Tagged: fraud

December 20, 2024 @ 10:36 am By JD Alois  |  

As part of a push to maintain relevance in the digital finance world, several years ago big banks partnered up to launch their own instant payments and transfer system Zelle. The payments platform has emerged as a significant success – except for claims of fraud… Read More

December 18, 2024 @ 11:13 am By Tony Zerucha  |  

The following is commentary from Michal “Mehow” Pospieszalski, CEO of MatterFi. MatterFi is a security-focused, foundational layer for financial services to build into the crypto ecosystem, giving those organizations access to all the key services they will need to enable them to quickly build compliant,… Read More

December 18, 2024 @ 10:03 am By JD Alois  |  

The UK Payment Systems Regulator (PSR) has published a report on Authorized Push Payment (APP) scams and how to avoid them. In brief, a fraudster pilfers money illicitly when it tricks targets into sending money to its account. The trick is presenting what looks like… Read More

December 17, 2024 @ 12:42 pm By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against two individuals and a single entity regarding money laundering to the benefit of North Korea. OFAC says that Lu Huaying and Zhang Jian, working out of the UAE and… Read More

December 14, 2024 @ 1:45 pm By Omar Faridi  |  

Experian announced its 2024 Global Identity & Fraud Report that provides a view of the consumer and business response to the fraud patterns and fraud‑mitigation strategies in the financial services sector. The research study offers meaningful insights from more businesses and fraud prevention professionals, as… Read More

December 11, 2024 @ 11:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against three Nigerian nationals for scamming investors out of $2.9 million. According to the SEC, the trio impersonated legitimate investment advisors and conning around 28 investors. At the same time, the United States Attorney’s Office for… Read More

December 9, 2024 @ 5:53 pm By Tony Zerucha  |  

CEO Ryan Campbell wishes he had access to MoneyThumb’s automated document evaluation and fraud solutions when he ran other Fintech companies earlier in his career. Over the past seven years, he’s seen MoneyThumb grow into a trusted service provider to hundreds of lenders and thousands… Read More

December 9, 2024 @ 5:35 pm By Omar Faridi  |  

Holiday season is the gift that “keeps giving for criminals,” rogue employers, and unscrupulous service providers, according to an update from LSEG Risk Intelligence. Analysis of LSEG World-Check database demonstrates how criminals take advantage at “a time when consumer spending is at its highest.” Worker… Read More

December 3, 2024 @ 5:07 pm By JD Alois  |  

Alex Mashinsky, the founder and former CEO of failed crypto investment platform Celsius Network, has pleaded guilty to fraud, according to reports. WSJ.com reports that Mashinsky will now avoid a criminal trial. At the same time, a guilty plea means he will face a maximum… Read More

December 2, 2024 @ 9:24 am By Tony Zerucha  |  

Entrust and Onfido’s 2025 Identity Fraud Report chronicles how 2024 will be remembered as the year digital manipulation overtook the physical before showing us the trends that will dominate in 2025. The increased availability and ease of use of advanced technologies like AI lower barriers… Read More

November 29, 2024 @ 8:29 am By Omar Faridi  |  

NordVPN has shared insights on “unmasking” dark web deals. The team at NordVPN have looked at what tools and scams are trending among hackers this holiday / shopping season. According to the update, dark-minded hackers are able to find scam and phishing kits as well… Read More

November 27, 2024 @ 4:58 pm By Omar Faridi  |  

With the holiday season approaching, HYPR, the Identity Assurance company, is cautioning retailers about the impact of identity-related breaches on holiday-sales, customer loyalty and financial stability. Based on a survey of nearly 400 IT security decision-makers and retail customers, HYPR’s latest spotlight report, ‘The Unexpected… Read More

November 23, 2024 @ 6:04 pm By Tony Zerucha  |  

As Black Friday and the holiday shopping season approaches, payment service providers, merchants and Fintechs are preparing for a surge in transactions. However, so are fraudsters. According to recent studies conducted by public and private entities, cybercriminals are increasingly using AI-based techniques that allow them… Read More

November 11, 2024 @ 7:33 am By JD Alois  |  

The dust is still settling following former President Donald Trump’s sweeping win over Vice President Kamala Harris last week. The President-elect is slowly revealing who his is selecting for leadership roles which will help guide his policy in his forthcoming administration. While the Biden Administration… Read More

November 9, 2024 @ 1:40 pm By Tony Zerucha  |  

More than one-fourth (29%) of bank customers and 22% of credit card customers have experienced fraudulent activity on their accounts in the past 12 months, according to the inaugural J.D. Power U.S. Financial Protection Satisfaction Study. As financial fraud continues to escalate, how financial institutions… Read More

November 8, 2024 @ 9:39 am By Omar Faridi  |  

NatWest has shared an update on the fastest growing scams of 2024. The update from UK’s NatWest noted that an increase in fake parcel delivery texts, social media marketplace scams and AI voice cloning “during the last 12 months.” This, according to the analysis from… Read More

November 6, 2024 @ 3:45 pm By Omar Faridi  |  

Sumsub has revealed its first global fraud index showcasing 103 countries’ susceptibility to digital fraud. To assist regulatory bodies, governments and businesses in understanding and preventing digital fraud, Regtech company Sumsub shares an interactive world map Regtech Sumsub, a verification platform, releases the Global Fraud… Read More

October 31, 2024 @ 9:21 am By Omar Faridi  |  

Feedzai, the RiskOps platform, offering AI-powered solutions to protect people and payments against financial crime, reveals that 42% of French citizens will use fingerprint authentication to secure their payments, especially among the younger generation aged 18-34, where the rate is 56%. Although 32% of respondents… Read More

October 31, 2024 @ 9:01 am By Omar Faridi  |  

LSEG Risk Intelligence, a key player focused on compliance, risk management and fraud prevention solutions, announced the launch of products in order to enhance financial security as well as drive significant operational efficiencies on a international scale. Global Account Verification reportedly checks payee and account… Read More

October 24, 2024 @ 8:05 pm By Omar Faridi  |  

Criminals appear to be reverting to old-school tactics but with certain new twists, according to payments company Visa’s (NYSE: V) State of Scams Report. The latest Visa Threats Report highlights “emerging” scams targeting consumers, merchants and financial institutions. Ahead of Money20/20 US, Visa, a global… Read More