Fintech Review

MARCH 11, 2025

ScamAlert transforms customers into active defenders against increasingly sophisticated scams. This is particularly crucial because, in many scams, customers validate fraudulent transactionseffectively handing scammers the green light to continue their schemes.

Scams 52

Scams Fraud Prevention Risk Assessment Financial Crimes 52

Fintech Finance

APRIL 10, 2025

Alternative payment methods such as PayPal, GooglePay and ApplePay continue to be favored by Gen Z compared to all other age demographics. This year’s findings show that taxpayers are continuing to pivot to digital payment channels to pay taxes and receive their refunds quickly. credit cards, loans, etc.)

Tax Refunds 92

Tax Refunds IRS Identity Theft Alternative Payment Methods 92

The Payments Association

OCTOBER 28, 2024

In the world of digital payments, fraud is an ever-present threat that continues to evolve, creating serious risks for both businesses and consumers. From shifts in unauthorised card fraud to the evolving nature of authorised push payment scams, there’s a lot to unpack—and a lot at stake. million cases recorded.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

Fintech News

DECEMBER 17, 2024

Last month, Visa published its annual Holiday Threats Report, which highlighted rising scam trends and provided tips for safer shopping during the holiday season. Paul Fabara Last year alone, Visa blocked US$40 billion worth of suspected fraudulent transactions globally. Although crooks are using AI more and more, so are we.

Fraud Prevention 111

Fraud Prevention AI Account Takeovers Blocks 111

Fintech News

JULY 10, 2024

With help from the Singapore Police Force, Maybank has intervened in 19 scam cases from March 2023 to June 2024, preventing the loss of S$1,215,600. Later that evening, the retiree contacted Maybank to admit he had been scammed and was advised to file a police report. The post Maybank Thwarts S$1.2 The post Maybank Thwarts S$1.2

Scams 111

Scams Returns Continuity FinTech 111

PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Attorney Audrey Strauss described the scam as "a new twist on an old trick" through the use of "complex technology.".

Scams 119

Scams Business Email Compromise Ransomware Email Compromise 119

Fintech News

JUNE 16, 2024

Two men, aged 26 and 47, will appear in court on 15 June 2024, for their alleged involvement in malware-enabled scams targeting Singaporeans since June 2023. Million Malware Scam Probe appeared first on Fintech Singapore. The post Suspects Extradited from Malaysia in S$34.1

Scams 117

Scams Law Enforcement Crime Compromise 117

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

Fintech News

SEPTEMBER 2, 2024

Singapore’s Ministry of Home Affairs (MHA) has announced plans to introduce the Protection from Scams Bill in the coming months and is seeking public feedback on the proposed legislation. The proposed bill would allow the police to issue ROs for scams conducted remotely, such as those involving online communications or phone calls.

Scams 111

Scams Blocks Risk Transactions 111

Fintech Finance

AUGUST 1, 2024

Latest figures released today by the Payment Systems Regulator (PSR) track the performance of payment firms in tackling Authorised Push Payment (APP) scams and reimbursing victims in 2023. On reimbursements: The report shows the percentage of APP scam cases that were fully and partially reimbursed by each firm.

Scams 95

Scams CRM Transactions Accounts 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

NOVEMBER 6, 2024

The Association of Banks in Singapore (ABS) has introduced “Canny,” a new anti-scam mascot designed to serve as a visual reminder for consumers to stay vigilant. Canny, a watchful chameleon, was the winning entry of the ABS Anti-Scam Mascot Design Competition held earlier this year.

Scams 107

Scams AI Participant Security 107

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

FEBRUARY 13, 2025

continue to rely on the unique features of Zelle to provide their customers with flexible ways to pay, to settle with a local vendor, or to reward their employees with an on-the-spot bonus that goes directly into their bank account.

Zelle 87

Zelle Credit Union Scams Small Business 87

Fintech Finance

SEPTEMBER 25, 2024

Today, the PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. The PSR’s requirements will provide world-leading protections to people who fall victim to scams – with over 99% of APP claims covered by the reimbursement cap.

Scams 98

Scams Fraud Prevention Caps Faster Payments 98

Fintech News

FEBRUARY 18, 2024

Global neobank Revolut has rolled out an advanced artificial intelligence (AI) feature designed to shield its 35 million users worldwide from the growing threat of card scams. If a high risk of scam is detected, the transaction is automatically declined.

Scams 105

Scams AI Push-to-Card Financial Crimes 105

PYMNTS

DECEMBER 28, 2020

As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. .

Fincen 127

Fincen Suspicious Activity Report (SAR) Scams Federal Trade Commission 127

Fintech Finance

OCTOBER 29, 2024

Deborah, Sara and Vicky are backing the campaign, which calls for both banks and the government to put more measures in place to protect financially vulnerable individuals from scams, social exclusion, and fraud. The campaign is also supported by Nationwide, Project Nemo, Innovate Finance, West Midlands Police, and Alzheimer’s Society.

Financial Inclusion 128

Financial Inclusion Debit Card Scams Finance 128

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

The Fintech Times

MARCH 31, 2025

. “While there remains some slight uncertainty in the UK market around RTP security, it is clear to us that, based on global and local consumer trends, banks should expect usage to continue to increase and diversify,” explained James Roche , principal fraud consultant for FICO in EMEA.

Real Time Payments 64

Real Time Payments RTP Consumer Scams 64

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. A fraudster will always imitate a company to generate maximum potential to find a victim. The Financial Gain.

Scams 98

Scams Law Enforcement Compromise Fraud Prevention 98

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

OCTOBER 24, 2024

Ahead of Money20/20 US, Visa , a global leader in digital payments, today published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime.

Scams 98

Scams Ransomware Governance Government 98

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 Scams 59

Fintech News

FEBRUARY 4, 2025

Phishing continues to be one of the most prevalent scams affecting both consumers and businesses. Enhancing customer education by warning them about common fraud tactics can reduce the likelihood of them falling victim to scams. Below are the most common types of fraud found now.

Fraud Prevention 103

Fraud Prevention Phishing Authentication Disputes 103

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.),

Money Laundering 76

Money Laundering Financial Crimes Crime Visa 76

The Fintech Times

JULY 31, 2024

Cryptocurrency scams have cost users well over $20billion in the last few years, with rug-pulling scams seriously impacting the credibility of the digital asset ecosystem. However, scams are unfortunately an inevitable part of any financial ecosystem – the key is limiting them and helping victims recover.

Scams 84

Scams Cryptocurrency Legal Laws 84

Fintech Finance

JULY 2, 2024

million was lost to APP scams in the first half of 2023. It doesn’t make sense and could have the effect of devaluing consumer education around fraud and scams if a refund is guaranteed. But more importantly, there needs to be more support in educating consumers to prevent fraud and scams in the first place.”

Scams 98

Scams Financial Crimes Crime Payments 98

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

FICO

MARCH 29, 2020

We are balancing caring for the health of loved ones, learning to home-school children, all while continuing to work. At FICO, we are continuing to work hard every day to protect people from fraud. Bear in mind fraudsters may be going door to door for scams such as disinfecting homes to gain access to a home.

Scams 92

Scams Tax Refunds Phishing Wire Transfer 92

Fintech News

SEPTEMBER 22, 2024

In 2023, the financial services industry continued to sustain the most automated bot attacks, with 1.8 Financial services, meanwhile, continued to sustain the most attacks overall. Their scams usually are efforts to con unwitting victims around the world out of their financial savings. Despite this high volume. of all cases.

Accounts 142

Accounts Scams Bots Account Takeovers 142

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

PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

Business Email Compromise 96

Business Email Compromise Scams Ransomware Email Compromise 96

The Fintech Times

FEBRUARY 16, 2024

Many consumers across the UK are falling to scams originating from Meta platforms: Facebook , Instagram and WhatsApp. According to Revolut , the UK neobank, 33 per cent of money lost to scams in total originated on these platforms. To better protect its consumers, the neobank has launched an advanced scam detection feature.

Scams 72

Scams Push-to-Card Financial Crimes Origination 72

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

The Payments Association

APRIL 8, 2025

As fraud continues to grow in sophistication, merchants are increasingly at the forefront of the battle against financial crime. The evolving nature of fraud: Trends and challenges The discussion began with a stark overview of fraud trends, highlighting how criminals are continually adapting their methods to exploit new vulnerabilities.

Fraud Detection 88

Fraud Detection Fraud Prevention Scams Participant 88

PYMNTS

OCTOBER 15, 2020

Continuous authentication is becoming increasingly necessary in a post- COVID-19 landscape , where consumers have gone increasingly digital, fraudsters have become incredibly active and lifetime monitoring is increasingly necessary. As he noted, new threats and money-laundering scenarios require a fresh perspective on fraud detection.

AML 97

AML Continuity Money Laundering Authentication 97