PYMNTS

FEBRUARY 8, 2019

The disclosures come as Wirecard has said that back in April of 2018, an employee of its Singapore operations had raised concerns about another member of the team. Larger Trends Point to Email Scams. The scam comes as multiple variants of a legitimate email address can be used to trick users (including banks and other entities). .

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67

PYMNTS

FEBRUARY 23, 2020

Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. billion was lost in 2019 from similar scams, according to the Federal Bureau of Investigation (FBI), up from roughly $1.3 Close to $1.8

Scams 70

Scams Wire Transfer FBI Wires 70

PYMNTS

FEBRUARY 25, 2020

To support scam victims, the Federal Trade Commission (FTC) will start to send refunds of over $1.7 million to consumers who fell victim to a tech support scam, the agency said in a press release. The FTC will start to provide 57,960 refunds with an average of approximately $30 to each of the scam’s victims.

Scams 64

Scams Romance Scams FTC Federal Trade Commission 64

PYMNTS

FEBRUARY 26, 2019

A man in India tricked 12 people out of $250,000 with a scam involving a fake cryptocurrency named after the Indian version of the show “Who Wants To Be A Millionaire,” according to reports. Patil told the victims that the KBC coin was worth $0.0056, but that it would rise to $1 by March of 2018.

Scams 66

Scams Cryptocurrency Treasury Returns 66

PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. million erroneous payment resulting from a BEC scam. In total, about $104.5

Business Email Compromise 70

Business Email Compromise Scams Email Compromise FBI 70

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. billion in 2018. Department of Justice has announced a recent crackdown against people behind this email scam. Fraud Crackdown.

Scams 65

Scams Email Compromise Compromise Wires 65

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. Venmo users alone lost more than $40 million in 2018. We split out scams and frauds,” he explained in a recent interview with PYMNTS. The Scams And Frauds Facing P2p Payment Apps.

Zelle 68

Zelle Scams AI CashApp 68

PYMNTS

FEBRUARY 20, 2019

Symantec found that formjacking has become a preferred get-rich-quick scam among bad guys. The cybersecurity company analyzes data from its Global Intelligence Network, which records events from 123 million attack sensors worldwide, and blocks 142 million threats daily and monitors threat activities in more than 157 countries.

Scams 69

Scams Identity Theft Compromise Ransomware 69

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. The 2018 report, sponsored by JPMorgan , finds fraudsters are spinning their BEC webs even broader, targeting new channels of business transactions.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

PYMNTS

APRIL 15, 2020

Horowitz boasted a $350 million haul raised in 2018 to go toward startups. In 2018, venture capital investment in blockchain was at a high point, with almost $4.3 Some scams may promise treatments or cures for the virus, which are fraudulent because no known cure exists yet. The firm did not comment on that.

FBI 56

FBI Scams Cryptocurrency Bitcoin 56

Fintech News

FEBRUARY 15, 2024

Value received by illicit crypto addresses dropped significantly in 2023, driven by a decline in crypto scamming and hacking revenue by 29.2% In particular, the report notes that scamming is most successful when markets are up, exuberance is high, and people feel like they are missing out on an opportunity to get rich quickly.

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Ransomware Crime Transactions Romance Scams 116

PYMNTS

JULY 29, 2019

As noted by the Financial Crime Enforcement Network (FinCEN), the number of reports of BEC rose to a monthly average of more than 1,100 in 2018, where the tally had been 500 in 2016. That translates to a value of attempted BEC threats that jumped from $110 million monthly in 2016 to $301 million monthly in 2018. billion.

Business Email Compromise 55

Business Email Compromise Scams Fincen Crime 55

PYMNTS

JUNE 10, 2019

Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.

Business Email Compromise 51

Business Email Compromise Scams Romance Scams Counterfeit Check 51

PYMNTS

OCTOBER 8, 2018

Giancarlo also revealed that the Commission had imposed fines of more than $10 million in 10 cases in 2018, compared with an average of three big-money cases a year during the Obama administration. Total fines ordered through SEC enforcement activity fell 7.2 percent in 2017 to about $3.8

Regulations 63

Regulations Cryptocurrency Best Practices Settlement 63

PYMNTS

FEBRUARY 12, 2019

12) about potential “romance scams,” which cost victims a collective $143 million last year. The FTC said these particular types of scams cost people more than any other type of swindling, and that they’re expected to become more common. The scam is effective, and last year the FTC said people lost a median of $2,600 from the scams.

Romance Scams 53

Romance Scams FTC Scams Federal Trade Commission 53

FICO

JULY 23, 2020

Electronic payments have paved the way for new and old authorised push payment (APP) scams to hit the UK market, with a 40% rise in 2019 ; 56% of Europeans surveyed experienced at least one type of fraud/scam in 2018/2019. Fraud scams are a concern for every fraud manager. Why does this matter to you? Learn More.

Scams 52

Scams Best Practices Transactions Non-Bank 52

FICO

DECEMBER 14, 2021

More Vaccine-Related Scams. Related scams have also been on the rise. We believe this is one of the many scams that will consistently hit the headlines in 2022. Take the most recent example of the bank manager in the United Arab Emirates who fell victim to a threat actor’s scam. Investment in Scam-Fighting AI.

Scams 52

Scams Data Breach Financial Crimes Breach 52

PYMNTS

FEBRUARY 22, 2019

In the quest for ill-gotten gains, fraudsters have a myriad of ways to try to scam unwitting victims, intercepting funds or having them sent to their own accounts. The site said the most recent scams had been uncovered before such deposits were made, but added that other attempts had been successful in the past.

Direct Deposit 54

Direct Deposit Scams IRS Business Email Compromise 54

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

JULY 20, 2018

Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.

Scams 43

Scams Business Email Compromise Email Compromise FBI 43

PYMNTS

MARCH 7, 2018

The cards will be mailed in waves to various parts of the country from April 2018 until April 2019. But as the new Medicare cards start being mailed, there might be an uptick in related scams. A request for payment to get a new card is a sign of a possible scam.

FTC 49

FTC Scams Identity Theft Federal Trade Commission 49

FICO

MAY 20, 2021

model, which adds a Scam Detection Score to Falcon’s existing third-party fraud detection score for retail banking transfers. The Rise of Scams. According to UK Finance , 2019 saw a 45% increase in APP scams, as compared to 2018, with losses totaling £456M in 2019 alone; scam losses continued to rise in 2020 to a total of £479M.

Scams 52

Scams Non-Bank Financial Crimes Crime 52

PYMNTS

JULY 16, 2019

users to report suspicious ads that they suspect of being scams. The feature can be accessed by clicking the three dots in the top right corner of the Facebook ad, selecting “Report ad,” choosing “Misleading or scam ad” and then “Send a detailed scam report,” Financial Times reports. Facebook has launched a tool for U.K.

Scams 43

Scams Phishing Bitcoin Volume 43

PYMNTS

AUGUST 5, 2019

Business email compromise (BEC) attempt scams are gaining traction, targeting billions of dollars in ill-gotten gains. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 BEC scam methods have evolved over time. million daily from companies individual victims. Targeting County Governments.

Business Email Compromise 43

Business Email Compromise Fincen Scams Email Compromise 43

PYMNTS

FEBRUARY 9, 2020

In 2017 and 2018, by comparison, the various schemes and fraudulent activity was $3 billion combined. Things came to a head in June of last year, when Chinese authorities arrested six people in connection with a scam PlusToken was running. The cost of crimes involving bitcoin and cryptocurrency hit $4.3

Scams 83

Scams Cryptocurrency Crime Bitcoin 83

PYMNTS

MARCH 21, 2019

Financial scams perpetrated against U.K. households and companies increased 16 percent in 2018, according to new data. The report also found that in 2018, there was an increase in traditional unauthorized fraud, in which customers are tricked into transferring money to criminals.

Scams 49

Scams Consumer Data Breach Authorization 49

PYMNTS

AUGUST 13, 2018

Citigroup has let go of a payments executive, and initial coin offering (ICO) exit scams are taking a toll. NRF Increases Sales Forecast For 2018. Investors Have Lost Close To $100M In ICO Scams. Retail sales are expected to rise by at least 4.5 percent over 2017, compared to the 3.8 percent to 4.4

Scams 40

Scams Cryptocurrency Blockchain Research 40

PYMNTS

AUGUST 13, 2018

Based on new research from Diar, a blockchain intelligence firm, close to $100 million in cryptocurrency has been stolen via initial coin offering (ICO) exit scams. According to a report in TheNextWeb , the figures in the research imply that during the past two years, ICO scams have totaled $98.6 In 2018, ICOs have raised $6.3

Scams 40

Scams Cryptocurrency Blockchain Bitcoin 40

PYMNTS

NOVEMBER 5, 2018

Elon Musk’s name has reportedly been used in bitcoin scam , with the hack of multiple verified Twitter accounts, the BBC reported. The hackers allegedly took over the accounts and made the image and name to reflect Musk. One tweet that came from an account that displayed the “Elon Musk” name (but actually belonged to a U.K.

Bitcoin 56

Bitcoin Scams Digital Currency Cryptocurrency 56

PYMNTS

SEPTEMBER 18, 2019

Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018. trillion: Estimated value of global financial losses reported in 2018. Data: 1,100: Number of business email compromise fraud scams that targeted CEOs in 2018. All this, Today in Data.

Email Compromise 76

Email Compromise Scams Compromise B2B 76

PYMNTS

APRIL 13, 2020

B2B payments are far from immune to fraud, and in this week’s B2B Data Digest, the business email compromise (BEC) scam reigns. Indeed, only days later, Europol announced an arrest into one BEC scam involving the procurement of personal protective equipment (PPE).

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

JANUARY 24, 2021

The crimes that ended up driving the change in 2020 were scams and the darknet market, the blog's stats report. More stats show that scams netted around $2.6 in January of 2018, and after that, an underground operation emerged, in which the yen were exchanged for other digital currencies on a dark website.

Crime 93

Crime Bitcoin Multi-Currency Debit Card 93

Fintech News

MAY 22, 2024

The Global State of Scams 2023 Report by the Global Anti-Scam Alliance (GASA) and ScamAdviser reveals a severe global increase in scams. of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses.

Financial Crimes 102

Financial Crimes Crime APACS Risk Assessment 102

PYMNTS

APRIL 10, 2019

Firms with revenue below $1 billion actually saw a decrease in fraud attempts in 2018, from 73 percent in 2017 to 69 percent last year. However, instances of the business email compromise scam continued to climb, with 80 percent of companies surveyed reporting they were targeted by a BEC scam, up from 77 percent in 2017.

AFP 69

AFP Scams Email Compromise ACH 69

PYMNTS

NOVEMBER 8, 2018

A new update to Google Chrome will help prevent consumers from being scammed by unclear mobile subscription services. That’s why starting from Chrome 71 (December 2018), Chrome will show a warning before these pages, so that users can make informed decisions when signing up to mobile based subscription services.

Scams 49

Scams Consumer Process Posting 49

PYMNTS

AUGUST 9, 2020

BUSD is a white-label stablecoin from the Paxos Trust Company , which was allowed to issue the coins by the NYDFS in 2018. They still have to inform NYDFS before using the coin, though. The NYDFS Greenlist also includes Bitcoin, ether and litecoin, along with other stablecoins like Gemini and Paxos.

Blockchain 89

Blockchain Bitcoin Stablecoins Scams 89

PYMNTS

JANUARY 25, 2019

Treasury Department tell the main story: Banks in 2018 reported 24,454 suspected instances of elder financial abuse. Fake Grandchild Scam. Among the most common methods of fraud is the fake grandchild scam. PYMNTS readers no doubt know how the scam works, but Experian provided a helpful explanation. Other Scams.

Scams 74

Scams Federal Trade Commission Treasury Fraud Prevention 74