Fintech Finance

MARCH 28, 2025

This presents an opportunity for banks to communicate risks and warnings to their customers while providing a strong scam defence.” “As the UK RTP volume increases and begins to match global averages, there will, however, be a rise in scam threat.”

Real Time Payments 78

Real Time Payments Scams RTP Payment Security 78

Fintech Finance

NOVEMBER 7, 2024

The research is published today – a month after new rules by the Payments Systems Regulator came into effect, requiring all UK banks to reimburse customers who are proven victims of Authorised Push Payment (APP) scams up to £85,000 per case. This rises to a fifth (21%) of customers of online or challenger banks.

Scams 98

Scams Risk Payments Fraud Prevention 98

The Fintech Times

APRIL 2, 2025

WhatsApp prides itself on the security of its encrypted messages, however, according to new research from Revolut, the global fintech with 11 million UK customers and 50 million globally, UK consumers are losing an average of 2,437 from scams originating on the communications platform. Encryption does not equate to immunity from scams.

Scams 59

Scams Consumer Financial Crimes Encryption 59

Payments Dive

DECEMBER 14, 2023

Such scams are expected to jump 50-plus percent to $3 billion by 2027, forcing financial institutions to address the rising threat, according to a new report.

Scams 183

Scams Authorization Addressing Payments 183

Fintech News

JANUARY 13, 2025

Blockchain analysis firm Chainalysis has acquired Alterya , an AI-based fraud detection platform focused on identifying scams before they impact victims. In 2024, Alterya identified US$10 billion in scam-related transactions and worked with clients to reduce losses and address fraud effectively.

Fraud Detection 122

Fraud Detection AI Acquirers Web 3.0 122

BioCatch

MARCH 13, 2025

On March 5, 2025, the California Senate Committee on Banking and Financial Institutions held a hearing on The Golden Age of Scams: How Technology and Transnational Fraud Rings Threaten California Consumers.

Scams 64

Scams Consumer Non-Bank Technology 64

Innovative Payments Association

JANUARY 13, 2025

The consequences of these scams can be devastating, both financially and emotionally. Common Payment Scams Targeting Seniors Phishing Emails and Texts: Scammers impersonate legitimate organizations, such as banks or payment apps, asking seniors to provide personal information or payment details.

Scams 52

Scams Law Enforcement Payments FBI 52

The Fintech Times

DECEMBER 16, 2024

The Australian Securities and Investments Commission (ASIC), the country’s financial regulator, has filed documents against HSBC Bank Australia as it alleges the bank failed to adequately protect customers from being scammed out of millions of dollars. This resulted in some customers getting scammed out of $90,000 or more.

Scams 64

Scams Online and Mobile Banking Non-Bank Transactions 64

Payments Dive

SEPTEMBER 13, 2022

The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.

Scams 158

Scams Zelle Instant Payments Payments Tools 158

BioCatch

APRIL 17, 2025

Fifth Third Bancorp CEO, Tim Spence, recently wrote an op-ed in American Banker about the epidemic of consumer fraud and scam losses. billion in scam losses. The FTC has previously estimated consumer scam losses in the US for reported and unreported activity could be as high as $158 billion.

Scams 52

Scams FTC Consumer Accounts 52

Fintech Review

MARCH 11, 2025

ScamAlert transforms customers into active defenders against increasingly sophisticated scams. This is particularly crucial because, in many scams, customers validate fraudulent transactionseffectively handing scammers the green light to continue their schemes.

Scams 52

Scams Fraud Prevention Risk Assessment Financial Crimes 52

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

Scams 52

Scams Romance Scams Consumer Payee 52

Finextra

AUGUST 5, 2024

Australia's Commonwealth Bank says it has cut customer scam losses in half in FY24 through a combination of new anti-scam technologies, cross-industry collaborations and customer education.

Scams 116

Scams Technology 116

Finextra

NOVEMBER 11, 2024

The fastest growing scams of 2024 have been uncovered in a new study by NatWest which reveals 42% of British adults have been targeted by a scam in the last 12 months.

Scams 119

Scams 119

Finextra

SEPTEMBER 19, 2024

Voice cloning scams – where fraudsters use AI technology to replicate the voice of a friend or family member – could be set to catch millions out, according to new research from Starling Bank.

Scams 122

Scams AI Research Technology 122

Finextra

MARCH 21, 2024

Pig-butchering, an investment scam involving fake crypto companies, has emerged as one of the top payment threats facing consumers.

Scams 122

Scams Payments Consumer 122

Fintech News

NOVEMBER 10, 2024

The State of Scams: Fall 2024 Biannual Threats Report, released end of October, highlights emerging threats and scams targeting the payment ecosystem, emphasizing the heightened complexity of fraud schemes and the availability of AI-driven tools.

Ransomware 109

Ransomware Data Breach Scams AI 109

Finextra

NOVEMBER 26, 2024

As fraudsters gear up to take advantage of the Christmas period, NatWest has launched an advent calendar designed to educate Brits on the threat of common purchase scams.

Scams 119

Scams 119

Fintech News

MAY 22, 2024

Crypto exchange Coinbase has launched the Tech Against Scams coalition, teaming up with industry leaders like Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to tackle online fraud and financial schemes. trillion to financial scams each year.

Scams 101

Scams Best Practices Law Enforcement Laws 101

Finextra

JANUARY 29, 2025

million worth of payments in the past two months after getting scam warnings from the bank. National Australia Bank says customers abandoned A$48.5

Scams 112

Scams Payments 112

Fintech Finance

APRIL 10, 2025

Among consumers who have experienced scams, one-third were phone and email scams involving fraudsters impersonating the IRS. The survey also shows a 3% jump in victims of identity theft, where a bad actor uses someone else’s personal information to commit fraudulent activities. credit cards, loans, etc.)

Tax Refunds 92

Tax Refunds IRS Identity Theft Alternative Payment Methods 92

Finextra

JULY 31, 2024

In a move to help stop bank impersonation scams, Westpac has teamed with telco Optus to introduce a new verified in-app calling capability.

Scams 105

Scams 105

Fintech News

JULY 10, 2024

With help from the Singapore Police Force, Maybank has intervened in 19 scam cases from March 2023 to June 2024, preventing the loss of S$1,215,600. Later that evening, the retiree contacted Maybank to admit he had been scammed and was advised to file a police report. The post Maybank Thwarts S$1.2 The post Maybank Thwarts S$1.2

Scams 109

Scams Returns Continuity FinTech 109

Payments Dive

FEBRUARY 9, 2024

With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, says one executive.

Scams 122

Scams Regulations Digital Payments Payments 122

Fintech News

OCTOBER 14, 2024

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. These scams involve fraudsters posing as bank officers, often from major banks like DBS, OCBC, UOB, or Standard Chartered, to deceive victims.

Scams 114

Scams Money Laundering Authorization Blocks 114

Neopay

DECEMBER 4, 2024

In a world increasingly driven by digital interactions, scams and fraud remain significant challenges, with fraud accounting for 39% of all reported crime in England and Wales. For scams and fraud prevention, legitimate interests often apply, requiring a robust three-part legitimate interests assessment (LI assessment).

Scams 52

Scams Fraud Prevention Laws Assessments 52

Fintech Finance

AUGUST 1, 2024

Latest figures released today by the Payment Systems Regulator (PSR) track the performance of payment firms in tackling Authorised Push Payment (APP) scams and reimbursing victims in 2023. On reimbursements: The report shows the percentage of APP scam cases that were fully and partially reimbursed by each firm.

Scams 95

Scams CRM Transactions Accounts 95

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

Scams 111

Scams Money Laundering Cross-Border Phishing 111

Fintech News

APRIL 7, 2024

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.

Deepfake 131

Deepfake Scams Fraud Detection Verification 131

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.

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

Payments Dive

NOVEMBER 22, 2024

More people are falling for real-time payment scams as the use of such speedy systems increases, a FICO survey showed.

Real Time Payments 97

Real Time Payments Scams Payments 97

Fintech News

JUNE 16, 2024

Two men, aged 26 and 47, will appear in court on 15 June 2024, for their alleged involvement in malware-enabled scams targeting Singaporeans since June 2023. Million Malware Scam Probe appeared first on Fintech Singapore. The post Suspects Extradited from Malaysia in S$34.1

Scams 112

Scams Law Enforcement Crime Compromise 112

Fintech News

SEPTEMBER 2, 2024

Singapore’s Ministry of Home Affairs (MHA) has announced plans to introduce the Protection from Scams Bill in the coming months and is seeking public feedback on the proposed legislation. The proposed bill would allow the police to issue ROs for scams conducted remotely, such as those involving online communications or phone calls.

Scams 109

Scams Blocks Risk Transactions 109

Fintech News

NOVEMBER 6, 2024

The Association of Banks in Singapore (ABS) has introduced “Canny,” a new anti-scam mascot designed to serve as a visual reminder for consumers to stay vigilant. Canny, a watchful chameleon, was the winning entry of the ABS Anti-Scam Mascot Design Competition held earlier this year.

Scams 104

Scams AI Participant Security 104

Fintech News

AUGUST 7, 2024

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams. Financial institutions involved in these linkages have implemented robust anti-scam controls to prevent exploitation of these channels by scammers.

Cross-Border Payments 107

Cross-Border Payments Cross-Border Scams Transaction Limits 107

The Fintech Times

AUGUST 11, 2024

This increase reflects the platform’s intensified security efforts to combat external hacks and scams. Approximately 80 per cent of these recoveries are linked to hacks, exploits and thefts that occurred outside the Binance platform, with the remaining 20 per cent involving external scams.

Scams 112

Scams Monetary Loss Cryptocurrency Blockchain 112

Fintech Finance

SEPTEMBER 25, 2024

Today, the PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. The PSR’s requirements will provide world-leading protections to people who fall victim to scams – with over 99% of APP claims covered by the reimbursement cap.

Scams 98

Scams Fraud Prevention Caps Faster Payments 98