Romance Scams: Which Generation is Most at Risk?
BioCatch
FEBRUARY 21, 2024
Explore how fraudsters target generations and how BioCatch tools combat romance scams, safeguarding vulnerable customers and ensuring compliance.
Chainalysis Reveals Changing Trends Amongst Crypto Fraudsters as They Focus on Romance Scams
The Fintech Times
AUGUST 31, 2024
Research from Chainalysis , the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Previously, the highest number of scams in new wallets was 29.9 Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. per cent in 2022.
Romance scams rose by a fifth in 2023
Finextra
FEBRUARY 5, 2024
The number of people falling victim to romance scams increased by a fifth (22%) in 2023, compared to 2022, according to the latest data from Lloyds Bank.
Men more likely to fall victim to a romance scam, while women lose more money
Finextra
JULY 29, 2024
Barclays is issuing a warning to those looking for love this summer, as Barclays Scams Bulletin data reveals romance scams are on the rise, with the amount claimed in May/June up 139 per cent compared to March/April 2024.
New Report From PSR Shows How Fraudsters Exploit Major Platforms to Scam Consumers
Fintech Finance
DECEMBER 16, 2024
Preventing Authorised Push Payment (APP) scams is one of the Payment Systems Regulators (PSR) top priorities. APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. The PSRs data shows that in 2023 alone, APP scams cost UK consumers 341 million. of the losses (107.2
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Scams Alert: We Can All Fall Victim to Social Engineering and Fraud
FICO
NOVEMBER 15, 2021
Their lives can be turned upside down and their finances ruined when they become victims of clever scam artists. Despite numerous studies and newspaper headlines informing us about the scams that fraudsters perpetrate, most of us don’t think we can easily be tricked into handing over money to criminals. Case 1: CryptoRom.
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Even Steel Bars Can’t Keep Internet Scams In Check
PYMNTS
NOVEMBER 21, 2019
And through the latest scam, as detailed by the country’s Economic and Financial Crimes Commission, he was able to use the fictitious name “Akinwunmi Sorinmade” in order to open two bank accounts. He had access to both the internet and to his phone. With those accounts he then bought a luxury car and homes.
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Lloyds Bank report shows a 22% increase in romance scams
The Paypers
FEBRUARY 5, 2024
Lloyds Bank has released its latest data on romance scams and it shows that the number of people falling victim to these scams has increased by 22% in 2023 compared to the previous year.
Victims Of Tech Support Scam Get Refunds
PYMNTS
FEBRUARY 25, 2020
To support scam victims, the Federal Trade Commission (FTC) will start to send refunds of over $1.7 million to consumers who fell victim to a tech support scam, the agency said in a press release. The FTC will start to provide 57,960 refunds with an average of approximately $30 to each of the scam’s victims.
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New report from PSR shows how fraudsters exploit major platforms to scam consumers
Neopay
DECEMBER 17, 2024
Preventing Authorised Push Payment (APP) scams is one of the Payment Systems Regulators (PSR) top priorities. A new report from PSR shows how fraudsters exploit major platforms to scam consumers. APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. of the losses (107.2
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6 Types of COVID-19 Scams to Watch Out For
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. This can also take shape as a romance scam, where the criminal creates an enticing fake profile and builds a relationship with their unsuspecting victim.
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Financial Technology Association Sets Out to Tackle Holiday Shopping Fraud With ‘Smarter Than Scams’
The Fintech Times
NOVEMBER 20, 2024
In fact, 75 per cent of US shoppers will encounter scams when looking to buy things online. In an attempt to ensure consumers do not fall victim, the Financial Technology Association (FTA) is launching its annual campaign, Smarter Than Scams. It also brings awareness to the most common scams consumers face during the holiday season.
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As Authorised Fraud Complaints Increase, RSM UK Says Prevention Is Key to Tackling Fraud This Black Friday
Fintech Finance
NOVEMBER 26, 2024
These can take many forms, including fake online adverts, phishing emails, romance scams and spurious investments. Many customers don’t take matters further, either due to the perceived stigma around being scammed in this way, or because they don’t know where else to go for help.
FTC: Romance Scammers Swindled $143M From Consumers In 2018
PYMNTS
FEBRUARY 12, 2019
12) about potential “romance scams,” which cost victims a collective $143 million last year. The FTC said these particular types of scams cost people more than any other type of swindling, and that they’re expected to become more common. Also, make sure to notify any dating site on which the person tried to scam.
APP Fraud, Identity Fraud and AI-Enabled Fraud Spotlighted as Main Threats Facing Fintech
The Fintech Times
APRIL 11, 2024
More complex and financially damaging types of APP fraud include romance scams. Identity fraud can be used to make a scam seem more realistic by hijacking the established identity of a real person.
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Crypto Crime Drops 39% But Challenges Persist, Including Ransomware Attacks, Transactions with Sanctioned Entities
Fintech News
FEBRUARY 15, 2024
Value received by illicit crypto addresses dropped significantly in 2023, driven by a decline in crypto scamming and hacking revenue by 29.2% In particular, the report notes that scamming is most successful when markets are up, exuberance is high, and people feel like they are missing out on an opportunity to get rich quickly.
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The state of fraud in 2024: Key mid-year takeaways
The Payments Association
OCTOBER 28, 2024
From shifts in unauthorised card fraud to the evolving nature of authorised push payment scams, there’s a lot to unpack—and a lot at stake. One of the most alarming trends identified in the report is the continued rise in social engineering scams, which now account for a significant portion of fraud activity. million cases recorded.
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‘Scattered Canary’ BEC Scams Aim At US Firms
PYMNTS
JUNE 10, 2019
Business enterprise compromise (BEC) scams are crossing borders, where fraudsters in Africa are targeting U.S. The scam involves communications from fraudsters impersonating company officials, suppliers or vendors, instructing unwitting victims to wire funds to accounts they have set up. companies and government agencies.
Navigating the Evolving Landscape of Crypto Crime
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 billion (SG$ 32.51
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Cross-Border Payments Could Further Enable APP Fraud, Says Payments Association Study
Fintech Finance
NOVEMBER 13, 2024
APP fraud attempts can include anything from mass texts purporting to be from a bank or utility company asking to be transferred funds to long-term romance scams that can take months and cost the victims thousands.
FTC: Millennials Report Losing $71M To eCommerce Fraud In Two Years
PYMNTS
OCTOBER 1, 2019
The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams. And millennials are 93 percent more likely than people over 40 to report losing money to fake check scams, which often look like a way to earn money.
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Santander Ramps Up Efforts to Make Dangers of Deepfake Tech Known to Brits
The Fintech Times
AUGUST 7, 2024
As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams. Know what types of scams deepfakes are likely to be used for.
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How Guided AI Helps FICO Detect 59% More Scams in the UK
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.
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Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum
PYMNTS
OCTOBER 1, 2019
bank found that one group, in particular, is most vulnerable to fraudsters’ scams. A report by Lloyds Bank noted that the share of millennial consumers who fall victim to scams increased by 400 percent in the past year, even though overall fraud incidents declined. Federal regulators in the U.S.,
APP Scams: What Impact Will the PSR’s Proposals in the UK Have?
FICO
FEBRUARY 9, 2023
Home Blog FICO APP Scams: What Impact Will the PSR’s Proposals in the UK Have? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. The vast media attention on the various types of payment scams has helped keep awareness high.
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Today In Payments: Puerto Rico Falls Prey To $4M Online Fraud; India’s Antitrust Investigation Into Amazon, Flipkart On Hold
PYMNTS
FEBRUARY 14, 2020
In today’s top news, at least four Puerto Rico government agencies were targeted in a $4 million online scam, and India’s court hit pause on their antitrust investigation into Amazon and Flipkart. At least four Puerto Rico government agencies were targeted in an online scam, which attempted to steal $4 million in retirement funds.
Will Real-Time Payments Increase Financial Crime in the USA?
FICO
FEBRUARY 19, 2020
The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. 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.
PSR Reveals Huge Disparity in How Banks Approach to APP Fraud Claims
The Fintech Times
AUGUST 2, 2024
In 2023, Authorised Push Payment (APP) scams totalled just shy of £341million in the UK, with new research highlighting that reimbursement varies significantly depending on who consumers bank with. In the same year, victims reported 252,626 cases of APP scams – but not all reports resulted in refunds from their banks.
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Justice Department Indicts 80 in Massive Online Fraud Scheme
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.
UK Finance: Fraud is Down But Over £1billion is Still Stolen by Criminals – What’s Next for the UK?
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. Purchase scams Although less money was stolen, the total number of APP cases was up 12 per cent to 232,429.
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What Big Regulatory Shifts Are on the Way?
The Fintech Times
SEPTEMBER 28, 2024
Whether it’s a romance scam or identity-based fraud, most financial crimes begin outside traditional financial institutions, and regulatory coverage should reflect this. We should expect this to continue with more firms outside of financial institutions being regulated.
Retail Payments Fraud: How Consumers and Banks Can Fight Back
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.
Study: Financial Pressure Makes CFOs Prone To Fraud
PYMNTS
FEBRUARY 20, 2020
“Since at least 2017, Exaggerated Lion has built a network of trusted ‘ mules ,’ people who they could rely on to deposit checks into bank accounts with few questions asked,” the release said.
Millennials Impacted By Fraud More Than Older Consumers
PYMNTS
OCTOBER 1, 2019
The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams. And millennials are 93 percent more likely than people over 40 to report losing money to fake check scams, which often look like a way to earn money.
The Coronavirus And The Fizzle Of Barren Store Shelves
PYMNTS
FEBRUARY 14, 2020
The Cost of Love: Broken hearts club: Consumers report losing more than $200 million to romance scams last year, as estimated by the FTC. B2B Targeted: The FBI reports that Business email compromise (BEC) scams are on the rise. That’s up 40 percent over 2018.
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What Is Authorised Push Payment Fraud?
FICO
DECEMBER 5, 2017
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. Learn more: Scams Alert We Can all Fall Victim to Social Engineering and Scams. Targeting property transactions.
Fraud remains a major problem as over £1 billion is stolen by criminals in 2023
Neopay
MAY 28, 2024
UK Finance releases its 2024 annual fraud report, detailing the amount its members reported as stolen through payment fraud and scams in 2023. The main driver behind this is purchase scams, where people are tricked into paying for goods that never materialise. Purchase scams account for 67 per cent of the total number of APP cases.
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How Can Banks Stop Authorised Push Payment 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. Deploy AI and Machine Learning – the Scams Model. In his blog FICO Integrates Fraud and Scam Detection in FICO Falcon Retail Banking 3.0
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COVID Crime: What Is Money Muling, and How Can We Fight It?
FICO
SEPTEMBER 10, 2020
The money mule moves stolen funds to a participant in the scam via an instant funds transfer or wire transfer, and the money is often unrecoverable and untraceable. . During the FICO Virtual Event this past May, we predicated that money muling would be one of the top scams being perpetrated during the pandemic.
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Love: There’s An App For That
PYMNTS
FEBRUARY 14, 2020
Romance scams — according to various data streams, including the FBI and Federal Trade Commission — have become an increasingly favored tactic among scammers and fraudsters looking to take advantage of the unwitting. In addition, niche dating sites can be a magnet for fraudsters and catfishers.
APP: The Biggest Fraud Threat with AI the Solution,” Says The Payments Association Survey
Fintech Finance
APRIL 10, 2024
More complex and financially damaging types of APP fraud include romance scams. Identity fraud can be used to make a scam seem more realistic by hijacking the established identity of a real person. Both share a multitude of similarities with APP fraud.
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40 Why Being Proactive Can Create Fraud Blind Spots
PYMNTS
NOVEMBER 6, 2019
And fraudsters keep moving on to different scams, seeing what works as digital and mobile commerce continues to progress and consumer habits shift. are urging consumers to be cautious of a particular type of social scam. consumers lose more to romance-based fraud than any other type of scheme.
How Advanced Technology is Driving Authorized Push Payment Fraud
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.
U.S. Card Skimming Fraud Grows 700+% in First Half of 2022
FICO
AUGUST 16, 2022
At FICO World 2022, I hosted a session where we talked about global fraud trends like authorized push payment scams and romance scams. Senior Director, Product Management. expand_less Back To Top. Tue, 08/16/2022 - 11:10. But here in the U.S.,
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