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

VISTA InfoSec

JUNE 18, 2024

Next, analyze potential risks like malware infections, phishing scams, or disgruntled team members leaking sensitive data. Keep Software And Systems Updated Software updates fortify your digital defenses, patching security loopholes that cyber crooks exploit. A crafty hacker could infiltrate accounts secured by flimsy credentials.

Data Security 266

Data Security Security Encryption Cybersecurity 266

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

Fintech Finance

APRIL 10, 2025

ACI’s digital payment solutions empower Americans to meet their tax obligations in a fast and secure manner and take control of their finances,” said Ron Shultz, General Manager of ACI Speedpay. Among consumers who have experienced scams, one-third were phone and email scams involving fraudsters impersonating the IRS.

Tax Refunds 92

Tax Refunds IRS Identity Theft Alternative Payment Methods 92

Fintech Finance

DECEMBER 6, 2024

Mastercard has partnered with Sympla , the leading events platform in Brazil, and Yuno , a global payments orchestrator based in Latin America, to bring its Payment Passkey Service to the region and accelerate secure online checkout for shoppers. Upon successful authentication, the transaction is completed.

Visa 98

Visa Authentication Scams Payments 98

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 106

Scams Best Practices Law Enforcement Laws 106

PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Attorney Audrey Strauss described the scam as "a new twist on an old trick" through the use of "complex technology.".

Scams 119

Scams Business Email Compromise Ransomware Email Compromise 119

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.

Scams 105

Scams Funds Transfer Credential Compromise 105

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. Fraudsters are becoming increasingly adept at bypassing security protocols, often using social engineering techniques to convince victims to unknowingly hand over sensitive information.

Scams 88

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

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 116

Ransomware Data Breach Scams AI 116

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 133

Deepfake Scams Fraud Detection Verification 133

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

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. The SPF would also like to thank the Cyber Security Agency of Singapore for their support. Million Malware Scam Probe appeared first on Fintech Singapore.

Scams 117

Scams Law Enforcement Crime Compromise 117

The Fintech Times

AUGUST 11, 2024

Binance has recovered or frozen over $73million in user funds so far this year, surpassing the $55million secured throughout the entire year of 2023. This increase reflects the platform’s intensified security efforts to combat external hacks and scams.

Scams 112

Scams Monetary Loss Cryptocurrency Blockchain 112

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.

Scams 107

Scams Phishing Deepfake Verification 107

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 107

Scams AI Participant Security 107

Fintech News

FEBRUARY 5, 2025

For Australian businesses that require secure and compliant document verification, Sumsubs DVS Verification facilitates user onboarding with real-time identity validation. This integration allows both new and existing clients to verify Australian users more efficiently while enhancing security.

Verification 71

Verification Checks Security Identity Theft 71

The Fintech Times

MARCH 31, 2025

UK banks need to focus on building confidence in the security of real-time payments, global analytics software leader FICO has urged following its latest international survey. However, nearly a quarter (23 per cent) say they do not know if RTP processes include enough security checks.

Real Time Payments 64

Real Time Payments RTP Consumer Scams 64

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 118

Scams Money Laundering Cross-Border Phishing 118

Fintech News

FEBRUARY 4, 2025

As fraudsters adapt to security measures and consumer awareness, it is crucial to examine the most prevalent fraud types, their impact on both consumers and businesses, and the measures necessary to counteract them. Phishing continues to be one of the most prevalent scams affecting both consumers and businesses.

Fraud Prevention 103

Fraud Prevention Phishing Authentication Disputes 103

Fintech Finance

OCTOBER 29, 2024

Deborah, Sara and Vicky are backing the campaign, which calls for both banks and the government to put more measures in place to protect financially vulnerable individuals from scams, social exclusion, and fraud. The campaign is also supported by Nationwide, Project Nemo, Innovate Finance, West Midlands Police, and Alzheimer’s Society.

Financial Inclusion 128

Financial Inclusion Debit Card Scams Governance 128

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 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 111

Scams Returns Continuity FinTech 111

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 111

Scams Blocks Risk Transactions 111

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.

Scams 111

Scams AI Ransomware On-Demand 111

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

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).

Phishing 107

Phishing Scams Authorization Transaction Limits 107

Fintech News

MAY 20, 2024

FICO, a global analytics software firm, has revealed findings from its latest consumer fraud research , highlighting concerns among Singaporeans regarding real-time payment scams. The study shows that 26% of Singaporeans fear being tricked into sending money to criminals, exposing them to immediate and often irretrievable financial losses.

Identity Theft 107

Identity Theft Real Time Payments Scams Consumer 107

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.

Scams 97

Scams Visa AI Consumer 97

Fintech News

DECEMBER 3, 2024

The Telecommunication Regulator of Cambodia (TRC) implemented this action due to the platforms’ lack of necessary licensing from the Securities and Exchange Regulator of Cambodia (SERC). This regulatory action occurs amid increasing international scrutiny of Cambodia’s involvement in cybercrime and crypto scams.

Blocks 111

Blocks Money Laundering Scams Regulations 111

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.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

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.

Scams 105

Scams Romance Scams Crime Fraud Prevention 105

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.

Scams 98

Scams Ransomware Governance Government 98

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.

Scams 97

Scams Digital Payments Consumer Payments 97

Fintech News

OCTOBER 1, 2024

This feature enhances security by allowing users to verify their identity through Singpass, streamlining the process while aligning with new industry requirements. These changes, mandated by the Monetary Authority of Singapore (MAS), aim to strengthen security measures across digital banking to combat rising fraud and scams.

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Verification Security Scams Authentication 111