Neopay

DECEMBER 4, 2024

In a world increasingly driven by digital interactions, scams and fraud remain significant challenges, with fraud accounting for 39% of all reported crime in England and Wales. For scams and fraud prevention, legitimate interests often apply, requiring a robust three-part legitimate interests assessment (LI assessment).

Scams 52

Scams Fraud Prevention Laws Assessments 52

Fintech Finance

OCTOBER 31, 2024

This suite addresses specific factors that challenge today’s fintechs, programme managers and bank sponsors.” Thredd’s new, best-in-breed services are designed to address clients’ and partners’ growing concerns regarding the complexity and cost of managing compliance and risk across multiple operational fronts and geographies.

Compliance 95

Compliance Risk Push-to-Card Scams 95

Fintech News

AUGUST 7, 2024

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams. Financial institutions involved in these linkages have implemented robust anti-scam controls to prevent exploitation of these channels by scammers.

Cross-Border Payments 107

Cross-Border Payments Cross-Border Scams Transaction Limits 107

Fintech News

APRIL 7, 2024

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.

Deepfake 133

Deepfake Scams Fraud Detection Verification 133

The Fintech Times

AUGUST 11, 2024

This increase reflects the platform’s intensified security efforts to combat external hacks and scams. Approximately 80 per cent of these recoveries are linked to hacks, exploits and thefts that occurred outside the Binance platform, with the remaining 20 per cent involving external scams. per cent from 0.42 per cent in 2022. .

Scams 112

Scams Monetary Loss Cryptocurrency Blockchain 112

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59

Scams 107

Scams Phishing Deepfake Verification 107

Fintech Finance

NOVEMBER 20, 2024

Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Financial institutions also face significant erosion of trust and rising customer attrition as consumers fall victim to APP scams.

Scams 97

Scams Real Time Payments Fraud Prevention Fraud Detection 97

Fintech News

MARCH 21, 2024

Visa’s latest Biannual Threats Report for Spring 2024 underscores the concerning rise of “pig butchering” scams, showcasing the sophisticated threats plaguing both individuals and businesses in the global payments ecosystem. Visa’s study reveals that these scams have targeted a staggering 10% of surveyed adults.

Scams 111

Scams AI Ransomware On-Demand 111

FICO

FEBRUARY 23, 2022

That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. The financial impact of scams is staggering indeed: in the UK alone, authorised push payment (APP) scams accounted for £479 million in gross losses in 2020. Fortunately, it’s not all gloom and doom.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

Fintech Finance

NOVEMBER 18, 2024

Public awareness of new regulations that require UK banks to reimburse victims of payment scams remains critically low, weeks after their enforcement. On 7 October, the Payment Systems Regulator mandated that all UK banks must repay customers who are proven to be victims of payment scams up to £85,000 per case.

Scams 91

Scams Rules Regulations Consulting 91

Neopay

DECEMBER 24, 2024

In today’s increasingly digital world, fraudsters continue to adapt and exploit vulnerabilities, with Authorised Push Payment (APP) scams posing one of the most significant threats to consumers. According to the Payment Systems Regulator (PSR) APP Fraud Survey 2024, APP scams cost UK consumers 341 million in 2023.

Romance Scams 52

Romance Scams Scams Consumer Compliance 52

Payments Dive

JUNE 14, 2023

“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.

Scams 78

Scams Addressing P2P Payments 78

FICO

MAY 27, 2021

The ‘courier scam’ is a global issue that intensified late last year and presented another worrying trend in the new world of digital payments and card scams. These scams are very successful — here’s how they work: 1. But why is this same attack repeated with such frequency and what can we do to be more resilient to the threat?

Scams 98

Scams Law Enforcement Compromise Fraud Prevention 98

Fintech Finance

FEBRUARY 13, 2025

Oftentimes, criminals also involve the accounts of unwitting civilians through methods such as romance and investment scams. TRACE incorporates critical data points across an entire domestic network to identify money mules involved in financial crime (such as frauds, scams, etc.), Oftentimes, investigations take weeks to complete.

Money Laundering 76

Money Laundering Financial Crimes Crime Visa 76

The Fintech Times

FEBRUARY 19, 2025

Feedzai , an AI solution provider in financial crime prevention, is teaming up with payments giant Mastercard , to makeit easier for more banks to identify and stop scams, protecting consumers and businesses globally. As payments continue to evolve, fraudsters are increasingly using AI to scam consumers.

Visa 59

Visa AI Consumer Financial Crimes 59

The Payments Association

NOVEMBER 17, 2023

The Payment Systems Regulator (PSR) has published its inaugural APP Scams Performance Report, which presents data from the year 2022. Read more

Scams 88

Scams Addressing Regulations Consumer 88

PYMNTS

NOVEMBER 30, 2020

The theft, if successful, could have hurt both executives and workers, and could be used in the future for a wide range of scams targeting companies by posing as leaders and scamming people into sending money. The ZDNet tipster has also gone about notifying others whose account information is known to have leaked.

Business Email Compromise 116

Business Email Compromise Addressing Scams Ransomware 116

Fintech Finance

SEPTEMBER 30, 2024

This false sense of security is compounded by the fact that 61% of participants have changed their behavior or reduced their use of payment platforms due to fears about cyber scams. ” Respondents were asked about nine different types of scams. 46% cited the possibility of being scammed as a barrier to trust.

Scams 97

Scams Digital Payments Consumer Payments 97

PYMNTS

JULY 16, 2020

Treasury’s Financial Crimes Enforcement Network (FinCEN) is warning financial institutions of a “high-profile” new scam exploiting Twitter accounts to try and scam convertible virtual currency (CVC) out of individuals, according to a Thursday (July 16) press release.

Scams 80

Scams Suspicious Activity Report (SAR) Treasury Fincen 80

PYMNTS

JANUARY 18, 2021

Yet the new bill fails to address the gaps that allowed for fraudulent activity among some businesses that had secured PPP loans in the first round of stimulus, the publication alleges. This week's B2B Data Digest takes a look at the numbers behind the latest instances of fraud, including fraudulent invoices, corporate tax scams and more. $19

Scams 87

Scams Business Email Compromise Email Compromise Federal Trade Commission 87

The Fintech Times

FEBRUARY 3, 2025

Account takeover scams saw a dramatic increase of 250 per cent last year. Victims of these scams not only face financial losses, averaging about $180 per incident, but 40 per cent also suffer from subsequent identity theft.

Deepfake 81

Deepfake Account Takeovers Identity Theft Verification 81

The Fintech Times

NOVEMBER 27, 2024

The BBB Scam Tracker Risk Report has found that 80 per cent of people targeted by such scams have lost money. It does not need complex wallet addresses, which in turn, helps prevent hacking , phishing, SIM swaps, money laundering and exchange thefts with end-to-end cryptographic proofs without the need for passwords and logins.

Phishing 64

Phishing Scams Money Laundering AI 64

The Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. The UK’s fraud and scams problem is not going away. That is why 7 October 2024 will be etched into the memories of many—a landmark moment for both organisations and people impacted by fraud and scams.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fintech Finance

FEBRUARY 18, 2025

Mastercard and Feedzai , an AI solution provider in financial crime prevention, today announced they are joining forces to make it easier for more banks to identify and stop scams, protecting consumers and businesses globally. As payments continue to evolve, fraudsters are increasingly using AI to scam consumers.

Scams 72

Scams Visa Financial Crimes Consumer 72

Finextra

MAY 24, 2024

Mastercard joins UNDP, United Nations Development Programme, signing a Memorandum of Understanding to collaborate towards deepening the understanding of development impact of digital scams, and ways to detect and address them.

Scams 64

Scams Visa Addressing 64

The Payments Association

APRIL 8, 2025

A roundtable discussion among merchants addressing the evolving challenges of fraud in their operations across various sectors. On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations.

Fraud Detection 88

Fraud Detection Fraud Prevention Scams Participant 88

PYMNTS

FEBRUARY 1, 2021

The scam involves sending a phishing email claiming to be a Microsoft Office 365 update. Cybercriminals are using the tactic to steal company credentials, including executive email addresses, which are then sold on the dark web. From commercial card misuse to invoice fraud, internal employees can be the bad actors, too.

Data Breach 136

Data Breach Breach Business Email Compromise Scams 136

The Fintech Times

MARCH 28, 2025

According to the 2024 Nasdaq global financial crime report, fraud scams and bank fraud schemes alone cost have cost businesses across the globe $485.6billion. Organisations face a series of challenges, from eroding profit margins to reputational risks to data breaches as fraud grows.

Financial Crimes 76

Financial Crimes Crime Fraud Prevention Due Diligence 76

PYMNTS

FEBRUARY 8, 2019

Larger Trends Point to Email Scams. In looking at scams designed to steal money from unwitting victims, fraudsters have been taking advantage of the fact that Gmail (Google’s email offering) can ignore “extra” dots in an address. The scammers have used the seeming loophole to open several fraudulent accounts.

Scams 67

Scams Fraud Prevention Email Compromise Compliance 67

The Payments Association

JANUARY 3, 2025

A roundtable discussion among merchants addressing the evolving challenges of fraud in their operations across various sectors. On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations.

Fraud Detection 88

Fraud Detection Fraud Prevention Participant Financial Crimes 88

VISTA InfoSec

FEBRUARY 25, 2024

These commonly breached records include: Personal Information Names, addresses, phone numbers, Social Security numbers, driver’s license details, passport numbers, patient healthcare records, insurance policy information, financial statements, etc. But some data types see higher breach rates than others.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

The Fintech Times

FEBRUARY 17, 2025

Plus, we dive into cybersecurity challenges, proactive AI governance, and the evolving risks of AI-driven scams. This split isn’t merely about numbers; it reflects deeper strategic dilemmas banks face as they address the pressures of securing a return on their AI investments. Happy reading! Happy reading!

FinTech 59

FinTech Romance Scams Scams AI 59

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. How P2P Payment App Zelle Leverages AI To Fight Scams And Frauds. P2P payment apps face a double-edged cybercrime threat, with both ATOs and scams targeting their users.

Zelle 89

Zelle P2P Scams Financial Crimes 89

The Payments Association

DECEMBER 18, 2024

Moore stresses the importance of proactively exploring these innovations to address both their opportunities and challenges. To address these issues, the PSR is focused on building trust and removing barriers. Moore points to the implementation of APP (authorised push payment) scam rules as an example.

Innovation 88

Innovation Financial Crimes Payments Regulations 88

PYMNTS

DECEMBER 23, 2020

Luckily, the pandemic is bringing forth smarter artificial intelligence (AI) solutions calibrated for just these kinds of pandemic-era scams. Investigate accounts linked to email addresses or phone numbers that are consistently filing chargebacks — these are often culprits of promotion abuse,” Pangam said. Yes, it’s a complex problem.

Scams 87

Scams Fraud Prevention PayPal Accounts 87

The Fintech Times

APRIL 24, 2024

Mastercard has unveiled a range of AI-powered security solutions and forged industry partnerships with Verizon, NatWest, Entersekt and Global Anti-Scam Alliance in a mission to tackle the rise of scams and impersonation fraud. million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

Fraud Prevention 105

Fraud Prevention Visa AI Scams 105

BioCatch

MAY 14, 2024

The topic of scams and fraud has been a recurrent theme in the news over the past years. Recently, the alarming increase in cases, especially the fake contact center scam, has drawn the attention of industry and law enforcement, primarily due to the high amount of money involved in these crimes.

Law Enforcement 59

Law Enforcement Addressing Scams Crime 59