FICO

FEBRUARY 19, 2020

Once a real-time payment is initiated it is typically irrevocable – it cannot simply be recalled, something that criminals take advantage of. The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. In both cases the bank account details on the invoice belong to the fraudster.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

FICO

DECEMBER 5, 2017

As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realise they have been conned. Confidence tricks such as romance scams, or the infamous ‘Hey Mum’ scam, where people are tricked into sending money to criminals they believe they have a personal relationship with.

Romance Scams 52

Romance Scams Real Time Payments Scams Payments 52

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.

Retail Payments 52

Retail Payments Zelle Romance Scams Consumer 52

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.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52