A US Treasury Department unit that investigates financial crimes has directed banks to send alerts when they come across suspicious activity that indicates a business is using check cashing companies to avoid payroll taxes and reduce workers’ compensation premiums. Such …
The workers’ compensation industry and state and federal tax authorities are losing hundreds of millions of dollars every year from fraud schemes involving shell companies in the construction industry, federal authorities are warning. The schemes, in which the shell companies …
US financial institutions reported nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department. The payments more than doubled from 2020, underscoring the pernicious damage …