Fintech News

OCTOBER 27, 2024

The Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) will implement the Shared Responsibility Framework (SRF) for phishing scams on 16 December 2024. Duties of FIs and PSPs FIs and PSPs must implement several anti-scam measures to prevent unauthorized access and detect phishing threats.

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Phishing Scams Blocks Authorization 126

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures.

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Scams Phishing Deepfake Verification 105

Fintech News

AUGUST 19, 2024

The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9

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Scams Money Laundering Cross-Border Phishing 109

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.

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Phishing Scams Authentication Financial Crimes 59

PYMNTS

DECEMBER 28, 2020

Further, FinCEN said phishing schemes could surface targeting people with fraudulent vaccine information, the sale of unapproved and illegally marketed vaccines and the sale of counterfeit versions of approved vaccines. There have already been ransomware attacks aimed at medical research facilities working on vaccinations.

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Fincen Suspicious Activity Report (SAR) Scams Federal Trade Commission 127

PYMNTS

APRIL 24, 2020

BleepingComputer.com reports that the Coronavirus Aid, Relief and Economic Security (CARES) Act has triggered the latest round of scams. . The phishing expedition, as explained by AbnormalSecurity.com , requests the recipient’s signature for PPP documents. Another scam attempts to collect online banking account information.

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Phishing Scams IRS Law Enforcement 63

PYMNTS

MARCH 2, 2020

Barbara Corcoran, a judge on the popular TV show “ Shark Tank ,” said she is “thrilled” about getting back almost $400,000 that she lost during a phishing email scam, according to reports. Scamming and phishing are increasingly more common; about 114,000 people admitted they were scam victims last year alone.

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Fintech Finance

OCTOBER 24, 2024

Ahead of Money20/20 US, Visa , a global leader in digital payments, today published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime.

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Scams Ransomware Governance Government 98

FICO

JULY 7, 2020

COVID-19 scams are on the rise. In a recent webinar I hosted, we learned that 31% of participants had received a communication that looks like a COVID-19 scam in the past 30 days. Vishing is like phishing, but over the phone. Smishing is similar to phishing, but is executed through text messages. every month.

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Scams Smishing Phishing IRS 97

PYMNTS

AUGUST 3, 2020

The Financial Crimes Enforcement Network (FinCEN) issued a press release warning financial institutions (FIs) and consumers about pandemic-related scams, including some connected to cryptocurrency. ” That includes malware and phishing schemes, extortion, business email compromise and more, sometimes involving demands for cryptocurrency.

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Fincen Scams Email Compromise Phishing 88

Fintech News

JULY 9, 2024

Announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), this move aims to better protect customers from phishing scams. Phishing scams were among the top five scam types last year, with at least S$14.2

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Phishing Scams Online and Mobile Banking Credential 108

PYMNTS

AUGUST 2, 2019

To combat fraud — especially phishing — united we stand? As noted in the latest Digital Fraud Tracker , phishing attacks are up 76 percent this year compared to last year. Verizon has estimated that 30 percent of phishing messages are opened by their intended targets.

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Phishing Scams IRS Request for Information 79

VISTA InfoSec

FEBRUARY 25, 2024

Train Employees Build a workplace cybersecurity culture through new hire orientation plus continuous education covering threat awareness, safe internet usage, password policies, phishing identification, social engineering tactics, data handling procedures, and obligations to report risks proactively.

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Data Breach Breach Multifactor Authentication Cybersecurity 266

FICO

FEBRUARY 23, 2022

That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. The financial impact of scams is staggering indeed: in the UK alone, authorised push payment (APP) scams accounted for £479 million in gross losses in 2020. Fortunately, it’s not all gloom and doom.

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Scams Fraud Detection Smishing Fraud Prevention 98

FICO

MAY 27, 2021

The ‘courier scam’ is a global issue that intensified late last year and presented another worrying trend in the new world of digital payments and card scams. These scams are very successful — here’s how they work: 1. FICO is investing heavily in the global fight against fraud scams. The Financial Gain.

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Scams Law Enforcement Compromise Fraud Prevention 98

FICO

MARCH 29, 2020

Phishing attacks are on the rise, with fraudsters posing as legitimate organizations such as the World Health Organization in an attempt to get you to click links or open attachments that will install malware and steal information. Bear in mind fraudsters may be going door to door for scams such as disinfecting homes to gain access to a home.

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Scams Tax Refunds Phishing Wire Transfer 92

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. Online scams were the most prevalent, consisting largely of fake money-transfer requests that affected 63 percent of consumers.

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PYMNTS

JULY 30, 2018

A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets. The Advocate also noted that a way to avoid falling victim to the scam is to verify the URL. Using financial services companies’ names and logos to commit scams is a common tactic for cybercriminals.

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Phishing Scams Business Email Compromise Email Compromise 51

PYMNTS

APRIL 9, 2019

A new type of phishing scam targets the HR departments of companies and asks for reroutes on direct deposit accounts, CNBC reported. KVC Health Systems, a child welfare nonprofit based out of Kansas City, has been hit with the scam. Last year, the Internal Revenue Service warned that scams like this were on the rise.

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Fintech Finance

SEPTEMBER 30, 2024

This false sense of security is compounded by the fact that 61% of participants have changed their behavior or reduced their use of payment platforms due to fears about cyber scams. ” Respondents were asked about nine different types of scams. 46% cited the possibility of being scammed as a barrier to trust.

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Scams Digital Payments Consumer Payments 97

VISTA InfoSec

JUNE 18, 2024

Next, analyze potential risks like malware infections, phishing scams, or disgruntled team members leaking sensitive data. Kick things off with phishing awareness training. First, find out what your most valuable digital assets are – customer data, financial records, or proprietary information. Outdated software?

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Data Security Security Encryption Cybersecurity 254

PYMNTS

OCTOBER 9, 2020

The pandemic has sparked a digital shift of positive changes likely remain in place after the pandemic subsides, but it’s also spawned at least one unwanted thing: a range of new email attacks and scams. We have seen phishing attacks surge since the pandemic started,” Reichel said. Top Four Current Scams. Spear Phishing.

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B2B Phishing Scams Ransomware 116

Fintech News

JANUARY 10, 2024

In a broader strategy to combat increasingly sophisticated digital banking scams, MAS is collaborating with financial institutions, industry experts, and government agencies. ” MAS and Infocomm Media Development Authority (IMDA) have been working on a Shared Responsibility Framework (SRF) for phishing scams.

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Accounts Scams Phishing Payee 109

Fintech News

SEPTEMBER 22, 2024

Global highlights: January – December 2023, Source: Confidence Amid Chaos: Managing Fraud and Scams with Data and Analytics, LexisNexis Risk Solutions In financial services, new account creation attacks increased by 12% YoY, driven by increases on the mobile channel, primarily mobile browser. Despite this high volume. of all cases.

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Accounts Scams Bots Account Takeovers 142

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.”. The IRS is encouraging consumers to screenshot these fraudulent texts and email them to the agency at phishing@irs.gov. PIRG Education Fund, told CNBC. “We We all need to be on our guard.

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Scams IRS Federal Trade Commission FTC 84

PYMNTS

MARCH 3, 2017

Especially when it comes to phishing schemes, which typically don’t take as much effort but can result in huge payouts. PYMNTS: How have phishing schemes evolved in recent years? PYMNTS: Can you discuss the biggest trends observed in financial phishing, banking malware and Android banking malware?

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Phishing Online and Mobile Banking Credential Security 66

Finextra

NOVEMBER 20, 2024

FS-ISAC, the member-driven, not-for-profit organisation that advances cybersecurity and resilience in the global financial system, has published Stop the Scams: A Phishing Prevention Framework for Financial Services.

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FS-ISAC Phishing Scams Cybersecurity 52

PYMNTS

JULY 27, 2020

This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more. Forty-seven percent of respondents said the reason they fell for a phishing scam was simply because they were distracted. In a survey of 1,000 U.K.

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Law Enforcement Scams Phishing B2B 101

Fintech News

SEPTEMBER 17, 2024

Major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months in a concerted effort to bolster security against phishing scams. While banks will continue to do their part to fight scams, customers need to be vigilant themselves and practice good cyber hygiene.”

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Verification Scams Financial Crimes Phishing 107

PYMNTS

APRIL 12, 2020

Generally, the cyberattacks take the form of phishing scams with fraudsters sending emails purporting to be from legitimate and now-common institutions like Zoom or Microsoft, praying upon those working from home for the first time and hoping they’ll click fraudulent links that scam them out of valuable information.

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Data Breach Breach Identity Theft Law Enforcement 122

PYMNTS

DECEMBER 6, 2016

KnowBe4 , a security awareness training and simulated phishing platform provider, launched a new tool designed to help IT managers combat CEO fraud, or Business Email Compromise (BEC) as it is referred to by the FBI. KnowBe4’s tool, called Phishing Reply Tracking, tests if users will interact with hackers on the other end of a phishing email.

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Phishing Wire Transfer Email Compromise Business Email Compromise 67

PYMNTS

APRIL 22, 2020

Since Tuesday (April 21), the DOJ said the FBI’s Internet Crime Complaint Center (IC3) has reviewed more than 3,600 complaints related to COVID-19 scams. The sites were used as phishing schemes, authorities said. Department of Justice (DOJ).

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Scams Federal Trade Commission Law Enforcement Phishing 69

PYMNTS

APRIL 3, 2018

Experts say an employee phishing scam is likely to blame for the data breach affecting millions of Saks Fifth Avenue and Lord & Taylor payment cards. Separate reports by the Associated Press also pointed to an email phishing scam as the likely culprit.

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Phishing Breach Data Breach Scams 51

VISTA InfoSec

OCTOBER 21, 2024

The most common threat that you might already be aware of is phishing scams. The aim of such scams is to steal sensitive information, from personal to financial data. Common Cybersecurity Threats Even if you’re just a casual internet user, cybersecurity threats can still impact you.

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Cybersecurity Encryption Scams Cryptocurrency 199

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb. as to which services we use.”

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Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

JANUARY 27, 2020

Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity. Separate analysis from Singapore warned that monetary losses associated with BEC scams that specifically instruct targeted employees to send gift card redemption details are on the rise, too.

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Business Email Compromise Scams Ransomware Real Time Payments 71

Fintech News

JANUARY 17, 2024

Sophisticated scams dominate the fraud landscape BioCatch’s report uncovers a startling surge in financial cybercrime in Asia-Pacific. With scams accounting for 54 percent of all cases, there’s a 200 percent increase in voice scams from the previous year.

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