The alarming rise in digital bank fraud in 2024 has left the financial industry grappling to understand the underlying causes and implement effective countermeasures. According to the 2025 Digital Identity Fraud in Africa Report by Smile ID, digital bank fraud reached an unprecedented 35%, a
The rise in fraud targeting small and medium businesses (SMBs) has highlighted the urgent need for banks to enhance their fraud protection mechanisms. Traditional approaches, primarily designed for individual consumers or large enterprises, fall short of addressing the unique challenges faced by
Open Banking, introduced in the UK in 2018, has been a pioneering force in the financial sector, spearheading the movement towards greater transparency, competition, and innovation. This initiative has not only garnered attention within the UK but has also inspired similar ventures globally, each
The article delves into the serious allegations against Sterling Bank Limited and its holding company, Sterling Financial Holdings Company, by Nigerian authorities. The Nigeria Police Force has charged these entities with money laundering, fraudulent deductions, and other financial malpractices.
The Solicitors Regulation Authority (SRA) has recently issued crucial guidance urging law firms to take robust measures to protect themselves from sham litigation, a deceptive scheme used by criminals to bypass anti-money laundering (AML) regulations. Sham litigation involves fabricating legal
The House of Representatives Committee has launched an extensive investigation into Sterling Bank following allegations of money laundering, unauthorized deductions, and other financial irregularities. The probe, which also implicates the Central Bank of Nigeria (CBN) and Shell Petroleum, was
