PYMNTS

MAY 21, 2020

Financial crime is a never-ending concern for banks, credit unions (CUs) and other financial institutions (FIs), with trillions of dollars and untold terabytes of personal information stolen every year. FIs are working on a number of technologies to fight these financial crime attempts, however. About the Playbook.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

Fintech News

MAY 20, 2024

FICO, a global analytics software firm, has revealed findings from its latest consumer fraud research , highlighting concerns among Singaporeans regarding real-time payment scams. The study shows that 26% of Singaporeans fear being tricked into sending money to criminals, exposing them to immediate and often irretrievable financial losses.

Identity Theft 80

Identity Theft Real Time Payments Scams Consumer 80

PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. Financial crime-fighters simply won’t suffer this state of affairs. Isn’t it just like a crook to exploit a bad situation?

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

MAY 25, 2020

Digital fraud and other forms of financial crime are also on the rise due to the uncertainty and confusion surrounding the crisis. Twenty-two percent of Americans have reported being targeted by COVID-19-related fraud, and these scams have seen more than $1.2 Phishing attacks are some of the most common scams.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

Fintech Finance

JULY 2, 2024

This is according to the first findings of an in-depth financial crime survey by The Payments Association , which champions innovation and collaboration across the industry, due for full publication later this month. million was lost to APP scams in the first half of 2023. The latest figures show £239.3

Scams 76

Scams Financial Crimes Crime Payments 76

FICO

JANUARY 5, 2021

What else made for the hottest reads in 2020 for fraud and financial crime? Here were our top 5 posts: #1: Fraud And Financial Crime Convergence. TJ Horan reported on a key takeaway from the Aite Financial Crime Forum : lenders are serious about combining their fraud and financial crime protection systems.

Financial Crimes 52

Financial Crimes Crime Posting Scams 52

The Fintech Times

JUNE 24, 2024

As many as 15 million Brits could have fallen victim to scams in the past 12 months, according to new research from Wise , the international money app. Among those hit by scams, 17 per cent reported a significant financial impact, with 10 per cent even having to delay retirement plans as a result.

Scams 64

Scams Fraud Prevention Financial Crimes Crime 64

The Paypers

MARCH 2, 2023

Financial crime solution provider Feedzai has joined the Global Anti-Scam Alliance (GASA) – a not-for-profit organisation whose goal is to protect consumers across the world from scams – as a corporate member.

Scams 68

Scams Financial Crimes Crime Consumer 68

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. Developed by Revolut’s in-house financial crime team, this feature assesses the likelihood of a transaction being fraudulent.

Scams 72

Scams AI Push-to-Card Financial Crimes 72

Finextra

AUGUST 20, 2024

Committed to collaboratively advancing the crypto ecosystem’s security, Binance is working closely with law enforcement agencies around the globe in combating and deterring financial crime.

Law Enforcement 52

Law Enforcement Financial Crimes Scams Crime 52

Fintech News

SEPTEMBER 17, 2024

Major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months in a concerted effort to bolster security against phishing scams. While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene.”

Verification 65

Verification Scams Financial Crimes Phishing 65

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Financial crime is a constant worry for banks, credit unions, FinTechs and other financial institutions (FIs) and businesses, with total fraud losses totaling $1.45 trillion a year. Banks in the U.K.

Zelle 89

Zelle P2P Scams Financial Crimes 89

Fintech News

JUNE 26, 2024

Singapore’s National Asset Recovery Strategy focuses on these four pillars Singapore emphasises collaboration with international partners, community stakeholders, and the private sector to enhance asset recovery efforts and prevent financial crimes.

AML 87

AML Money Laundering Financial Crimes Scams 87

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

FICO

MAY 17, 2022

Only 6 percent of all those surveyed were most worried about being scammed, despite the fact that £355.3 million was lost to these scams in the first half of 2021. . The rise of scams during the pandemic has been truly frightening. FICO surveyed 1,000 UK consumers aged 18 to 85 as part of a global survey in late 2021.

Financial Crimes 52

Financial Crimes Crime Money Laundering Consumer 52

Finextra

SEPTEMBER 10, 2024

While many financial institutions continue to be concerned about whether they are breaching rules and obligations, in certain situations, the fact that sharing data for fraud prevention can be useful and is a legitimate reason, is lost.

Fraud Prevention 59

Fraud Prevention Financial Crimes Scams Crime 59

Fintech Finance

FEBRUARY 15, 2024

Revolut , the UK’s leading fintech with more than 35 million customers worldwide, has today announced the launch of an advanced scam detection feature to help protect customers from card scams. The customer is then protected from performing other similar payments and sent through a scam intervention flow in-app.

Scams 52

Scams AI Push-to-Card Financial Crimes 52

BioCatch

APRIL 10, 2024

In our latest country-specific report (which follows up on our recent Digital Banking Fraud Trends in EMEA report ), BioCatch research shows retail banking customers in Germany see – or at least fall for – fewer of the purchase scams tormenting the rest of the continent (and the world) and encounter more impersonation and investment scams.

Financial Crimes 52

Financial Crimes Scams Crime Origination 52

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 News

JULY 9, 2024

Announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), this move aims to better protect customers from phishing scams. Phishing scams were among the top five scam types last year, with at least S$14.2

Phishing 86

Phishing Scams Online and Mobile Banking Credential 86

Finextra

OCTOBER 26, 2023

Watch this webinar predicting what financial crime challenges will emerge in 2024 and how financial institutions can tackle them.

Scams 52

Scams Financial Crimes Crime 52

FICO

SEPTEMBER 5, 2022

European Card Fraud in 2021: Winners, Losers and Scams. The United Kingdom and the Nordic region continue to lead Europe in terms of digital transformation and fraud loss reduction - but non-card scams are rising fast. Senior Consultant, Fraud and Financial Crime. Scams Fraud Overtaking Card Fraud. Darcy Sullivan.

Scams 52

Scams Financial Crimes Credit Cards Push-to-Card 52

PYMNTS

AUGUST 3, 2020

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. FinCEN warns that bad actors “are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

Fincen 88

Fincen Scams Email Compromise Phishing 88

Finextra

JUNE 12, 2024

VoP must also be considered as a fraud and financial crime mitigator, and the conversation turns to how cross border payments could open the door to potential scams and how banks must stop operating in siloes to prevent them.

Regulations 59

Regulations Interoperability Cross-Border Payments Cross-Border 59

FICO

NOVEMBER 15, 2021

Their lives can be turned upside down and their finances ruined when they become victims of clever scam artists. Despite numerous studies and newspaper headlines informing us about the scams that fraudsters perpetrate, most of us don’t think we can easily be tricked into handing over money to criminals. Case 1: CryptoRom.

Scams 105

Scams Romance Scams Crime Fraud Prevention 105

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.

Scams 88

Scams Addressing Regulations Consumer 88

PYMNTS

JULY 21, 2020

Developments Around The Financial Crimes Space. Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. For more on these and other financial crime news items, download this month’s Playbook. billion pounds ($5.2

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

The Fintech Times

MAY 18, 2024

The crypto exchange’s Financial Crimes Compliance (FCC) department collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office in the case. Binance was able to share its blockchain expertise and intelligence to help law enforcement bring the suspects to justice.

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Crime 69

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 two scores will allow banks to better differentiate strategies to deal with these distinct financial crime realities. The Rise of Scams. APP scams are not just a major problem in the UK.

Scams 52

Scams Financial Crimes Non-Bank Crime 52

PYMNTS

JULY 7, 2020

Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. . On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity.

Scams 52

Scams Fincen Financial Crimes Crime 52

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

Fintech News

APRIL 22, 2024

During a recent meeting on 19 April 2024, the Technology Crime Prevention and Suppression Committee mandated the SEC to identify and report unauthorised digital asset service providers to the ministry. Unlicensed operators do not offer legal protection, increasing the risk of scams and money laundering activities.

Blocks 84

Blocks Law Enforcement Money Laundering Crime 84

PYMNTS

NOVEMBER 21, 2019

And through the latest scam, as detailed by the country’s Economic and Financial Crimes Commission, he was able to use the fictitious name “Akinwunmi Sorinmade” in order to open two bank accounts. He had access to both the internet and to his phone. With those accounts he then bought a luxury car and homes.

Scams 87

Scams Checks Romance Scams Email Compromise 87

The Fintech Times

FEBRUARY 21, 2024

In fact, the latest Crime Survey for England and Wales revealed that fewer than one in seven fraud offences are reported to the police. BDO also saw a rise in the number of online fraud factories or cyber fraud centres, as hundreds of thousands of individuals were trafficked to work for crime syndicates.

Financial Crimes 59

Financial Crimes Crime Compliance Scams 59

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions (FIs) move trillions of dollars in suspicious transactions, padding their bottom lines, while terrorists, drug dealers and corrupt politicians are allowed to run free. . On Monday (Sept.

Fincen 118

Fincen Financial Crimes Crime Accounts 118

PYMNTS

JANUARY 12, 2021

Organized crime rings are taking advantage of the pandemic, looser police enforcement and a softening in anti-shoplifting laws to swipe tons of merchandise from retail stores and warehouses across the United States. Experts report that such organized retail crime is growing — and not necessarily just because of the pandemic.

Crime 90

Crime Financial Crimes Scams Risk 90

FICO

DECEMBER 14, 2021

But European fraud and financial crime have continued to evolve. 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. Investment in Scam-Fighting AI.

Scams 52

Scams Data Breach Financial Crimes AI 52