PYMNTS

DECEMBER 17, 2020

The “stimulus” scams are already out there, reports NBC News. This scam is a new twist on those we’ve been seeing much of this year.”. Stimulus scams have been running all year , as have COVID-connected attempts to heist consumers’ funds. million in coronavirus-related fraud this year and 38,792 cases of identity theft.

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Scams IRS Federal Trade Commission FTC 84

Fintech Finance

AUGUST 28, 2024

However, this increase in digital payments also brings about heightened risks – almost one in five consumers surveyed has fallen prey to online identity theft. report falling victim to online identity theft, with two in five reporting that an incident resulted in accounts being opened in their name.

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Identity Theft Online and Mobile Banking Consumer Payments Trends 105

BioCatch

MARCH 17, 2025

Secret Service agent with decades of experience combating financial crimes, I've seen how identity theft has transformed into a well-oiled machine, exploiting every vulnerability in our digital and financial systems. As a retired U.S.

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Account Takeovers SARS Identity Theft Law Enforcement 59

Fintech News

FEBRUARY 5, 2025

Additionally, it enhances fraud prevention by identifying data inconsistencies, helping to reduce identity theft and fraudulent account creation. A recent initiative, the Scam Prevention Framework, aims to enforce stricter safeguards, introducing penalties of up to US$50 million for non-compliance.

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Verification Checks Security Identity Theft 65

PYMNTS

APRIL 12, 2020

With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft. Italian law enforcement officials said the country has seen a rise in this kind of activity.

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Data Breach Breach Identity Theft Law Enforcement 122

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. COVID-related scams are rampant and rapidly evolving. With that in mind, there are actions you can take right now to protect yourself from fraud and identity theft.

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Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

MARCH 2, 2018

Identity theft complaints followed close behind, making up nearly 14 percent of all complaints. Specifically, credit card fraud was the most common type of identity theft reported by consumers. And tax fraud was the second most common type of identity theft reported by consumers.

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Scams Identity Theft FTC Federal Trade Commission 55

PYMNTS

FEBRUARY 20, 2019

Symantec found that formjacking has become a preferred get-rich-quick scam among bad guys. Consumers have no way to know if they are visiting an infected online retailer without using a comprehensive security solution, leaving their valuable personal and financial information vulnerable to potentially devastating identity theft.

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Scams Identity Theft Compromise Ransomware 69

Fintech News

DECEMBER 17, 2024

He explained that Revolut Pays direct integration with exchanges provides end-to-end control over transactions, blocking fraudulent activities such as stolen card usage or elaborate investment scams. Revoluts move comes as crypto fraud, including phishing attacks and identity theft, becomes more sophisticated.

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Transactions Identity Theft Security Phishing 106

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.”. Department of Justice has announced a recent crackdown against people behind this email scam. Federal Bureau of Investigation.

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Scams Email Compromise Compromise Wires 65

PYMNTS

MARCH 7, 2018

The new cards are being issued to protect consumers from identity theft. But as the new Medicare cards start being mailed, there might be an uptick in related scams. The FTC gave a few tips for how consumers can protect themselves from any theft, such as remembering that the new Medicare cards are completely free.

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FTC Scams Identity Theft Federal Trade Commission 49

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited. BNPL fraud is not a new phenomenon.

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BNPL Scams Identity Theft Non-Bank 129

FICO

NOVEMBER 22, 2021

This busy and complex environment provides the perfect conditions for consumers to fall for scam deals or buy products that aren’t quite what they expected. For instance, online shopping scams in the U.K. It's the giving season — during a pandemic — which multiplies the opportunities for fraudsters to try to scam you.

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Scams Online and Mobile Banking Identity Theft Credit Cards 98

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. While the corporate victims of the scam weren’t named at the time, Fortune Magazine recently reported that they were none other than Facebook and Google. At the end of March , the U.S.

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Scams Business Email Compromise Email Compromise Identity Theft 47

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams? So what happens when customers are dissatisfied?

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Scams RTP Push-to-Card Fraud Detection 52

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

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Deepfake APACS Scams Authentication 121

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

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Scams Push-to-Card Fraud Prevention CashApp 52

FICO

MAY 3, 2023

In the 2023 FICO Global Scams Survey , we asked consumers worldwide what they think banks could do better to combat scams and create a better customer experience for victims. Their top five responses provide a blueprint of customer-friendly steps banks can take to counter RTP scams and improve customer experiences when scams occur.

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Scams RTP Fraud Detection Real Time Payments 10

PYMNTS

MAY 19, 2020

SafetyDetective said Natura customers should be vigilant against identity theft, change their account passwords and keep a close eye on their payment card transactions for signs of any suspicious activity. The risk of phishing and phone scams is also raised by the Natura data leak,” Sen said, according to the report.

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Identity Theft Payment APIs and Integration Payment-Related Information Phishing 93

The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification.

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AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

FEBRUARY 19, 2019

What’s more, fraudsters are getting smarter, building out identities and initiating money transactions that are made to appear as legitimate as possible before making their move. Netflix , for one, is currently warning its customers of an email scam designed to steal payment details from users. Inverting the Fraud Approach.

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Identity Theft Data Breach Breach Verification 63

FICO

APRIL 20, 2023

As we see in any new payments channel, fraudsters are often first in line for exploiting weaknesses, so businesses that use RTP will need to keep a sharp eye out for scams. billion in scams in 2022, a 30% increase over 2021.

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Real Time Payments Scams RTP Payments 52

PYMNTS

MAY 21, 2020

The new Preventing Financial Crimes Playbook explores the latest financial crime developments, including a rise in financial fraud related to the ongoing COVID-19 pandemic, new threats targeting digital payment apps and guidance from PNC Financial Services on how multilayered defense systems can help curb the tide of digital scams.

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Financial Crimes Crime Identity Theft Federal Trade Commission 52

Fintech News

APRIL 22, 2024

Phishing scams employ social engineering tactics to trick users into revealing login credentials, allowing attackers to hijack accounts. The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions.

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Fintech News

MAY 22, 2024

The Global State of Scams 2023 Report by the Global Anti-Scam Alliance (GASA) and ScamAdviser reveals a severe global increase in scams. of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses.

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Financial Crimes Crime APACS Risk Assessment 87

PYMNTS

JANUARY 8, 2019

As fraudsters grow bolder, these brands are racing to implement new fraud protection services, as more instances of identity theft, digital payments fraud and gift card fraud emerge. Luxury retail brands are seeing increasingly varied forms of fraud, from online identity theft to straightforward, old-fashioned counterfeiting.

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Identity Theft AI FBI Data Breach 66

PYMNTS

MARCH 2, 2016

Among the key subjects of complaints that washed over the Federal Trade Commission’s Consumer Sentinel Network last year included debt collection, identity theft and scams related to impostors. The identity theft designation has been the top complaint category for the past 15 years, said the FTC.

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FTC Identity Theft Law Enforcement Scams 41

PYMNTS

MARCH 23, 2020

“We will use every resource at the government’s disposal to act quickly to shut down these most despicable of scammers, whether they are defrauding consumers, committing identity theft or delivering malware.”. We therefore moved very quickly to shut down this scam. Attorney John F.

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Identity Theft Scams Wires Wire 61

PYMNTS

MAY 29, 2020

Unemployed Michigan residents ought to be wary of a scam in which fraudsters are using stolen personal information to apply for unemployment benefits, according to Michigan-based news site MLive.com. Those who receive a letter but did not apply should notify the UIA, as identity theft could have taken place.

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Identity Theft Law Enforcement Scams Laws 52

FICO

FEBRUARY 16, 2023

While skimming events can impact hundreds of unknowing individuals, criminals will also continue to target consumers through phishing, smishing, scams, and other tactics to obtain cardholder data that can be used for card-not-present fraud. Banks should deploy fraud checks prior to authorizing any purchase or payment transaction.

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Compromise Debit Card Scams Smishing 98

PYMNTS

JUNE 25, 2020

Long pled guilty in November of 2019 to a scheme where he committed wire fraud and aggravated identity theft. The charges dated back to 2013, when Long created and deposited checks from the checking accounts of over 375,000 victims, saying that the victims’ banks had authorized the fund transfers.

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Identity Theft Checks Payee Phishing 66

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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Business Email Compromise Romance Scams Scams Identity Theft 58

Clearly Payments

JULY 16, 2024

Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements. million cases of medical identity theft, resulting in $41 billion in losses. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% In 2023, there were over 2.3

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Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

APRIL 5, 2018

Even worse: few Facebook users were probably able to avoid the scam, company officials stated. This type of personal information is a key part of identity theft and other malicious online activity.

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Identity Theft Privacy Blocks Scams 68

The Fintech Times

OCTOBER 3, 2024

In the UK, 36 per cent of residents have fallen victim to phishing scams in the last six months alone – leaving digital transformation consultancy Daemon to urge retailers to bolster their cybersecurity efforts. With it becoming so prevalent, online fraud is leaving a lasting impact on trust.

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Cybersecurity Identity Theft Phishing Scams 59

PYMNTS

OCTOBER 9, 2020

state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft. One study on six countries, including Canada, the U.K. These schemes range from tailored attacks against U.S.

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Verification Consumer Online and Mobile Banking Scams 83

PYMNTS

JANUARY 23, 2020

Digital fraud on online marketplaces — such as Facebook, Instagram, Pinterest and WhatsApp — is extremely common in India, with 46 percent of residents reportedly scammed on them. Online scams were the most prevalent, consisting largely of fake money-transfer requests that affected 63 percent of consumers.

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Phishing Data Breach Breach Scams 64