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Car Buyer Check Scam: What to Know Before Cashing a Check

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

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Classic Car Sale scam: protecting Yourself When Selling Out โ€of State

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Selling a beloved classic carโฃ can be bittersweet, especially when finding a โ€‹buyer from a distance. Though, a recent surge in scams targeting sellers has โฃprompted warningsโ€‹ about fraudulent transactions, especially those involving checks. โคThe core issue: scammers exploit the trust associated with seemingly legitimate โขpayment โ€Œmethods to steal vehicles.

The Rising Threat of Car Sale Scams

Many individuals are now listing โ€vehicles online, expanding their โฃpotential buyer pool nationally. This increased reach, while beneficial, also opens the door to sophisticated scams. Scammers often pose as eager buyers willing to โ€pay a premium, but their methods are designed to โฃultimately leave you without yourโ€ car and your money.

did โคYou Know? Vehicle fraud is consistently ranked among theโ€Œ top scams reported โขto the Federal Trade Commission (FTC).

How the โคscam Works

The typicalโ€ scenario involves โ€Œan out-of-state buyer offering to purchase a classic car. they send a check – often for more than the agreed-upon price – and request that the โคseller cash it immediately.โ€‹ The buyer then explains theโข overpayment is to cover shipping costs. Once the check โขclears (or appears to), the buyer arranges for a third-party transport company to pick up the โคvehicle. however, the check is ultimately fraudulent, and the seller is responsible for the full โฃamount, including the “shipping” funds they sent to the โคscammer.

Once the check clears, the buyer will send a trailer โ€to pick up the car. โค – Quentin Fottrell, 2025-11-10 11:30:00

Key Red Flags toโ€‹ Watch For

Identifying potential scams requiresโ€Œ vigilance. Be wary โ€Œof these common indicators:

Red Flag Action
Overpayment Reject immediately
Urgency Slow down the process
Third-Party Transport Verify independently
out-of-State Buyer increased caution needed
Unusual Payment Method Demand secure options

Protecting Yourself During a Car Sale

Several steps can substantially reduce your โ€‹risk of falling victim to a car saleโค scam:

  • Verify the โคCheck: Do not rely solely on your bank’s initial clearance.โ€ Contact the issuing bank directly to confirm the funds are available and legitimate.
  • Secure Payment Methods: Insist on a secure payment method like a cashier’s check verified by the bank, a wire transfer (though theseโข can also be reversedโข by scammers, soโฃ proceedโ€‹ with caution), or cash in person.
  • Independent Transport: If shipping is necessary,โ€‹ arrange the transport yourself thru a โ€reputable company you’ve researched.โ€‹ Do not use aโ€‹ transport company recommended by theโข buyer.
  • Delay Release of Vehicle: โฃ โ€ Do not release the vehicle until you are absolutely certain the funds are secure and verified.

Pro Tip: Alwaysโฃ meet the buyer in a safe, public location – preferably at your bank – for the transaction.

Timeline of a Typical Scam

Understanding the scam’s progression can help you identify and avoid it:

  1. Buyerโค contacts seller with an offer.
  2. Buyer sends a check for more โขthan the agreed โขprice.
  3. Seller cashes the check and sends back the โ€overpayment for “shipping.”
  4. Buyer arranges for a third-party transport company.
  5. The โขcheck bounces, leaving the seller liable for the funds.
  6. The vehicle is transported, and the seller is left with a financial loss.

federal Trade Commission: “Beโฃ wary of buyers who offer to pay with a cashier’s check or official check, โคand thenโค ask you to send them back the difference.”

The FTC provides

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World

Flagstar LLM Risk Model Integration: Tips for Safe Validation

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

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Integrating LLMs into Risk Models: A Guide for Financial Institutions

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The financial sector is rapidly exploring the potential of Large Language Models (LLMs) to revolutionize risk management. However, safely integrating these powerful tools requires careful consideration and a robust validation process.Recent insights from David Stancil, lead model validator at Flagstar bank, offer crucial guidance for institutions seeking to leverage LLMs while maintaining regulatory compliance and model integrity. This article details the key steps and considerations for successful LLM integration into risk models.

The Rise of LLMs in Financial Risk Management

Large Language Models, powered by artificial intelligence, are demonstrating an ability to analyze vast datasets and identify patterns that traditional methods might miss. This capability is notably valuable in areas like credit risk assessment, fraud detection, and regulatory compliance. Though, the “black box” nature of LLMs presents unique challenges for model validation and governance.

Did You Know? The global market for AI in banking is projected to reach $64.3 billion by 2028, according to a report by Grand View Research.

Key Considerations for Safe Integration

David Stancil emphasizes the importance of a phased approach to LLM integration. He suggests starting with less critical applications and gradually expanding use cases as confidence in the model’s performance grows. A critical first step is understanding the LLM’s limitations and potential biases. LLMs are trained on massive datasets, and these datasets may contain inherent biases that can influence the model’s outputs.

pro Tip: Thorough documentation of the LLM’s training data,architecture,and validation process is essential for regulatory compliance.

Data Quality and Validation

The quality of data used to train and validate LLMs is paramount. Financial institutions must ensure that the data is accurate, complete, and representative of the population being modeled. Stancil recommends rigorous backtesting and stress testing to assess the model’s performance under various scenarios.This includes evaluating the model’s sensitivity to changes in input data and its ability to handle unexpected events.

Model Governance and Oversight

Effective model governance is crucial for managing the risks associated with LLMs. This includes establishing clear roles and responsibilities for model progress, validation, and monitoring. Regular audits and autonomous reviews can help identify and address potential issues before they escalate. Flagstar Bank, headquartered in Troy, Michigan, has been actively developing its LLM governance framework over the past year.

Comparing Traditional Models vs. LLM-Based Models

Feature Traditional Risk Models LLM-Based Risk Models
Data Requirements Structured, limited data Large volumes of structured and unstructured data
Transparency High – easily interpretable Lower – “black box” nature
Adaptability Limited – requires manual updates High – can learn and adapt over time
Validation Complexity Relatively straightforward More complex – requires specialized techniques

Future Trends and Challenges

The integration of LLMs into financial risk management is still in its early stages. Future trends include the development of more explainable AI (XAI) techniques, which will help to increase the transparency of LLM-based models. Another key challenge is addressing the regulatory uncertainty surrounding the use of AI in financial services.Regulators are actively working to develop guidelines and standards for AI governance,but the landscape is still evolving.

The potential benefits of llms in risk management are notable, but realizing these benefits requires a careful and considered approach. By following the guidance of experts like David Stancil and prioritizing data quality, model governance, and ongoing validation, financial institutions can safely and effectively leverage the power of LLMs to improve their risk management capabilities.

Background: the Evolution of AI in Finance

The use of artificial intelligence in finance dates back to the 1980s, with the development of expert systems for credit scoring and

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Technology

Expert warns 42 million employees about clever new hacking tactic with Microsoft targeted

by Rachel Kim โ€“ Technology Editor
written by Rachel Kim โ€“ Technology Editor

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Urgent Security Alert: Phishing Emails Mimic Official Communications, Prompting Password Changes and Bank Monitoring

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Consumers are being warned about a surge in sophisticated phishing emails designed to trick recipients into revealing sensitive facts. These fraudulent messages, often appearing to originate from legitimate sources, pose a important risk to personal data and financial security. Experts advise immediate action if such an email is received.

Understanding the Threat: Phishing Tactics and Safeguards

Phishing attacks are a persistent threat in the digital landscape,employing deceptive tactics to gain unauthorized access to personal and financial information. These emails often impersonate trusted entities, such as banks, government agencies, or well-known companies, to create a false sense of legitimacy.

The primary goal of these scams is to elicit sensitive data,including login credentials,credit card numbers,or social security numbers. Recipients may be prompted to click on malicious links, download infected attachments, or reply with personal details.

In response to such threats, cybersecurity professionals recommend a multi-layered approach to protection:

  • Immediate Password Changes: If you suspect you have clicked on a suspicious link or provided information, changing your passwords across all affected accounts is paramount. This includes email,banking,social media,and any othre online services.
  • Bank Account Monitoring: Regularly reviewing your bank statements and credit reports for any unauthorized transactions or suspicious activity is crucial. Early detection can significantly mitigate financial losses.
  • Contacting Financial Institutions: If you believe your financial information has been compromised,immediately notify your bank or credit card company. They can assist in securing your accounts and guiding you through the necessary steps to protect yourself from further fraud.
  • Verifying sender Identity: Always scrutinize the sender’s email address for any discrepancies or unusual characters. Legitimate organizations rarely request sensitive information via email.
  • Avoiding Suspicious Links and Attachments: Exercise extreme caution when encountering unsolicited links or attachments, even if they appear to be from a known source. Hovering over links without clicking can reveal the true destination.

The Daily Record is committed to keeping its readers informed about emerging threats and providing actionable advice to enhance online safety. For ongoing updates and security tips, consider joining our WhatsApp community for direct alerts.

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World

Tom Hayes Libor Case: Conviction Overturned, Justice Remains Elusive

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

Here’s a rewritten version of the article, aiming for 100% uniqueness while preserving all verifiable facts:

Calls for Inquiry Intensify as UK Regulators Consider weakening Senior Manager Accountability

Amid allegations of an establishment cover-up, UK parliamentarians, including prominent Conservative figure David Davis, are demanding an official inquiry into past events. This group asserts that the scapegoating of individuals was a consequence of “collusion” between financial institutions and the government. The willingness of authorities to pursue further investigations remains uncertain.

Considerably, UK legislation has evolved as the conviction of Tom Hayes. In 2016, UK regulators implemented the Senior Managers and Certification Regime (SMCR). This framework was designed to ensure that senior managers could not evade responsibility for firm-wide misconduct, leaving lower-level employees like Tom Hayes to bear the brunt of the blame.

However, the SMCR has demonstrated limited effectiveness. In the six years following its introduction,the UK Financial conduct Authority (FCA) initiated 53 investigations into senior managers. Only one enforcement action resulted in a accomplished outcome: a censure and fine against former Barclays CEO James ‘Jes’ Staley for mishandling a whistleblower complaint. Five years later, Staley was banned from holding senior financial positions due to making misleading statements about his association with the late convicted sex offender Jeffrey Epstein.

Furthermore, the Bank of England is currently consulting on proposals to dilute the SMCR. A review of the regime was initially announced at the close of 2022, with momentum for this change accelerating after UK Chancellor Rachel Reeves urged all UK regulators in January of this year to reduce red tape and stimulate economic growth. A trend towards deregulation is also evident in the United States.

There is a concern that Tom Hayes’s successful appeal could discourage the Serious Fraud Office (SFO) from pursuing similar prosecutions, particularly at a time when oversight of senior managers is slated for relaxation.

It would be imprudent for regulators to assume that financial scandals of the magnitude of Libor and benchmark rigging will not recur. The absence of a robust system for holding bankers accountable for misconduct during future crises could further diminish public confidence in the financial system. Financial authorities must urgently redouble their efforts to address the legal and regulatory deficiencies that have thus far allowed misconduct by bankers, especially senior management, to go unpunished.

Editing by kris Devasabai

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World

Financial crime product of the year: LexisNexis Firco Continuity Wins Risk Technology Awards

by Priya Shah โ€“ Business Editor
written by Priya Shah โ€“ Business Editor

Here’s a breakdown of the key points from the provided text, focusing on the capabilities and benefits of Firco Continuity:

Core Functionality & Benefits:

Comprehensive Logging & Retention: All transactions, regardless of flagging, are logged and kept. This allows firms to respond quickly and confidently to regulatory inquiries.
 High-Performance Filtering Engine: The platform can process millions of transactions per hour in real-time. This is crucial for meeting upcoming regulations like SEPA instant payments.
ISO 20022 Support: firco Continuity is designed to handle the complexities of the ISO 20022 standard, extracting and analyzing enriched payment message data for more precise screening and contextual alerts. This aids in the transition from older data formats.
 Balancing Speed and Risk Control: The solution effectively addresses the challenge of maintaining screening effectiveness while minimizing transaction latency, a common issue in instant payment systems. Its ability to screen at scale in real-time wiht high configurability makes it stand out.

Future Developments & Strategic Focus:

Infinite Memory Module: LexisNexis Risk Solutions plans to introduce this module to archive and retrieve billions of transaction records without performance degradation. This will help firms provide evidence of their configurations, rule applications, and decision logic to regulators.
 Adaptability to Expanding Regulatory Perimeter: Firco Continuity is designed to be adaptable across different geographies and business models, supporting fintechs, virtual asset providers, and non-bank payment service providers. Its modular structure and multilingual support are key to this.
AI-Driven Capabilities: The platform is exploring machine learning applications to enhance screening. The focus is on prioritizing traceability and explainability alongside detection accuracy to avoid “black-box” issues,responding to regulatory demands like those from the Monetary Authority of Singapore.

Key quote from Sophie Lagouanelle (Vice-president, Product, Financial Crime Compliance at LexisNexis Risk Solutions):

The award signifies their commitment to helping financial institutions stay ahead of evolving threats and regulatory expectations. Firco Continuity is continuously evolving to meet client needs by combining speed, precision, and openness.
 It supports compliance in the era of instant payments and AI-driven oversight. Flexible deployment options, including secure cloud hosting, empower institutions to scale and adapt confidently.
 The recognition highlights innovation that improves operational efficiency and strengthens the integrity of the global financial system.

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World

Germany: Crypto Crime Reports Rise 8% – Latest Data

by Chief editor of world-today-news.com
written by Chief editor of world-today-news.com

German Watchdog Reports Record Crypto Suspicious Activity

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Germany’s Financial Intelligence Unit (FIU) has registered a record number of suspicious activity reports linked to cryptocurrencies, signaling growing concerns over potential illicit uses of digital assets. The number of notifications from banks and financial services firms jumped 8.2% to 8,711, according to Bloomberg News, marking a new high for crypto-related scrutiny in the nation.

Key Findings of the FIU Report

despite an overall decline in suspicious activity reports across all sectors, those specifically involving cryptocurrencies have surged.This suggests a heightened focus on digital asset transactions and a growing awareness of potential risks within the crypto space.

The FIU report highlights that Bitcoin leads the pack in terms of flagged transactions, followed by Ether, XRP, Tether, and Litecoin. These digital currencies are frequently associated with activities on trading platforms, mixing services designed to obscure transaction origins, and online gambling sites, raising red flags for regulators.

Did You Know? Mixing services, also known as tumblers, combine various crypto transactions to make it harder to trace the original source of funds. This can be used to launder money or hide illicit activities.

FBI Data Echoes German Concerns

The German FIU’s findings align with a recent report from the FBI,which revealed a ample increase in cryptocurrency fraud during 2024. The FBI reported losses of at least $9.3 billion, a staggering 66% increase compared to 2023.These losses stemmed from investment scams, extortion schemes, sextortion attempts, and fraudulent activities involving cryptocurrency atms and kiosks.

Christopher Delzotto, section chief of the FBI’s financial crime division, noted that between January 2024 and April 2025, the agency alerted over 5,400 individuals who had been targeted by crypto-related fraud, many of whom were unaware they were victims.

Circle’s IPO: A Sign of Maturing Crypto Markets?

Amidst the concerns over illicit crypto activity, stablecoin issuer circle recently made headlines with its initial public offering (IPO). Circle’s Wall Street debut is viewed by some as a landmark event, signaling a broader acceptance of digital assets within customary finance.

Circle’s IPO, underwritten by major banks, demonstrates a growing appetite for digital assets among retail investors. This move provides increased transparency into Circle’s operations, governance, and financial performance, potentially setting a new standard for the stablecoin sector.

Pro Tip: Keep an eye on regulatory developments in the crypto space. Increased scrutiny and clearer guidelines can help legitimize the industry and protect investors.

The Rise of Crypto Crime: By the Numbers

metric 2023 2024 Change
FBI Reported Crypto Fraud Losses $5.6 Billion $9.3 Billion +66%
German FIU Crypto Suspicious Activity Reports 8,051 8,711 +8.2%

Questions for Discussion

What steps can be taken to better regulate cryptocurrency transactions and prevent illicit activities?

How will Circle’s IPO impact the future of stablecoins and their role in the financial system?

Understanding Cryptocurrency Regulation

Cryptocurrency regulation is an evolving landscape, with governments worldwide grappling with how to oversee digital assets. The primary goals of regulation are to protect investors, prevent money laundering and terrorist financing, and ensure financial stability. Different jurisdictions have adopted varying approaches, ranging from outright bans to complete regulatory frameworks.

In the United States, agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have asserted their authority over certain aspects of the crypto market. The SEC focuses on cryptocurrencies that are considered securities, while the CFTC regulates crypto derivatives. Europe is moving towards a unified regulatory framework with the Markets in Crypto-Assets (MiCA) regulation, which aims to provide legal clarity and harmonize rules across member states.

As the crypto market matures, regulatory clarity is expected to increase, fostering greater institutional adoption and innovation. However, the decentralized nature of cryptocurrencies poses unique challenges for regulators, requiring international cooperation and innovative approaches to enforcement.

Frequently Asked Questions About Crypto Regulation

What is a suspicious activity report (SAR) in the context of cryptocurrency?
A suspicious activity report (SAR) is a document filed by financial institutions with regulatory authorities when they suspect that funds involved in a transaction may be related to illegal activities, such as money laundering or terrorist financing. In the context of cryptocurrency, SARs are filed when transactions raise red flags, such as unusual patterns, large amounts, or connections to known illicit actors.
How do cryptocurrency mixing services work?
Cryptocurrency mixing services, also known as tumblers, combine multiple cryptocurrency transactions to obscure the origin and destination of funds. These services break up transactions into smaller pieces and mix them with othre users’ transactions, making it tough to trace the original source of the funds. While some users may use mixing services for privacy reasons, they are frequently enough associated with money laundering and other illicit activities.
What are stablecoins, and why are they vital?
Stablecoins are cryptocurrencies designed to maintain a stable value relative to a reference asset, such as the US dollar. They are important because they provide a bridge between traditional finance and the crypto world, offering the benefits of cryptocurrencies (e.g., fast and low-cost transactions) without the price volatility. Stablecoins are used for trading,lending,and other financial activities within the crypto ecosystem.
What is the Markets in Crypto-Assets (MiCA) regulation?
the Markets in Crypto-Assets (MiCA) regulation is a proposed legal framework in the European Union that aims to regulate the crypto market. MiCA seeks to provide legal clarity, protect investors, and ensure financial stability by establishing rules for crypto-asset issuers, service providers, and trading platforms. It covers various aspects of the crypto market, including stablecoins, initial coin offerings (ICOs), and crypto-asset service providers (CASPs).
How can individuals protect themselves from cryptocurrency fraud?
Individuals can protect themselves from cryptocurrency fraud by being cautious of investment opportunities that promise high returns with little risk. It is indeed critically important to research crypto projects thoroughly, avoid sharing private keys or personal facts, and use reputable exchanges and wallets. Additionally, individuals should be wary of unsolicited offers or requests for cryptocurrency and report any suspicious activity to the appropriate authorities.

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Consult with a qualified professional before making any investment decisions.

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