

Seattle, WA

Globally, digital commerce fraud is expected to surpass $48 billion in 2023.  According to a recent report, every one dollar in fraud experienced by a company will cost that company $3 in recovery and expenses.

In addition, the speed with which fraud is mutating to evade detection is alarming many companies engaged in global ecommerce. Now with the ability to employ artificial intelligence (AI) tools in fraud, the fraudsters themselves will be able to scale and continue to evolve their methods.

At the same time, the rise of ecommerce is providing small and midmarket businesses with the opportunity to expand to new markets.  Selling products and services in international markets requires accepting payment methods common in those markets.

Although paying with VISA, PayPal, or MasterCard is common in the Americas, there are many other payment methods that customers use in international markets.  Sellers can face the challenge of safeguarding against fraudulent activities in unfamiliar payment methods.

This situation poses a dilemma.  On one hand, merchants want to streamline transactions and accept as many potential purchases as possible, and on the other hand, they must guard against fraudulent transactions.

 

For this reason, the best way for businesses to expand to new markets is to find a way to leverage services that bring together international payment processing, and cutting-edge, AI-enabled fraud detection that is fine-tuned for their business.

Worldline, one of the largest global digital commerce payment processors, and FiveBy are working together to provide payment processing and consultative services to implement the Microsoft Dynamics 365 Fraud Protection (DFP) platform for their clients.  Microsoft’s stand-alone fraud protection platform is rich in AI and machine learning to protect merchants from various schemes.

According to Kelly Harvin, global head of channel partnerships at Worldline, “Merchants seeking best in class fraud prevention can benefit from the trifecta of the consultative expertise provided by FiveBy, the single source solution of Microsoft DFP, and the seamless integration of DFP with Worldline’s payment processing.”

John Solheim, FiveBy Chief Commercial Officer reported, “We have witnessed significant fraud prevention discoveries using DFP, even during a trial engagement.”  Worldline and FiveBy offer a combination of expertise and digital commerce experience, to combine adaptive AI with a global fraud protection platform.

Discover more about how to implement a strong international ecommerce solution to prevent the increasing threats of fraud, at FiveBy.com.

FiveBy Solutions is a leading Risk Intelligence and Fraud consultancy. FiveBy’s industry experts bring strength and clarity to protecting our clients’ profits and managing their reputations. For more information, go to www.FiveBy.com or email johnsol@fiveby.com

Worldline [Euronext: WLN] helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise and solutions customized for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. www.worldline.com

 

 

Courtesy of kremlin.ru and licensed under the Creative Commons Attribution 4.0

The Organized Crime and Corruption Reporting Project (OCCRP), along with partners in the United States, the UK, and others, today published its first series of articles on the Rotenberg Brothers – close friends and enablers of Russian president Vladimir Putin. Boris and Arkady Rotenberg have been sanctioned by the United States since 2014, after Russia invaded and illegally annexed Crimea, and despite being sanctioned by the West, the brothers were able to maintain their luxurious lifestyles and move probably billions of dollars in assets all over the world using a complex web of intermediaries, enablers, shell and front companies, and secretive jurisdictions.

OCCRP’s investigative series is based on a new leak of more than 50,000 emails and documents from a Russian management firm that worked for the Rotenberg brothers.

FiveBy Director of Risk Intelligence, Irene Kenyon, is quoted in the first article of the series, “Leaked Emails Reveal How Putin’s Friends Dodged Sanctions With Help of Western Enablers,” highlighting that Cyprus is a jurisdiction that has been a popular destination for Russian elite to hide assets and establish secretive entities to help obscure beneficial ownership.

More reporting on the Rotenberg brothers will be published by OCCRP and its partners in the coming days.

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

To access FiveBy’s expertise on sanctions, money laundering, and other risks that can impact your business, please click below.

FiveBy IntelSentry

Pix4free.org – link to – https://pix4free.org/

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Recently, Director of Risk Intelligence Irene Kenyon was a guest on the first episode of the Highly Regulated Podcast with Stevie Cline.

What are the biggest compliance mistakes we see?

How can companies best mitigate their compliance risks?

Is your company too small to get caught violating sanctions or AML laws?

Will you catch the attention of regulators?

https://youtu.be/ysg9Gw_hv28

If you’re a new firm beginning operations or a company that would like help supplementing your compliance program with expert analysis that can provide in-depth insights into your risks and vulnerabilities without breaking the bank, please click below for a free consultation.

FiveBy IntelSentry

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Konstantin Malofeyev; Credit: Lous Whinston/CC BY-SA 2.0, via Wikimedia Commons

Irene Kenyon, FiveBy Director of Risk Intelligence, was recently quoted in an article by the Organized Crime and Corruption Reporting Project (OCCRP) on a Cyprus firm that may have helped sanctioned Russian oligarch Konstantin Malofeyev evade sanctions.

Malofeyev was designated in 2014 for supporting Russian-backed separatists in eastern Ukraine. But the Cypriot firm MeritServus secretly continued to work with Malofeyev’s Cyprus shell company for nearly three years after that before dropping him as a client.

Why? Did the company, which at one time was part of accounting giant, Deloitte, update its watchlists and screening systems to ensure the latest designations were captured? Probably not. Were there alerts to warn of new sanctions? Did they react to those alerts? Did they screen against the new additions? Did they bother monitoring adverse media for the latest information about their clients? Did they bother updating their sanctions risk assessments? Had they even done one? It certainly sounds like the answer to all these questions was no.

Kenyon recalled tracking Malofeev’s finances as early as 2014, while she was at the Treasury Department.

“We had information about him funneling weapons and money to separatists in eastern Ukraine. If he can access the global financial system… to transfer money to these separatists, he is funding an insurgency,” she said.

“Those who are allowing sanctioned individuals and entities to transfer money are opening a gate for these malign actors to access the global financial system and corrupt it,” Kenyon noted, saying that MeritServus may have violated sanctions when it allowed Malofeyev to transfer funds in US dollars after he was designated.

The UK newspaper, the Guardian, also published a shorter version of the story, quoting Kenyon.

To access FiveBy’s expertise on sanctions, money laundering, and other risks that can impact your business, please click below.

FiveBy IntelSentry

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

FiveBy Director of Risk Intelligence, Irene Kenyon, on 27 February 2023 once again appeared on New Paradigms, discussing the one-year anniversary of Russia’s invasion of Ukraine and the state of the unprecedented sanctions imposed on Russia.

What has changed?

How has compliance changed?

How much more complicated will compliance teams’ jobs be with sanctions and restrictions on Russia growing?

Have sanctions against Russia been effective?

Watch the video below and contact FiveBy’s experts to get a free consultation and access in-depth analysis to help avoid regulatory, criminal, and reputational risk.

FiveBy IntelSentry

At a time when the regulatory landscape is changing at a lightning speed, with new financial sanctions programs, enforcement actions, and global policy developments stretching compliance programs, effective monitoring and mitigating risk is more important than ever for global banks, financial institutions, technology firms, cryptocurrency platforms, and governments.

That’s why FiveBy Solutions—a specialized risk intelligence consultancy with unique expertise in financial crime-related risk and fraud management—is teaming up with The Illicit Edge, the foremost source of breaking financial crime news at the intersection of sanctions, money laundering, corruption, terrorist financing, cyber and cryptocrime, and more.

While The Illicit Edge surfaces the latest and most important sanctions and financial crime news and information that compliance and risk professionals need to stay abreast of the everchanging regulatory risk landscape, FiveBy provides US and international firms and financial institutions with customized risk assessments to make sense of the reams of information generated by their compliance tools and inform their compliance risk management decisions.

We are proud to be working with The Illicit Edge as we strive to bring our clients the best and most-informed solutions that position them for success.

Click below for a free consultation and demo of FiveBy’s Risk Assessment Services.

RISK ASSESSMENT SERVICES

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

FiveBy Director of Risk Intelligence, Irene Kenyon, on 5 September 2022 participated in New Paradigms—a show that asked the question: Are sanctions still relevant in a multipolar world?

The answer is nuanced. Sanctions are effective foreign policy when done intelligently. They work when goals are specific, and the implementation and enforcement strategies are focused and multilateral. In coordination with our partners and allies, sanctions are most effective against illicit actors and states.

Irene also states that sanctions compliance in our volatile environment is getting more complicated and expensive, especially since the sanctions against Russia are of primary importance to the current administration. However, the best compliance solutions don’t have to be expensive, especially given the managed services cost. A mix of automation and human-driven analysis to interpret what is sometimes vast reams of data is the best option to implement a robust compliance program.

For our bespoke Risk Assessment Services that supplement data from automated sources, click below.

RISK ASSESSMENT SERVICES

 

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Irene Kenyon, FiveBy Director of Risk Intelligence, was recently quoted in an article by the Organized Crime and Corruption Reporting Project (OCCRP) on the network of proxies and middlemen that are used to obscure involvement in Syrian phosphate imports into Europe.

Security firms linked to sanctioned war profiteers and senior figures from sanctioned Russian oligarch, Gennady Timchenko’s, Stroytransgaz benefit from the trade. Stroytransgaz denies its companies were connected, but OCCRP and its partners found evidence of several links between Stroytransgaz and these firms.

Kenyon commented on blood money that is generated from the Syrian phosphate trade is likely going into the pockets of designated, corrupt kleptocrats and that using shell companies is a common strategy to disguise the fact that sanctioned entities or individuals were benefiting from a trade.

An abbreviated version of the story was also published by the Guardian.

To access FiveBy expertise on sanctions, money laundering, and other risks that can impact your business, please click below.

FIVEBY RISK ASSESSMENT SERVICES

Seattle, WA

FiveBy is proud to announce a new partnership with Microsoft, which combines managed service offerings with the power of Microsoft Dynamics 365 Fraud Protection. Organizations across many industries are experiencing an increase in fraud incidents at speeds that impact revenue with little warning and often require unplanned resources to respond.  According to 451 Research, for merchants that have seen fraud volumes increase, 41% cited growth in new account fraud, while 35% cited a spike in policy abuse and friendly fraud. *

FiveBy’s fraud management expertise coupled with Microsoft’s adaptive AI technology offers customers a comprehensive solution to defend against the continuous threat of fraud related attacks while improving accuracy and acceptance rates. This collaboration enables organizations to identify and reduce fraud costs, while freeing up key resources to focus on investments, innovation, and growth.

Dynamics 365 Fraud Protection’s ability to continuously learn evolving fraud patterns enables customers to detect and protect against fraud trends and loss issues faster and with more accuracy, while providing a holistic view of the fraud landscape. Dynamics 365 Fraud Protection delivers three key capabilities integrated as part of an overall solution or provided individually as needed:

  • Purchase protection that rejects fraudulent transactions while more accurately accepting legitimate purchases, maintaining and even improving revenue and customer satisfaction
  • Account protection to fight against account takeovers, fake account creation and user account abuse
  • And loss prevention that enables organizations to identify anomalies that can indicate fraud trends in off-line behavior or for batch analysis

“As long-time specialists in this field, FiveBy has not come across a fraud detection and insights solution nearly as robust and accurate as Microsoft’s fraud protection tool. We are thrilled to be able to offer our customers an opportunity to get ahead of ever-changing fraud trends at a speed and operational efficiency that hasn’t been available until now.” -Alex Kochis, President & Founder of FiveBy

FiveBy’s team of experts, including credentialed fraud investigative analysts and data scientists, provide dedicated customer support from the initial evaluation and implementation of Microsoft Dynamics 365 Fraud Protection to the ongoing management and optimization. For what once required customers to manually search for trends and anomalies that might indicate a fraud incident, FiveBy can now analyze small batch data sets for labeling (flagging fraud related transactions) that feed into the Dynamics 365 Fraud Protection AI modeling to be automated. Additionally, FiveBy will assess customers’ current fraud mitigation processes, tools, workflows, and decision matrices.

“Fraudsters are sophisticated and continually seek vulnerabilities to exploit. However, most of our customers are not fraud experts, nor are they staffed with large teams of skilled fraud analysts and investigators. Therefore, we are working with FiveBy Solutions to deliver a comprehensive solution that enables our customers to stay ahead in the race against fraudsters.” – Donald Kossmann, Distinguished Engineer & General Manager, Microsoft Dynamics 365 Fraud Protection.

While identifying anomalies, trends, and key insights are a basic need in this fast-paced market, organizations still need to act, leveraging the intelligence gathered. In addition to fine-tuning data to be ingested into the Dynamics 365 Fraud Protection AI modeling and adjusting parameter and rules configurations, FiveBy’s specialists can provide ongoing assessments and recommendations to improve data and policy health, or even implement improvements directly with customer teams to close vulnerable gaps that can be easily exploited.

* Fraud-prevention upgrades come into focus, 451 Research, S&P Global Market Intelligence, February 8, 2022

About FiveBy Solutions

FiveBy Solutions is a specialized risk intelligence consultancy with unique expertise in risk and fraud management. Companies and organizations contact FiveBy when they see risks related to fraud, abuse or compliance that could affect their reputation, their ability to support customers, their intellectual property, or their bottom line. FiveBy provides unique insight and experience to transform these risks into opportunities. Whether you work with FiveBy on an assessment, to address a one-off incident, or to create robust processes to address future risks – we’ll always be in your corner. We stay ahead of the game, so you don’t have to.

More information: www.fiveby.com

Press inquiries: John Solheim – FiveBy

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