Fintech News

FEBRUARY 15, 2024

These data, released preliminarily in anticipation of the upcoming Chainalysis 2024 Crypto Crime Report, reveal that 2023 was a year of recovery for the cryptocurrency industry as the sector rebounded from the scandals, business collapses and price declines that took place in 2022. and 54.3%, respectively.

Ransomware 112

Ransomware Crime Transactions Romance Scams 112

Fintech Finance

AUGUST 19, 2024

Unit21 , a global risk and compliance leader that proactively mitigates risks tied to fraud, money laundering, and other financial crimes, today announced a new bundle of features for Automated Clearing House (ACH) transactions.

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ACH Fraud Prevention AI FinTech 52

Neopay

FEBRUARY 26, 2024

Mark Francis Director, Wholesale and Unauthorised Business Investigations, and co-sponsor of the FCA’s Financial Crime Public Commitment We’ve made good progress to reduce and prevent financial crime, now more collaborative action across 4 areas of focus can help shift the dial further. Financial crime is never victimless.

Financial Crimes 52

Financial Crimes Crime Scams Money Laundering 52

The Payments Association

OCTOBER 22, 2024

While this marks a significant step toward protecting consumers from authorised push payment (APP) fraud, concerns remain that the reduced compensation cap may leave some victims vulnerable. Further, it is unclear whether the rules address the complexities and evolving fraud tactics. AI is a double-edged sword in fraud prevention.

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Rules Fraud Prevention Deepfake Caps 88

Fintech Finance

MAY 30, 2024

In a groundbreaking pilot in partnership with Pay.UK , Visa , a world leader in digital payments, has shown how leveraging the latest AI technology has the potential to drastically cut the £600m1 lost annually to account-to-account scams and fraud over recent years in the UK. In 2023, the UK saw 232,429 people falling victim to fraud.

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Scams Faster Payments Fraud Detection AI 52

BioCatch

MAY 8, 2024

In 2023, Australian banks, the government, technology partners, and many others worked together to reduce scam losses in the country by 13%. The recipients of that stolen money likely put it toward funding various forms of organized crime , such as call centers staffed by victims of human trafficking.

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Scams Crime Governance Government 59

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.

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Fraud Prevention Financial Crimes Scams Crime 59

The Fintech Times

JUNE 1, 2024

Even worse, the fraud landscape shows no signs of improving, as bad actors increasingly utilise AI to increase the damage done to financial organisations. Financial crime continues to grow, seemingly exponentially, with fraud damages expected to hit $10.5trillion annually by 2025 , a drastic rise from $3trillion in 2015.

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SWIFT AI Fraud Detection Fraud Prevention 124

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 Developments Around The Financial Crimes Space.

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Zelle P2P Scams Financial Crimes 89

FICO

NOVEMBER 15, 2021

Their lives can be turned upside down and their finances ruined when they become victims of clever scam artists. We can all become victims of fraud. We asked them about the kind of financial crime that was worrying to them. This compounds the idea that scams happen to other people – people that aren’t like us.

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Scams Romance Scams Crime Fraud Prevention 105

Finovate

SEPTEMBER 24, 2024

Global analytics software company FICO has teamed up with Jersey Telecom to offer a new solution to combat Authorized Push Payment (APP) fraud. The new offering, the FICO Customer Communications Service Scam Signal, combines real time network data with customer and payment data to identify and mitigate APP fraud as it happens.

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Authorization Scams Fraud Prevention Payments 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.

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Scams AI Push-to-Card Financial Crimes 52

FICO

DECEMBER 15, 2022

Our Scams Model Just Won an Award for Machine Learning. Credit & Collections Technology Awards recognize our scams model with the award for Machine Learning - here's why. I’ve previously discussed our company’s work on an Artificial Intelligence-based scams model for FICO® Falcon® Fraud Manager and the technology behind it.

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Scams Crime Fraud Detection Fraud Prevention 52

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 COVID-19-Related Fraud.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

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

The Fintech Times

DECEMBER 28, 2023

Businesses under greater pressure to protect customers Tamas Kadar, CEO and co-founder SEON In the face of rising online fraud and limited government action, businesses are increasingly burdened with the responsibility of protecting customers, warns Tamas Kadar, CEO and co-founder of anti-fraud platform SEON.

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Fraud Prevention Scams Fraud Detection Regulatory Compliance 81

FICO

JUNE 15, 2023

Home Blog Feed test To Stop Scams, It’s Time to Add Sensible Friction to Easy Money The convenience and speed of real-time payments makes it easy for fraudsters to scam individuals. Now, I can practically send, transfer, or pay by accident by simply looking at my smartphone, which can make fraud prevention a real challenge.

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Scams Real Time Payments Smishing Same Day ACH 52

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

Neopay

OCTOBER 22, 2024

Key highlights: Over £570 million stolen in payment fraud : This staggering amount was stolen in just six months, showing the persistence and adaptability of fraudsters. Fraud cases rose by 16% : The increase in fraud cases compared to the same period in 2023 is a stark reminder of the ongoing threat posed by financial crime.

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Finance Fraud Prevention Push-to-Card Audit 52

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.

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Scams Data Breach Financial Crimes AI 52

PYMNTS

JULY 21, 2020

Developments Around The Financial Crimes Space. 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. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

JULY 24, 2020

PYMNTS’ July 2020 Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , examines the cybertheft menace from a variety of angles, with an eye on COVID-era scams. The COVID-19 pandemic is making the threat of financial crime worse,” states the new Playbook. So must good actors. Better Together.

Financial Crimes 75

Financial Crimes Crime Cybersecurity Risk Assessment 75

Finovate

SEPTEMBER 26, 2024

Visa is acquiring fraud prevention company Featurespace to enhance its own fraud detection and risk-scoring solutions. Visa signed an agreement to acquire fraud prevention company Featurespace today. based company offers AI-based tools that analyze transaction data to detect fraud.

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Acquirers Fraud Detection Fraud Prevention Debit Card 64

FICO

APRIL 8, 2022

Data Orchestration for Fraud Prevention. There has been an awful lot of unsettling news about scams and fraud lately. As it happens, orchestration (of both data and process) is one of the most potent weapons in fighting scams and fraud. Scams Are Front Page News. Scams Are Front Page News.

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Scams TPS Non-Bank Zelle 52

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. The main driver behind this was purchase scams.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

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. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

BioCatch

JUNE 13, 2024

billion in 2023 as fraudsters pivoted from voice to romance and purchase scams At the end of May, UK Finance released their Annual Fraud Report 2024 (focusing on data for 2023). Victims lost £1.2

Finance 45

Finance Crime Scams Fraud Prevention 45

Neopay

MAY 28, 2024

UK Finance releases its 2024 annual fraud report, detailing the amount its members reported as stolen through payment fraud and scams in 2023. billion through unauthorised and authorised fraud in 2023, a four per cent decrease compared to 2022. Banks prevented a further £1.25 Criminals stole £1.17

Scams 52

Scams Push-to-Card Romance Scams Crime 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

BioCatch

APRIL 25, 2024

There are a multitude of reasons why certain crimes flourish, and as night follows, day is inevitable at some point that you'll hear the words "We can't arrest our way out of this problem". billion.

Crime 59

Crime Scams Fraud Prevention 59

The Fintech Times

MARCH 13, 2024

However, the Payments System Regulator , one of the payments regulators in the UK, has issued that from 7 October 2024, banks and other payment firms must reimburse consumers hit by APP fraud. The most consumers can get back from a scam is £415,000, with users potentially having to pay up to £100 before making the claim.

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Transactions Consumer Fraud Prevention Laws 64

The Fintech Times

JULY 3, 2024

But this approach has come under criticism, with many suggesting this setup means tech firms aren’t incentivised to crack down on APP fraud at the source. Should Labour’s plan come into effect, it could have a significant impact on the existing fraud landscape.

Scams 105

Scams Financial Crimes Due Diligence Crime 105

Fintech Finance

MARCH 26, 2024

Form3 , the cloud-native account-to-account platform, today launches a new, innovative authorised push payment fraud (APP fraud) prevention solution, powered by Feedzai, the market leader in anti-fraud and financial crime software.

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Financial Crimes Crime Fraud Prevention Faster Payments 52

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Few things change faster in the financial services space than fraud trends. FICO Admin.

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Scams Posting Push-to-Card Compromise 52

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. “The average scam is £12,000 for businesses and less than £2,000 for individuals.

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Regulations Scams Payments Caps 59

Fintech Finance

MAY 30, 2024

The initiative trialled a new overlay service which will allow all UK banks and building societies to analyse money flows and use predictive intelligence to proactively detect fraud and help prevent crime before it occurs, safely and securely. In 2023, the UK saw 232,429 people falling victim to fraud.

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Fraud Detection Overlay Service Crime Scams 52

PYMNTS

AUGUST 3, 2020

In this week’s B2B Payments fraud roundup, PYMNTS examines the latest news as scams target the enterprise from both within and outside of company walls. Fraud Captures Faster Payments Council Attention. Million Stolen In Reported Cyber Fraud Crime Ring. Million Fraud Scam Leads To Charges Against CEO.

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B2B FPC Scams Email Compromise 131