The Payments Association

JANUARY 13, 2025

PSPs will also be required to align their compliance programmes with the FCAs new standards for disclosures , transparency, and consumer protection. Broadening consumer access : PSPs have the opportunity to offer products to demographics previously hesitant with the increasing regulatory clarity.

Legal 88

Legal Stablecoins Cross-Border Due Diligence 88

PYMNTS

NOVEMBER 18, 2016

17) of a new tax bill scam in which unwitting consumers receive a fake IRS notice that contends they owe the government money because of the Affordable Care Act. This is just the latest in a series of scams designed to cheat taxpayers out of their hard-earned cash. The Internal Revenue Service warned Thursday (Nov.

Tax Scams 61

Tax Scams Scams IRS Federal Trade Commission 61

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. Financial institutions NatWest has implemented Mastercard’s AI-powered Consumer Fraud Risk solution.

Fraud Prevention 105

Fraud Prevention Visa AI Scams 105

Fintech News

JUNE 11, 2024

The Infocomm Media Development Authority (IMDA) of Singapore and Hong Kong’s Office of the Communications Authority (OFCA) have signed a Memorandum of Understanding (MOU) to combat scams. Scams are a cross-border issue that necessitates strong international cooperation.

Scams 52

Scams Research Cross-Border Agreements 52

PYMNTS

MARCH 2, 2018

“While we received fewer overall complaints in 2017, consumers reported losing more money to fraud than they did the year before,” Tom Pahl, the acting director of the FTC’s Bureau of Consumer Protection, said in the press release. And tax fraud was the second most common type of identity theft reported by consumers.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

The Fintech Times

OCTOBER 7, 2024

In September, the Australian government proposed the introduction of a ‘Scams Prevention Framework’ (SPF), which would implement new scam obligations across all sectors. The Bill, which would insert the SPF into the Competition and Consumer Act 2010, is expected to be introduced to the federal parliament in November.

Scams 52

Scams FinTech Laws AML 52

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K., according to recent reports from The Guardian.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

Neopay

SEPTEMBER 11, 2024

The Payment Systems Regulator (PSR) has set a crucial date of 7 October 2024 for implementing new protections against Authorised Push Payment (APP) scams, reaffirming its commitment to tackling this growing threat. This issue is key in demonstrating why stronger protections beyond transaction limits are necessary.

Caps 52

Caps Consulting Scams Fraud Prevention 52

PYMNTS

JUNE 9, 2020

A Texas operator of several payment processing centers has agreed to be permanently banned from the industry in order to settle charges by the Federal Trade Commission (FTC) and the state of Ohio that they unlawfully participated in scams, according to a press release.

FTC 52

FTC Scams Processors Federal Trade Commission 52

Fintech Finance

DECEMBER 18, 2023

A grant from the Mastercard Center, through the Mastercard Impact Fund, will accelerate the research and development of a global framework for consumer protection and empowerment in new and emerging digital infrastructure to ensure the potential of these platforms is realized.

Consumer Protection 52

Consumer Protection Visa Consumer Economy 52

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

Crime 107

Crime Ransomware Scams Stablecoins 107

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited.

BNPL 130

BNPL Scams Identity Theft Non-Bank 130

Fintech Finance

MARCH 4, 2025

However, regulators have been expanding accountability beyond financial institutions to the digital channels used in fraud scams, such as telecommunications and social media. However, APP Fraud isn’t just a regulatory challenge, it’s a fundamental consumer protection issue.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

Fintech News

FEBRUARY 27, 2024

The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. As we look towards 2024, the dual focus on fostering growth in the digital asset sector while ensuring consumer protection is expected to remain a key theme in Malaysia.

APACS 124

APACS Regulations Stablecoins Cryptocurrency 124

Neopay

MARCH 22, 2024

The Authorised Push Payment (APP) scams reimbursement requirement will officially take effect on 7 October 2024. This policy aims to provide protection to consumers who fall victim to fraudulent transactions. The post PSR to host engagement sessions on APP scams reimbursement requirement appeared first on Neopay.

Scams 52

Scams Consumer Protection Addressing Regulations 52

PYMNTS

SEPTEMBER 28, 2016

“It’s our goal whenever possible to put money back in the hands of hardworking American consumers who have been victimized,” said Jessica Rich, director of the Bureau of Consumer Protection, in a press release announcing the payout. “We

FTC 64

FTC Returns Federal Trade Commission Scams 64

PYMNTS

JULY 21, 2020

The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to a press release.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

PYMNTS

OCTOBER 1, 2019

A new report by the Federal Trade Commission (FTC) has revealed that millennials are 25 percent more likely to report losing money to fraud than consumers ages 40 and over. The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams.

FTC 59

FTC Romance Scams Federal Trade Commission Scams 59

The Payments Association

OCTOBER 14, 2024

“Most scams won’t reach the £85,000 limit, and if they do, APP fraud insurance would cover the rest,” she explains. Cath stresses the need for better consumer education and warns the new process may increase scams. She supports lowering the limit but acknowledges convincing consumers will be challenging.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

APRIL 20, 2018

The potential for bitcoin to be used to scam investors has been a primary concern for many countries. This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform — or currency used,” said Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection.

Bitcoin 40

Bitcoin Scams Federal Trade Commission FTC 40

PYMNTS

NOVEMBER 8, 2018

A new update to Google Chrome will help prevent consumers from being scammed by unclear mobile subscription services. Every month, millions of Chrome users encounter pages with insufficient mobile subscription information. Surprising charges that come from unclear communication are a poor user experience.

Scams 49

Scams Consumer Process Posting 49

PYMNTS

DECEMBER 14, 2018

As a result, additional banks or payment services providers (PSPs) may have to compensate victims of those kinds of scams, Financial Times reported. FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously.

Authorization 66

Authorization Regulations Scams Online and Mobile Banking 66

Fintech News

FEBRUARY 10, 2025

From high-profile ransomware attacks and terrorist financing to scams that wiped out millions in savings, global crypto crime has become an urgent concern. In Asia, investment scams, Ponzi schemes, and romance fraudsalso known as “pig butchering” scamscontinue to target unsuspecting retail investors. billion globally.

Crime 74

Crime Ransomware Scams Phishing 74

The Fintech Times

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. Consumer protection is at the centre of our proposal.

Regulations 59

Regulations Scams Payments Caps 59

PYMNTS

MAY 19, 2020

million to settle allegations that they laundered credit card transactions for scams targeting hundreds of thousands of consumers, the Federal Trade Commission (FTC) said on Tuesday (May 19). Payments processing giant First Data Merchant Services and one of its executives will pay $40.3

FTC 66

FTC Federal Trade Commission ISOs Credit Cards 66

Fintech Finance

SEPTEMBER 20, 2024

The New APP Rules: What They Mean for Consumers, Fraudsters and the UK ,’ is a groundbreaking documentary that conveys the human story of what the changes will mean when the UK’s Payments Systems Regulator’s (PSR) rules enter into force on October 7th. This is not enough to ensure robust consumer protection.

Financial Crimes 98

Financial Crimes Crime Rules Payments 98

PYMNTS

DECEMBER 1, 2016

Scammers used consumer information they bought from this operation to make millions in unauthorized charges,” said Jessica Rich, director of the FTC’s Bureau of Consumer Protection. Bartholomew, Jr.) agreed to settle in the case.

FTC 40

FTC Scams Federal Trade Commission Consumer Protection 40

PYMNTS

DECEMBER 17, 2019

million to small businesses that were scammed by A-1 Janitorial, a New York-based office supply company, the FTC said in a press release on Tuesday (Dec. Some consumers paid just to stop the defendants’ repeated contacts, but more shipments then followed,” noted the FTC. The Federal Trade Commission (FTC) is refunding over $2.6

FTC 53

FTC Federal Trade Commission Scams Small Business 53

PYMNTS

NOVEMBER 18, 2020

“Beam Financial promised convenient 24/7 access to savings, but then people had to wait weeks or months to get their money,” said Andrew Smith , Director of the FTC’s Bureau of Consumer Protection, according to the release. Some of the most popular scams included eCommerce sites not delivering items that had been promised.

FTC 64

FTC Federal Trade Commission Mobile Banking Scams 64

PYMNTS

OCTOBER 1, 2019

A new report by the Federal Trade Commission (FTC) has revealed that millennials are 25 percent more likely to report losing money to fraud than consumers ages 40 and over. The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams.

Romance Scams 40

Romance Scams Consumer Federal Trade Commission Scams 40

PYMNTS

NOVEMBER 4, 2020

Respondents see rising risks in the FinTech market concerning cybersecurity (78 percent referencing as a top-three risk), operational risks (54 percent), consumer protection (27 percent) and fraud and scams (18 percent).

FinTech 70

FinTech Underwriting Regulations Central Bank 70

PYMNTS

JULY 1, 2020

The FTC’s Consumer Protection Data Spotlight shows that in April and May, the agency received more than 34,000 complaints from consumers related to online shopping. Complaints at the time stemmed from canceled travel and vacations as well as online shopping issues and government imposter scams.

FTC 62

FTC Federal Trade Commission Scams Consumer Protection 62

FICO

AUGUST 21, 2020

When it comes to fraud and COVID-19, the Great Recession of 2008 provides some important lessons that can help banks and consumers protect themselves against the increased risk. For more information on fraud management in the pandemic, see my colleague Liz Lasher’s post, “ 8 Tips for Avoiding COVID-19 Scams.” by Doug Clare.

Scams 52

Scams Phishing Fraud Detection Issuers 52

PYMNTS

JUNE 19, 2018

attorneys’ offices and the Better Business Bureau (BBB), the FTC has released the results of Operation Main Street: Stopping Small Business Scams. Scams are a significant – and growing – problem for small businesses,” said Beverly Baskin, president and CEO, Council of Better Business Bureaus. Postal Inspection Service, two U.S.

FTC 43

FTC Law Enforcement Scams Federal Trade Commission 43

Neopay

JUNE 24, 2024

The main areas of cross-sectoral focus included joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. Consumer Protection and Financial Innovation Consumer protection remained central to cross-sectoral work in 2023.

Legal Framework 40

Legal Framework Financial Literacy Consumer Protection Risk Assessment 40

FICO

NOVEMBER 10, 2020

In this way, banks and card issuers provide another important layer of consumer protection. Consumers Want to Be Involved. That makes it easier for your bank to make timely contact with you in the event of suspected fraud, and for you to avoid text message-based fraud scams.

Credit Cards 98

Credit Cards Consumer Card Issuer Issuers 98

PYMNTS

OCTOBER 6, 2020

6, 2021, and the FCA advised consumers in the country to keep being on the lookout for “crypto-derivative investment scams.”. FCA Interim Executive Director of Strategy & Competition Sheldon Mills said in the release, “This ban reflects how seriously we view the potential harm to retail consumers in these products.

Digital Currency 46

Digital Currency Bitcoin Regulations Scams 46