Fraud Detection Romance Scams Scams 
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.
FICO
APRIL 29, 2022
All these evolutions mean a changing landscape for retail fraud and scam trends. The New York Times recently ran a home page story on how criminals have concocted elaborate scams – complete with authentic ‘hold’ music – to impersonate bank customer service reps, tricking consumers into sending them money via Zelle.
Fintech Finance
APRIL 10, 2024
Deceptively simple, APP fraud involves a person being tricked into buying goods that don’t exist or sending a bank transfer to a fraudster posing as someone trustworthy. More complex and financially damaging types of APP fraud include romance scams. Both share a multitude of similarities with APP fraud.
FICO
FEBRUARY 25, 2022
A cross-party Treasury Select Committee has called on the UK government to do more to ensure that the victims of authorised push payment scams are reimbursed. So, what can banks do to prevent APP fraud? Deploy AI and Machine Learning – the Scams Model. Look Out for APP Fraud Signals – Develop the Rules.
Seon
APRIL 18, 2024
Advancements have not increased the complexity of fraud tactics but have significantly amplified their scale, making it easier for less sophisticated fraudsters to execute more significant scams with broader reach. Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam.
FICO
MAY 9, 2023
Home Blog Feed test How Guided AI Helps FICO Detect 59% More Scams in the UK Guided AI is akin to the nervous system in the Corpus AI Thu, 05/04/2023 - 04:33 JenniferPiccinino@fico.com by Scott Zoldi Chief Analytics Officer expand_less Back to top Tue, 05/09/2023 - 20:25 The problems we use machine learning (ML) to solve are often multi-faceted.
Fintech News
FEBRUARY 21, 2024
Decline in Scamming and Hacking One of the most notable trends in 2023 was the significant reduction in the volume of crypto assets associated with illicit activities, which plummeted to US$24.2 However, the decrease in scamming and theft does not tell the whole story. billion (SG$ 32.51
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