PYMNTS

SEPTEMBER 11, 2019

Email often gets overlooked in the 2019 digital economy, given the higher levels of excitement attached to social media, video and other, more cutting-edge tools — to say nothing of the use of text as a communication tool. Department of Justice has announced a recent crackdown against people behind this email scam. Fraud Crackdown.

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Scams Email Compromise Compromise Wires 65

PYMNTS

MARCH 2, 2020

Barbara Corcoran, a judge on the popular TV show “ Shark Tank ,” said she is “thrilled” about getting back almost $400,000 that she lost during a phishing email scam, according to reports. Scamming and phishing are increasingly more common; about 114,000 people admitted they were scam victims last year alone.

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PYMNTS

FEBRUARY 12, 2020

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. As for the scams themselves, those varied widely both in terms of tactics and targets. billion (or slightly over half) of all losses tracked in 2019.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

Fintech News

JUNE 26, 2024

Since January 2019, Singapore has seized S$6 billion linked to criminal activities, with S$416 million returned to victims and S$1 billion forfeited to the state, pending ongoing investigations.

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AML Money Laundering Financial Crimes Scams 107

PYMNTS

NOVEMBER 12, 2018

Another exit scam has hit the crypto world. In an effort to protect its residents from crypto scams, the Central Bank of the Bahamas (CBOB) has released a regulatory framework before it integrates cryptocurrency-based assets into its services. This time, South Korean blockchain company Pure Bit has reportedly stolen $2.7

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Scams Money Laundering Digital Currency Cryptocurrency 71

PYMNTS

OCTOBER 7, 2019

This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.

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Scams Email Compromise B2B Business Email Compromise 62

FICO

OCTOBER 20, 2020

The UK is home to the most sophisticated Authorized Push Payment (APP) scams in the world. In 2019, banks’ losses of £456 million nearly equaled the £470 million attributed to card not present (CNP) fraud. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic.

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Scams Push-to-Card Irrevocable Payment Irrevocability 52

PYMNTS

AUGUST 12, 2019

more than a half-million dollars of taxpayer money in Virginia’s Spotsylvania County has been taken in tandem with a BEC scam — and the money was supposed to be used to build a football field for a local high school. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 million daily from companies individual victims.

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Business Email Compromise Scams Fincen Compromise 59

PYMNTS

JANUARY 2, 2019

The peer-to-peer (P2P) industry in China could see the number of players decline by as much as 70 percent in 2019, reported Bloomberg. The P2P lending market in China has been rife with scams and controversy for some time now. According to Yingcan Group, by the end of 2019, there will only be 300 P2P lenders remaining.

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P2P Scams Regulations Government 61

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.

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Scams Best Practices Transactions Non-Bank 52

PYMNTS

APRIL 15, 2020

billion in investments — but that number fell in 2019 and, with the global pandemic, has not been profitable as of late. The Federal Bureau of Investigations is expecting a spike in scams and fraud cases trying to capitalize on the coronavirus pandemic in relation to cryptocurrency, it said this week.

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FBI Scams Cryptocurrency Bitcoin 56

PYMNTS

OCTOBER 7, 2020

Japan-based LINE rolled out its BITMAX digital currency exchange in 2019 once it obtained a license from Japan’s FSA, letting messaging app users access trading services. Four exchanges were noted as being breached, while five exchanges were flagged as scams, according to the report.

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Scams Bitcoin Breach eWallet 68

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams? So what happens when customers are dissatisfied?

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Scams RTP Push-to-Card Fraud Detection 52

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.

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Scams Non-Bank Financial Crimes Crime 52

PYMNTS

JULY 21, 2020

This problem puts many at risk of falling victim to scams. This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). It also details how payment service providers can up their defenses against such threats. Fraudulent Sellers.

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P2P Scams Security Account Takeovers 60

PYMNTS

JUNE 24, 2020

The Australian Securities & Investment Commission (ASIC) has reported an increase in the volume of investment scam reports by investors and consumers in Australia amid the pandemic, according to a press release. It said it is especially worried about the risk that investors and consumers face as they purchase bogus crypto assets.

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Central Bank Digital Currency Scams CBDC 67

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Tue, 07/02/2019 - 02:45. During a FICO World 22 session that I moderated, we explored scams and other global fraud trends.

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Scams Push-to-Card Fraud Prevention CashApp 52

FICO

MAY 3, 2023

In the 2023 FICO Global Scams Survey , we asked consumers worldwide what they think banks could do better to combat scams and create a better customer experience for victims. Their top five responses provide a blueprint of customer-friendly steps banks can take to counter RTP scams and improve customer experiences when scams occur.

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Scams RTP Fraud Detection Real Time Payments 10

PYMNTS

JULY 29, 2019

The data was reported in the July 2019 Financial Trend Analysis report. The latest report comes after an FBI Internet Crime Complaint Center announcement last year that BEC was a “$12 billion scam” and there was at that time, a 136 percent increase in identified “exposed” losses (which includes actual losses and attempted thefts).

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Business Email Compromise Scams Fincen Crime 55

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.

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Scams Data Breach Financial Crimes Breach 52

FICO

NOVEMBER 7, 2022

Fighting Scams and Authorized Push Payment Fraud in the US. Tue, 07/02/2019 - 02:45. Also known as scams or authorized user fraud, this multi-billion-dollar global fraud challenge is a real headache for consumers and banks. . Scams and P2P Payments Are Front and Center. FICO Admin. by TJ Horan. expand_less Back To Top.

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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.

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Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

JULY 13, 2020

In July of 2019, after the crimes had already allegedly been taking place for months, the FBI was able to infiltrate the circle and an agent used the same handle as a previous associate to talk with Ponle, using that to conduct a transaction and prove what was going on. But the two likely needed a U.S.-based

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Business Email Compromise FBI Bitcoin Email Compromise 86

FICO

JULY 17, 2020

With criminals successfully stealing over £455 million through scams in the United Kingdom and more than €242 billion across European countries over the past two years, scams are not going away and consumers are still sending out money unknowingly to criminals every day. to sustain their income from scam fraud. by Matt Cox.

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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.

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FTC Scams Identity Theft Federal Trade Commission 49

The Payments Association

FEBRUARY 22, 2024

Since 2019, the UK’s banking sector has been refunding customers who become victims of authorised push payment (APP) scams, causing heated debate among industry professionals who believe the responsibility should lie elsewhere. This year, rules laid out by the Payment Systems Regulator (PSR) in 2023 will come into force.

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Scams Rules Payments Regulations 88

FICO

APRIL 20, 2023

As we see in any new payments channel, fraudsters are often first in line for exploiting weaknesses, so businesses that use RTP will need to keep a sharp eye out for scams. billion in scams in 2022, a 30% increase over 2021.

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Real Time Payments Scams RTP Payments 52

FICO

FEBRUARY 9, 2023

Home Blog FICO APP Scams: What Impact Will the PSR’s Proposals in the UK Have? FICO Admin Tue, 07/02/2019 - 05:23 by Matt Cox VP and General Manager, EMEA expand_less Back To Top Thu, 02/09/2023 - 11:40 Of the £609.8 There has also been intense focus on educating consumers about scams both from consumer groups and the banks themselves.

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Scams Push-to-Card Romance Scams Regulations 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.

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Scams Phishing Bitcoin Volume 43

PYMNTS

FEBRUARY 18, 2020

Meanwhile, an email-based scam is promising to stop a barrage of junk and spam ads from flooding a publisher’s Google account if the publisher pays up in bitcoin, KrebonSecurity reported Monday. They would also distribute 80 percent of the fees it collected in bitcoin and ether to users who held FTs bitcoin all throughout the day.

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Scams Bitcoin Bots Crime 53

BioCatch

JULY 30, 2024

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure.

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Scams P2P Consumer Account Takeovers 59

Fintech News

FEBRUARY 21, 2024

Decline in Scamming and Hacking One of the most notable trends in 2023 was the significant reduction in the volume of crypto assets associated with illicit activities, which plummeted to US$24.2 However, the decrease in scamming and theft does not tell the whole story. billion (SG$ 32.51 billion (SG$ 32.51

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Crime Ransomware Scams Stablecoins 107

PYMNTS

JANUARY 4, 2019

According to reports , the scam was allegedly tied to Boatwright having to approve or deny credit applications. The accused, Essence Boatwright, allegedly bilked dozens of patients over five years by logging into Carestream Dental profiles via company computer access, and crediting refunds to her own checking account.

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FBI Money Laundering Payments Social Security 63

FICO

OCTOBER 20, 2020

The UK is home to the most sophisticated Authorized Push Payment (APP) scams in the world. In 2019, banks’ losses of £456 million nearly equaled the £470 million attributed to card not present (CNP) fraud. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic.

Scams 40

Scams Push-to-Card Irrevocable Payment Irrevocability 40

PYMNTS

AUGUST 12, 2019

A new report has estimated that losses related to cryptocurrency thefts, scams and fraud could reach $4.3 billion in the first quarter of 2019. exchanges to offshore exchanges rose from 45 percent from the 12 months ending Q1 2017 to 66 percent in the 12 months ending Q1 2019. billion this year. trillion, 11.5

Crime 61

Crime Scams Cross-Border Money Laundering 61

PYMNTS

SEPTEMBER 28, 2020

Morgan Chase is stepping up its payment fraud protection services for small- to medium-sized businesses (SMBs) to help them combat scam and fraud attempts, Reuters reported. The bank is implementing a new self-service "fraud hub," which will let SMBs set alerts for unusually large payments, controlling who can get paid.

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Federal Trade Commission FTC Payments Scams 106

PYMNTS

JANUARY 24, 2021

In 2019, criminal activity constituted 2.1 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 Cryptocurrency-related crime fell in 2020, according to a blog post from Chainalysis. billion in transfers.

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Crime Bitcoin Multi-Currency Debit Card 93