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

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. Fraudsters love this change and have been scamming consumers and businesses at full speed with all sorts of sneaky, dirty tricks.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

Fintech News

JANUARY 24, 2024

The enhancement is a response to growing concerns over digital security threats, such as malware and phishing, which have become prevalent in the online banking space. This follows its successful implementation for current and savings accounts in November 2023.

Security 105

Security Deposit Account Phishing ATM 105

The Fintech Times

FEBRUARY 21, 2024

Tackling rising fraud levels The factors behind the rise include the large increase in online scams, phishing and system breaches, and huge spikes in Authorised Push Payment (APP) transactions when fraudsters trick the unwary into transferring money to them.

Financial Crimes 59

Financial Crimes Crime Compliance Scams 59

PYMNTS

JULY 3, 2019

The FCA explained that the products are a risk to consumers because cryptos’ value and risks cannot be reliably assessed due to extreme volatility, market abuse and financial crime, among other reasons. million a year. Using data collected over two years, AmaZix said it has found 730,000 Telegram users, with over 54,500 (7.5

Bots 46

Bots Scams Financial Crimes Blockchain 46

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

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. According to CNBC reports , the email phishing scheme involves attackers impersonating one business executive at a China-based business that offers temperature-controlled supply chain solutions. PYMNTS breaks down the numbers behind the latest cases below.

Business Email Compromise 91

Business Email Compromise Scams Crime Email Compromise 91

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

JANUARY 17, 2024

Artificial intelligence (AI) has emerged as a new fraud challenge finds ComplyAdvantage , the AI-driven fraud and AML risk detection firm, as it launches ‘The State of Financial Crime 2024’ report. Clearly, consumers recognise that addressing our financial crime challenges requires new and more innovative approaches.

AI 59

AI Financial Crimes Crime Security 59

PYMNTS

OCTOBER 7, 2020

However, in the past month alone, PYMNTS Bitcoin Daily has reported on nearly a dozen different scams and schemes involving bitcoin or other cybercurrencies. The Pandemic Is Making Scams Worse . As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. For example, the U.S.

Bitcoin 93

Bitcoin Consumer Scams Cryptocurrency 93

PYMNTS

AUGUST 11, 2020

In May’s Preventing Financial Crimes report, PYMNTS noted phishing attacks are among the most common scams where fraudsters impersonate banks and send emails asking recipients to enter passwords or other authorization details into fraudulent websites that resemble bank portals.

FTC 69

FTC Federal Trade Commission Scams Direct Deposit 69

The Fintech Times

JULY 10, 2024

This decision aims to fortify the defence against phishing scams, a persistent threat in the digital banking landscape. Despite their benefits in reducing unauthorised access, OTPs have become increasingly vulnerable to sophisticated phishing techniques, where scammers create fake websites to trick users into revealing their OTPs.

Phishing 59

Phishing Scams Authentication Financial Crimes 59

Seon

JUNE 27, 2024

How can the technology driving novel and increasingly sophisticated fraud activities be harnessed to combat scams and cyber risks cost-efficient and effectively? AI’s capabilities, like machine learning algorithms, are being trained to identify and exploit vulnerabilities, automate phishing attacks and bypass traditional security measures.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

PYMNTS

NOVEMBER 17, 2020

Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on. Bad actors typically perpetrate APP fraud in several ways.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

FICO

JUNE 15, 2020

In addition to being a passionate defender in the fight against child identity fraud , I am also an ardent supporter of elders’ financial well-being. Be on the Lookout for Scams. Educate yourself on how criminals specifically target the elderly , and teach your loved one what elder fraud scams are and how to avoid them.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Elder Abuse Scams Credit Cards 52

PYMNTS

APRIL 15, 2020

The advent of COVID-19 , Fiserv ’s Vice President of Risk Analytics and Strategy Kannan Srinivasan and Vice President of Fraud and Financial Crimes Management Gasan Awad told PYMNTS, didn’t introduce these things – but it did create a perfect storm of factors that is now pushing these fraudsters into overdrive.

Online and Mobile Banking 80

Online and Mobile Banking Scams Risk Management Bots 80

PYMNTS

NOVEMBER 17, 2020

A recent study found that phishing websites and emails spiked as the event drew closer, with many fraudsters using the Amazon brand and logos to trick customers into surrendering their login data and payment card credentials,” per the Digital Fraud Tracker®.

Volume 72

Volume Transactions Account Takeovers Phishing 72

FICO

MAY 19, 2020

History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. We need to be proactive in our communications to customers around scams. We will certainly see an increase in fraud during this time.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

PYMNTS

JUNE 2, 2020

Crypto intelligence company CipherTrace’s “ Spring 2020 Cryptocurrency Anti-Money Laundering and Crime Report ” revealed the thefts have escalated in the wake of the COVID-19 pandemic and ensuing global economic crisis. The scam promised investors incredible returns using nonexistent algorithmic trading software.

Crime 52

Crime Cross-Border Money Laundering ATM 52

PYMNTS

MARCH 21, 2019

As noted in other BEC scams, often the criminal impersonates an executive with the company. It also opens the door to more cross-border scams, as it only costs a little bit of money to set up a temporary U.S. The Agari research found that the BEC scams play out similarly to gift card scams. phone number.

Business Email Compromise 45

Business Email Compromise Scams Email Compromise Cross-Border 45

PYMNTS

FEBRUARY 15, 2019

To that end, phishing attacks, more commonly known as business email compromises (BECs), have been aimed at Bank Secrecy Act (BSA) officials at credit unions. Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails.

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

APRIL 15, 2019

Phishing for Paychecks. HR departments need be on the alert for a new type of phishing scam that asks for reroutes on direct deposit accounts, CNBC reported. The scam has already been effective against KVC Health Systems, which reports the fraudulent emails look legitimate and appear to come directly from the firm’s CEO.

Money Laundering 51

Money Laundering Wires Wire Identity Theft 51

FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

DECEMBER 14, 2018

As the name implies, with its pack animal imagery, the accounts (or account holders) are used to deposit money with financial institutions (FIs) and transfer funds between banks. In the high-tech age, money is ill-gotten (in the first place) through “mule” authorized push-payment fraud, malware or phishing.

Money Laundering 63

Money Laundering Accounts AML Faster Payments 63

PYMNTS

MAY 22, 2020

Financial institutions (FIs) are no strangers to financial crime, with fraudsters continually targeting them and their customers for money and data. The Federal Trade Commission (FTC) has received 18,235 reports of virus-centric scams since the beginning of the year, and these incidents have resulted in more than $13.4

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

The Fintech Times

JUNE 20, 2024

.” Increasing regulatory scrutiny in Asia-Pacific The banking sector in Asia-Pacific has been experiencing increasingly stringent regulatory requirements due to the rise of evolved financial crimes.

Compliance 59

Compliance Process APACS Money Laundering 59

FICO

AUGUST 26, 2021

Is the transaction genuine, or is the account owner falling victim to a scam? The solution gives users the freedom to design, simulate, and implement new fraud and financial crime strategies without technical constraints. My point is that checking accounts are now a mini clearing house for all manner of inflows and outflows.

Real Time Payments 52

Real Time Payments Zelle Federal Reserve FedNow 52

PYMNTS

JANUARY 19, 2021

In financial services, in the eternal war to keep customers (and themselves) safe from online fraudsters, banks may lift a mantra from the real estate sector: It’s all about location, location, location. Geolocation services are proving to be a powerful weapon against phishing attempts, account takeovers and other schemes.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

PYMNTS

JUNE 20, 2018

Business scams are nothing new. This past week saw the Federal Trade Commission (FTC) announce a new law enforcement initiative that focuses on bad actors who seek to commit crimes against small businesses. Want more proof of email as a favorite scamming tool?

Scams 45

Scams Phishing Federal Trade Commission Wires 45