Authorized payment scams climb in US
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 Related Topics 
Zelle counters scam talk with growth rates
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.
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CommBank halves customer scam losses
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.
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NatWest launches advent calendar to warn Brits about scams
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.
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'Pig-butchering' tops payment scam threats
Finextra
MARCH 21, 2024
Pig-butchering, an investment scam involving fake crypto companies, has emerged as one of the top payment threats facing consumers.
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NatWest reveals the fastest-growing scams of 2024
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.
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Banks should step up scam response: fraud expert
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.
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Starling warns of rise in voice cloning scams
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.
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Real-time payments scams rise
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.
Unmasking the Threat of Deepfake Scams in the Financial Sector of Asia
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.
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Coinbase Leads Coalition of Tech Giants Against Financial Scams
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.
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Maybank Thwarts S$1.2 Million in Scams with Singapore Police
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
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Singapore Reports S$6.7 Million in Losses from Rising Gov’t Impersonation Scams
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.
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Anti-Scam Centre and DBS Bank Recover Over S$170,000 in Tech Support Scam
Fintech News
MAY 21, 2024
Singapore’s Anti-Scam Centre (ASC) and DBS Bank have successfully recovered more than S$170,000 lost in a technical support scam. Realizing she had been scammed, the victim immediately reported the incident to the police. For more information, visit Scam Alert or call the Anti-Scam Helpline at 1800-722-6688.
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Westpac battles impersonation scams with 'SafeCall'
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.
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Visa: AI Fuels Surge in Emotion-Based Scams like Pig Butchering and Inheritance Fraud
Fintech News
MARCH 21, 2024
Visa’s latest Biannual Threats Report for Spring 2024 underscores the concerning rise of “pig butchering” scams, showcasing the sophisticated threats plaguing both individuals and businesses in the global payments ecosystem. Visa’s study reveals that these scams have targeted a staggering 10% of surveyed adults.
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Singapore, Hong Kong Police, INTERPOL Bust Scam Syndicate After S$17.9M in Losses
Fintech News
AUGUST 19, 2024
The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9
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PSR Publishes Latest APP Scams Performance Report for 2023
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.
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Suspects Extradited from Malaysia in S$34.1 Million Malware Scam Probe
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
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Singapore Police May Gain Power to Block Scam Transfers Without Victim Consent
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.
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Tunic Pay: Over 70% of UK Adults Unaware of New Reimbursement Rules for Payment Scam Victims
The Fintech Times
NOVEMBER 19, 2024
The UK public is largely unaware of new regulations forcing UK banks to reimburse victims of payment scams, weeks after coming into effect, anti-fraud fintech Tunic Pay has revealed. On 7 October, the Payment Systems Regulator (PSR) mandated that all UK banks must repay customers who are victims of payment scams up to £85,000 per case.
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Over 200 DBS Customers Lose S$446K This Year to Sophisticated Phishing Scams
Fintech News
JANUARY 14, 2024
No less than 219 customers of DBS Bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024, resulting in a collective loss of approximately S$446,000 (US$335,000), Channel News Asia learned from a joint statement by the Singapore Police Force and DBS on Sunday (14 Jan).
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MAS Reiterates Robust Controls on Cross-Border Payments to Combat Scams
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.
Taking the Preemptive Strike to Thwart Rising Scams and Fraud in ASEAN Banking
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. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59
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Unmasking Digital Threats: The Dual Threat of Anonymity in Cybersecurity Breaches and Financial Scam
Finextra
JANUARY 30, 2024
The surge in cybersecurity breaches and financial scams presents a significant challenge and it is a.
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Binance Recovers Over $73Million in User Funds from External Hacks and Scams in 2024
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.
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PSR Confirms Its Decision on APP Scams Reimbursement
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.
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Revolut launches AI-based scam detection feature
Finextra
FEBRUARY 15, 2024
Revolut has launched an AI-powered anti-scam feature to protect customers from falling victim to authorised push payment fraud.
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ACI Worldwide Scamscope Projects APP Scam Losses to Hit $7.6 Billion by 2028
Fintech Finance
NOVEMBER 20, 2024
Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Financial institutions also face significant erosion of trust and rising customer attrition as consumers fall victim to APP scams.
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Zelle, big banks challenge senators on scam reimbursements
Payments Dive
JULY 25, 2024
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
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Revolut Deploys AI to Combat Card Scams, Reports 30% Fraud Loss Reduction
Fintech News
FEBRUARY 18, 2024
Global neobank Revolut has rolled out an advanced artificial intelligence (AI) feature designed to shield its 35 million users worldwide from the growing threat of card scams. If a high risk of scam is detected, the transaction is automatically declined.
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Swedish Government and Banker’s Association Announce Plans to Stop Scams
BioCatch
MAY 14, 2024
As I’ve previously blogged , the state of scams in Sweden has been a hot topic in the media over the past few months, not least due to a show on Swedish SVT where an investigative journalist followed a criminal gang who used social engineering to convince elderly people to transfer their savings through a hybrid smishing and vishing campaign.
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Criminals Reverting to Old-School Tactics with New Twists, Visa’s State of Scams Report Shows
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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Revolut says Meta platforms are a 'hotbed' for scams
Finextra
FEBRUARY 8, 2024
In tune with bank findings, Revolut scam data for 2023 reveals that the majority of all its reported crime cases in the UK started on Meta platforms.
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Push payment scam losses to surpass $3B by 2028: report
Payments Dive
NOVEMBER 25, 2024
fraud losses due to push payment scams are rising, partly because of more real-time payments, according to a report from the payments company ACI Worldwide.
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Starling Bank bids to curtail bank impersonation scams with in-app call status feature
Finextra
OCTOBER 31, 2024
Starling Bank has launched an in-app call indicator to protect customers from bank impersonation scams.
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Less Than a Third of UK Adults Are Aware of APP Scam Reimbursement Rules
Fintech Finance
NOVEMBER 18, 2024
Public awareness of new regulations that require UK banks to reimburse victims of payment scams remains critically low, weeks after their enforcement. On 7 October, the Payment Systems Regulator mandated that all UK banks must repay customers who are proven to be victims of payment scams up to £85,000 per case.
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Mastercard Expands First-Of-Its-Kind AI Technology to Help Banks Protect More Consumers From Scams in Real Time
Fintech Finance
SEPTEMBER 24, 2024
Mastercard today updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place.
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Banks’ Scam Warnings Failing to Stop Customers from Taking Risks to Make Payments
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.
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Scams to drive complaints to UK's Financial Ombudsman Service
Finextra
JANUARY 24, 2024
The UK's Financial Ombudsman Service is expecting more than 181,000 consumer complaints in the next year, driven in part by an increase in financial fraud and scams.
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Xerberus Reassures Crypto Users as it Launches Scam Recovery Service: Siren
The Fintech Times
JULY 31, 2024
Cryptocurrency scams have cost users well over $20billion in the last few years, with rug-pulling scams seriously impacting the credibility of the digital asset ecosystem. However, scams are unfortunately an inevitable part of any financial ecosystem – the key is limiting them and helping victims recover.
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Chubb’s Digital Payments and Cyber Scams Survey Finds Growing Impact of Fraud on Consumers; Harms Trust in Payment Methods
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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TSB finds over a third of adverts on Facebook Marketplace could be scams
Finextra
JANUARY 18, 2024
TSB is advising consumers to avoid making online purchases on Facebook Marketplace, warning that over a third (34%) of the adverts tested on the platform are scam posts.
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APP Scams Are the Most Dangerous Type of Fraud, According to The Payments Association Report
Fintech Finance
JULY 2, 2024
million was lost to APP scams in the first half of 2023. It doesn’t make sense and could have the effect of devaluing consumer education around fraud and scams if a refund is guaranteed. But more importantly, there needs to be more support in educating consumers to prevent fraud and scams in the first place.”
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