The Payments Association
JANUARY 13, 2025
John Erik Setsaas Director of Innovation Tietoevry Banking With over 55% of scams originating on digital platforms, its time to double down on high, low and even no-tech solutions upstream. Meanwhile, general impersonation scams, where fraudsters claim to represent various trusted entities, made up 10% of cases, leading to 42.8
The Payments Association
APRIL 22, 2025
Meanwhile, general impersonation scams, where fraudsters claim to represent various trusted entities, made up 10% of cases, leading to 42.8 Smaller but equally damaging scams include romance scams, which target emotional vulnerability and trust. Entity Unknown scams accounted for 8.8% million in losses.
The Payments Association
OCTOBER 28, 2024
The data shows that without better cross-industry cooperation, it will be difficult to curb the tide of fraud that originates outside traditional banking systems. Romance scams, though smaller in number, are notable for their emotional and psychological toll on victims. Losses from romance scams amounted to £14.5
Fintech Finance
NOVEMBER 26, 2024
These can take many forms, including fake online adverts, phishing emails, romance scams and spurious investments. Over three-quarters of APP fraud cases originate online**, highlighting the need for these platforms to play their part in helping to prevent consumers from falling victim to fraud.”
FICO
NOVEMBER 15, 2021
These examples show the breadth of ways people can become victims of scams. Case notes: This combination of romance scam and investment scam happens in the online world of virtual dating and digital currencies — not somewhere you generally find the stereotypical little old lady victim. Case 1: CryptoRom.
PYMNTS
AUGUST 26, 2019
history and said in a statement that “fraud networks now target individuals and businesses alike … In the BEC scams, the fraudsters will often hack a company’s email system, impersonate company personnel, and direct payments to bank accounts that funnel money back to the fraudsters in Nigeria.”
FICO
FEBRUARY 19, 2020
It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive. Money Laundering and the Rise of the Money Mule. To do this, criminals need access to many accounts to hop their ill-gotten gains through the system.
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