Americans lost $5.6bn to crypto-related fraud in 2023 - FBI
Finextra
SEPTEMBER 10, 2024
billion in cryptocurrency-related fraud scams in 2023, a 45% rise on the previous year, according to the FBI. Americans lost more than $5.6
Criminals Reverting to Old-School Tactics with New Twists, Visa’s State of Scams Report Shows
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.
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FBI: BEC Scams Stole $1.2B In 2018
PYMNTS
APRIL 26, 2019
Business email compromise (BEC) scams are gaining traction, and bilking unwitting individuals and companies out of an increasing amount of money. Recently announced statistics from the Federal Bureau of Investigation (FBI) bear out this trend. million cyber scam that is now being investigated by the FBI. billion in 2018.
FBI Warns Banks About Widescale ATM Cash-Out Scam
PYMNTS
AUGUST 13, 2018
The Federal Bureau of Investigation (FBI) has issued a warning to banks that cybercriminals are gearing up to launch a choreographed global scam, known as the “ATM cashout,” in which the bad guys hack a bank or payment card processor to make cloned cards that they can use to withdraw money from ATMs around the globe.
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FBI Details Evolving Sophistication Of BEC Scammers
PYMNTS
MARCH 9, 2020
The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. 3 individuals were arrested in India for an invoice fraud scam , according to CNBCTV reports this week.
Bitcoin Daily: Adreessen Horowitz To Start $450M Crypto Fund; FBI Warns Of Virus Crypto Scams
PYMNTS
APRIL 15, 2020
The Federal Bureau of Investigations is expecting a spike in scams and fraud cases trying to capitalize on the coronavirus pandemic in relation to cryptocurrency, it said this week. Some scams may promise treatments or cures for the virus, which are fraudulent because no known cure exists yet.
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‘Tis the Season for Fraud: How to Keep Your Holidays Scam-Free
Center for Payments
NOVEMBER 21, 2023
The FBI works to raise awareness of the types of scams that are common around the holidays and how you can protect yourself and your customers or members. Charity Scams Scammers are aware of the “giving season” and will often create fake crowdfunding campaigns and charities to exploit people’s goodwill.
FBI, BBB Sound Another Business Email Compromise Alarm
PYMNTS
SEPTEMBER 30, 2019
companies via the Business Email Compromise scam, reports in The East African said last week. When Fairfax County discovered it was being defrauded, the FBI launched Operation reWired to capture the online fraudsters. The FBI revealed earlier this month that the operation led to arrests and the seizure of millions of dollars.
Mastercard Transforms the Fight Against Scams With Latest AI Tech
Fintech Finance
APRIL 24, 2024
Verizon , NatWest and Global Anti-Scam Alliance collaborate with Mastercard to tackle fraudsters and fight against scams. According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023 alone. Mastercard is also partnering with organizations across the ecosystem to fight scams.
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Bitcoin Daily: FBI Says Nigerian BEC Scam Netted Millions With Some Converted To Bitcoin
PYMNTS
JULY 13, 2020
In July of 2019, after the crimes had already allegedly been taking place for months, the FBI was able to infiltrate the circle and an agent used the same handle as a previous associate to talk with Ponle, using that to conduct a transaction and prove what was going on. But the two likely needed a U.S.-based
Email Scam Victim Sues Bank Claiming Lack Of Fraud Protection
PYMNTS
FEBRUARY 23, 2020
Police and financial institutions are battling to contain a wire transfer email hacking scam that is costing individuals and businesses billions, The Wall Street Journal (WSJ) reported on Sunday (Feb. billion was lost in 2019 from similar scams, according to the Federal Bureau of Investigation (FBI), up from roughly $1.3
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Google, FBI, Cybersecurity Firms Shut Down Online Ad Fraud Scam
PYMNTS
NOVEMBER 28, 2018
Google, the FBI and White Ops, along with a handful of cybersecurity companies, recently collaborated to shut down a digital ad fraud scam that used 1.7 million computers to generate fake clicks.
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Report: FBI Cautions Homebuyers To Beware Of Wire Fraud
PYMNTS
OCTOBER 15, 2020
The FBI is warning homebuyers to be on the lookout for internet criminals who are sneaking into online conversations between buyers and mortgage companies or other participants in the sale process and providing false instructions that dupe purchasers into wiring funds to the criminals’ accounts, CNBC reported Thursday (Oct.
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Australia, New Zealand Take A Hard BEC Scam Hit
PYMNTS
NOVEMBER 30, 2020
While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. million erroneous payment resulting from a BEC scam. In total, about $104.5
FBI Pinpoints ‘Ground Zero’ For Supplier Email Scams
PYMNTS
JULY 20, 2016
A new notice from the FBI continues its crackdown of the scheme and pinpoints what reports call “ground zero” for the scam. According to reports published on Tuesday (July 19), Hong Kong is the epicenter of these business email scams, with fraudsters already nabbing (or attempting to steal) $3.1
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Even Steel Bars Can’t Keep Internet Scams In Check
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. As quoted in September in the wake of those busts, FBI Special Agent Michael Nail referred to it all as “modern-day bank robbery.
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DOJ Warns Against COVID-19-Related Scams
PYMNTS
APRIL 22, 2020
Since Tuesday (April 21), the DOJ said the FBI’s Internet Crime Complaint Center (IC3) has reviewed more than 3,600 complaints related to COVID-19 scams. In another example, the FBI said they identified lookalike Internal Revenue Service (IRS) stimulus payment domains. Department of Justice (DOJ).
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69 Email B2B Scams Cost $26B Over Last Three Years
PYMNTS
SEPTEMBER 11, 2019
But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. This is not the first time the FBI has sounded a warning about business email compromise. Federal Bureau of Investigation. Fraud Trends.
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Business Email Scam Losses Now Top $12 Billion
PYMNTS
JULY 20, 2018
Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise. The total value of funds redirected as a result of a BEC scam has now topped $12 billion, the FBI said, updating previous warnings of the scam and including data up to May 2018.
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Study Sees BEC Scams Gaining Ground
PYMNTS
JANUARY 18, 2019
Agari said the payroll diversion scams are on the rise, and are gaining traction as a result of social engineering. Agari told the site that the payroll diversion scam has gained favor among scam artists, allowing fraudsters to have better control over the scam itself, as there is no need for outside vendors.
The Big Spike In ‘CEO Fraud’
PYMNTS
FEBRUARY 12, 2020
According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5
Mastercard harnesses AI to take on scammers
Neopay
APRIL 25, 2024
Mastercard is tackling the growing threat of scams through the launch of an AI-based product suite and several cross-industry partnerships. According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023. In the UK, fraudsters were responsible for nearly 1.4
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B2B Fraudsters Find New Twists In Old Scam Favorites
PYMNTS
OCTOBER 7, 2019
This week’s B2B Fraud Tracker looks at the latest cases and allegations of fraud, which show rising sophistication in fraudsters’ tactics: internal bad actors are no longer acting alone, BEC scams are no longer reliant on chance and financial institutions face a growing trend in loan fraud. A New Twist On the BEC Scam.
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Business Email Scams Spin Even Wider Webs
PYMNTS
JULY 25, 2018
If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.
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‘Scattered Canary’ BEC Scams Aim At US Firms
PYMNTS
JUNE 10, 2019
Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.
Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules
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. Deploy AI and Machine Learning – the Scams Model. FICO Admin. Tue, 07/02/2019 - 02:45. expand_less Back To Top.
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PYMNTS Daily Data Dive: FBI Wire Fraud Warning
PYMNTS
JUNE 15, 2016
The FBI is warning about the increasing risk of wire transfer fraud. As part of its newly launched public awareness campaign on wire transfer fraud, the FBI provided tips to help companies detect and fight the threats. 79 | The number of countries identified by the FBI as being involved in requests for fraudulent transferred funds.
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Organizations' Fraud Threats Rise This Holiday Season
PYMNTS
DECEMBER 8, 2020
With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit. According to cybersecurity experts, email scams rise during the holidays, with business email compromise (BEC) an especially concerning scam.
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FBI Docs Reveal ISIS Funneled Money Into US Through Fake eBay Transactions
PYMNTS
AUGUST 11, 2017
FBI documents have revealed a global financial network run by a senior Islamic State official that funneled money to an alleged ISIS operative in the U.S. He received a total of $8,700, which he used for a laptop, a mobile phone and a VPN communications network, all of which the FBI says he used to communicate with the Islamic State network.
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Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud
PYMNTS
SEPTEMBER 16, 2019
As noted earlier in the year, security research firm Agari, efforts are “ramping up” wherein criminals look to “divert payrolls” in various scams, especially tied to senior executives. Agari said the payroll diversion scams are on the rise and are gaining traction as a result of social engineering.
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BEC Scams Nearly Double Over Three Years
PYMNTS
JULY 29, 2019
The latest report comes after an FBI Internet Crime Complaint Center announcement last year that BEC was a “$12 billion scam” and there was at that time, a 136 percent increase in identified “exposed” losses (which includes actual losses and attempted thefts). The pace seems to have quickened a bit.
India’s Call Centers Are Becoming Avenues To Scam Americans
PYMNTS
JANUARY 4, 2017
Increasingly, it is designed to scam consumers. The call center worker said that, if the person seems scared or fell for the scam, they would tell them to purchase thousands of dollars in iTunes cards to prevent being thrown in jail. NYT noted this scam is being tracked by the U.S.
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Puerto Rico Falls Prey To $4M Online Fraud
PYMNTS
FEBRUARY 14, 2020
An online scam targeted $4 million in retirement funds from at least four Puerto Rico agencies, according to reports on Thursday (Feb. The Federal Bureau of Investigation (FBI) froze the funds and will return them, the statement said. Authorities have frozen at least $2.9 million, said an anonymous official.
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Ex-FBI On The Onion Approach To Battling Cyber Criminals
PYMNTS
APRIL 5, 2019
Stacy Arruda, a former special agent with the FBI and now executive director of the state of Florida ISAO on cybersecurity, said that part of the problem is that when it comes to protecting credit unions — and really any financial institution — danger lurks in what they don’t know. What to Do. But, as they say, prevention begins at home.
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Email Scammers Are Targeting B2B Firms In Today’s Work-From-Home Era
PYMNTS
OCTOBER 9, 2020
The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. told PYMNTS that the FBI has found email fraud already costs businesses and individuals $3.5 Top Four Current Scams.
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116 FTC Warns About New Scam That Could Harm Merchants
PYMNTS
MAY 15, 2017
Merchants that accept checks or online payments are being warned about a scam that could cost them time and money. Instead, notify the authorities immediately: the National Association of Attorney Generals, your local office of the FBI, and your bank.
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On The Dark Web, Bitcoin Booms As Usage Up 65 Pct YoY
PYMNTS
MAY 20, 2020
The digital age, of course, has given rise to digital scams. And as noted in this space last week, the FBI warned that crypto-related scams are gaining traction. The FBI also noted that “many traditional financial crimes and money laundering schemes are now orchestrated via cryptocurrencies.”.
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55 FBI warns on 'CEO fraud' with risk of USD 3 billion loss
The Paypers
JUNE 15, 2016
(The Paypers) FBI has warned that hackers sought to steal more than USD 3 billion from businesses in a scam in which criminals impersonate company executives in emails ordering large wire transfers.
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Report: Purported COVID-19 Vaccines Hit Dark Web
PYMNTS
DECEMBER 18, 2020
The paper said that prior to the approval of vaccines by regulators in the United States and the European Union, authorities had warned that fraudsters would use the opportunity to launch scams or sell stolen doses. In the United States, the FBI posted guidelines on its website for avoiding COVID-19 crime.
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The B2B Payments Fraud Threat Of Internal Employees
PYMNTS
JANUARY 13, 2020
This week, however, a rundown of the latest B2B payment scams finds that it’s not only external bad actors, but entities’ own internal personnel that is often the cause of fraudulent activity. The scam reportedly lasted about five years, and the former bookkeeper has now been charged with felony theft.
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Tax Season Adds Extra Fraud Weight For SMBs
PYMNTS
FEBRUARY 24, 2020
2,100 corporates were targeted in a widespread business email compromise (BEC) scam recently uncovered by cybersecurity company Agari , the firm revealed last week. 75,000 is the average loss of a BEC scam , new data from the FBI has revealed. $75,000 is the average loss of a BEC scam , new data from the FBI has revealed.
Payment and Crypto Identified as Top Targets for Identity Fraud in Q4 2023
Fintech News
APRIL 1, 2024
In 2023, losses from crypto investment scams in the US totaled US$3.94 billion in 2022, a new report by the Federal Bureau of Investigation (FBI) shows. These scams were designed to entice those targeted with the promise of lucrative returns on their investments, and made up much of investment fraud losses in 2023 (86%).
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Email Fraudsters Take Advantage Of Coronavirus Opportunity
PYMNTS
MARCH 23, 2020
Corporates and government officials have recently been sounding the alarm about coronavirus-related scams, and according to experts , the threat is likely to rise. Even in times of global crisis, fraudsters will always look for ways to exploit unsuspecting targets.
Justice Department Indicts 80 in Massive Online Fraud Scheme
PYMNTS
AUGUST 26, 2019
22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Late this past week, on Thursday (Aug. Individual Case.
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