Tagged: fraud

October 23, 2024 @ 11:44 am By Omar Faridi  |  

Regtech Jumio explained that its portfolio now covers advanced innovations in biometrics, liveness detection, and anti-spoofing technologies Jumio, the provider of automated, AI-driven identity verification, risk signals and compliance solutions, announced that it reportedly has more than 300 issued patents and patent applications. The strength… Read More

October 22, 2024 @ 11:14 pm By Omar Faridi  |  

UK Finance has shared a Half Year Fraud Report 2024. According to the latest update from UK Finance, fraud continues to pose a major “threat” to the United Kingdom as well as potentially cause “serious harm’ to individuals and society in general. During the first… Read More

October 21, 2024 @ 8:28 am By Omar Faridi  |  

Behavioral biometrics and device intelligence technology enables businesses to analyZe all customer interactions to better identify suspicious behavior. Experian UK&I announces a partnership with lead behavioral biometrics and device intelligence-based fraud prevention. As online attacks and scams become increasingly sophisticated with the use of GenAI… Read More

October 19, 2024 @ 7:35 pm By Tony Zerucha  |  

Swift is planning to roll out new AI-enhanced fraud detection for the global payments industry. It will be available in January 2025. The new capability builds on Swift’s existing Payment Controls Service by drawing on pseudonymized data from the billions of transactions that flow over… Read More

October 18, 2024 @ 5:58 pm By Omar Faridi  |  

A recent TransUnion (NYSE: TRU) analysis finds that fraud is said to be costing businesses the equivalent of nearly 7% of revenues. According to the extensive report from TransUnion, three in four business professionals indicated fraud stayed the “same or increased” in the last year;… Read More

October 18, 2024 @ 7:43 am By Omar Faridi  |  

The Bank of Ireland has issued an urgent fraud alert, cautioning that  businesses are being targeted with so-called ‘Live chat’ scams. Bank of Ireland is now specifically warning UK businesses about a recent increase in ‘Live chat’ scams. According to the update from the Bank… Read More

October 13, 2024 @ 6:17 pm By Tony Zerucha  |  

If financial services companies want to derive value from artificial intelligence (AI), they must define clear use cases and prepare for what’s coming. Asher Lohman helps them do that. Lohman is the vice president of data analytics for Trace3, an integrator, and reseller of enterprise… Read More

October 7, 2024 @ 9:24 am By Omar Faridi  |  

Digital bank Revolut is reportedly calling for Facebook and Instagram’s owner Meta (NASDAQ:META) to share reimbursement of alleged fraud victims. UK-headquartered Revolut recently released their latest Consumer Security and Financial Crime Report. Revolut explained that the update has revealed that Meta platforms are identified as… Read More

October 6, 2024 @ 6:23 pm By Omar Faridi  |  

SlowMist has shared its latest 2024 Q3 MistTrack Stolen Funds Analysis. Every day, SlowMist / MistTrack claims that it receives numerous requests for assistance from victims seeking help in tracking and recovering stolen/lost funds. According to the update, these cases often involve significant funds, with… Read More

October 6, 2024 @ 2:44 pm By Tony Zerucha  |  

As the UK retailers gear up for this year’s Black Friday shopping spree, two of the country’s biggest e-commerce brands reveal how they are tackling the growing problem of customer dishonesty. Fashion retailer River Island and ticketing service Trainline are partnering with fraud prevention platform… Read More

October 5, 2024 @ 6:12 pm By Tony Zerucha  |  

To show the true impact friendly fraud has on retailers, Chargebacks911 has released its 2024 Chargeback Field Report, giving merchants and financial institutions an understanding of the current state of chargebacks and the measures being taken by businesses to help stem the tide of chargeback… Read More

October 4, 2024 @ 8:40 am By Omar Faridi  |  

Online marketplaces are now considered to be a “prime” target for fraudsters, according to an extensive report shared by Juniper Research. Juniper Research explained that this is because there are different ways of gaining access to sensitive information that is stored online for digital commerce… Read More

September 29, 2024 @ 11:15 pm By Michael Wong  |  

The Federal Bureau of Investigation (FBI) have seized more than $6 million in cryptocurrency from international perpetrators involved in fraudulent investment schemes, according to an official announcement. Matthew M. Graves, U.S. Attorney for the District of Columbia, along with U.S. Attorney Francis M. Hamilton III… Read More

September 24, 2024 @ 2:34 pm By JD Alois  |  

TrustToken and TrueCoin have been charged with fraud by the Securities and Exchange Commission (SEC). The news comes on the same day that SEC Chairman Gary Gensler is being grilled on Capitol Hill at a hearing of the House Financial Services Committee. Without admitting or… Read More

September 23, 2024 @ 11:52 am By Omar Faridi  |  

Metro Bank is warning its personal and business customers against a rise in impersonation scams as part of its Scam of the Month awareness campaign. Consumers are being bombarded by phone, text or email from “trusted” organizations such as their bank, the police, HMRC, delivery… Read More

September 23, 2024 @ 8:30 am By Omar Faridi  |  

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 shared by Starling Bank. The data, from Starling Bank, found that over “a quarter… Read More

September 15, 2024 @ 5:45 pm By Omar Faridi  |  

Checkout.com, a global digital payments provider, announced the launch of an online course in partnership with the Merchant Risk Council (MRC) to help payment professionals combat fraud and cybersecurity threats. Debuted at MRC San Diego, ‘Fraud Essentials’ is the second in “a series of online… Read More

September 14, 2024 @ 4:48 pm By Tony Zerucha  |  

This week, SoFi (NASDAQ:SOFI) subsidiary Galileo Financial Technologies unveiled Galileo Instant Verification Engine (GIVE) and Transaction Risk GScore, its two newest fraud-fighting tools. As digital transactions surge and cyber threats evolve, these tools offer fintechs, financial institutions and businesses advanced real-time fraud detection and risk… Read More

September 10, 2024 @ 4:05 pm By JD Alois  |  

The SEC’s Office of Investor Education and Advocacy (OIEA), the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) have jointly issued a statement cautioning consumers on affinity or… Read More

September 10, 2024 @ 10:15 am By Omar Faridi  |  

The Federal Bureau of Investigations (FBI) has published the 2023 Cryptocurrency Fraud Report. The FBI released its Cryptocurrency Fraud Report for the past year. In 2023, the FBI’s Internet Crime Complaint Center “received more than 69,000 complaints from the public regarding cyber-enabled crime and financial fraud… Read More