Tagged: fraud

August 5, 2024 @ 8:25 am By Omar Faridi  |  

The European Central Bank (ECB) and the European Banking Authority (EBA) have recently released a joint report on payment fraud. The report assesses payment fraud data reported semi-annually by payment service providers across the European Economic Area (EEA) for a variety of payment instruments, such… Read More

August 4, 2024 @ 9:59 pm By Omar Faridi  |  

More than one in 10 Canadians have experienced payment fraud in the past six months, indicating similar year-over-year patterns (13 per cent in 2024 compared to 14 per cent in 2023), according to a new study from Payments Canada. For many Canadians, concern around fraud… Read More

August 4, 2024 @ 3:54 pm By Omar Faridi  |  

Building on its promise to provide customers with a best-in-class experience while decreasing compliance risk, Kompliant, a provider of intelligent automation, is further elevating the merchant underwriting process, by announcing a partnership with the Digital Solutions team at Equifax to provide the powerful suite of… Read More

August 3, 2024 @ 5:16 pm By Tony Zerucha  |  

New research from Ravelin reveals that failing to tackle online fraud increasingly damages the brand reputation and bottom line for thousands of businesses worldwide. Almost two-thirds of all e-commerce brands (61%) have found themselves at the centre of highly damaging public media storms when fraud… Read More

August 1, 2024 @ 9:20 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged the founder and former CEO of Get Together, an erstwhile social media firm, with fraud in regard to a securities offering. The startup, known as IRL, was founded by Abraham Shafi who apparently raised over $170 million… Read More

July 31, 2024 @ 10:31 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed charges against the founder of BitClout, alleging securities fraud. Nader Al-Naji (aka Diamondhands) is said to have raised over $257 million in a scheme for the sale of unregistered securities – the token BTCLT. Simultaneously, criminal charges… Read More

July 30, 2024 @ 12:10 pm By JD Alois  |  

Crypto fraud is an ongoing problem; as quickly as platforms and providers adjust to counter nefarious activity in digital assets, bad actors seem to update their game. Some crypto frauds are legendary in the size of the theft. Xerberus is looking to mitigate crypto fraud with… Read More

July 26, 2024 @ 3:22 pm By JD Alois  |  

The Commodity Futures Trading Commission  (CFTC) says a US district court in Texas has ordered a Texas man, Abner Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC, to fork over $31 million regarding crypto and forex fraud. According to the CFTC, the court… Read More

July 21, 2024 @ 2:30 pm By Tony Zerucha  |  

Fraudulent transactions in the first half of 2024 were up more than 73% year over year, and suspected fraudulent transactions increased by more than 84%, according to the 2024 Mid-Year Identity Fraud Review, released this week by AuthenticID, a provider of identity verification and fraud… Read More

July 17, 2024 @ 12:39 pm By Omar Faridi  |  

Sumsub is pleased to introduce the ‘2024 Fraudlympics,’ ahead of the upcoming competition in Paris this summer. As part of an awareness campaign, Sumsub unveils new internal data revealing that Nigeria is the country with the highest spike in fraud rates, “across a range of… Read More

July 17, 2024 @ 8:21 am By Omar Faridi  |  

UK Finance has recently cautioned consumers about the prevalence of holiday scams as criminals try to trick people this summer. UK Finance notes that as summer approaches and we look for opportunities to take a break away in the sun, UK Finance’s Take Five to… Read More

July 14, 2024 @ 3:30 pm By Omar Faridi  |  

LexisNexis Risk Solutions released a study evaluating how financial institutions (FIs) detect and mitigate authorized transfer scams, where fraudsters manipulate or deceive account holders to transfer funds to them. The study, Defend Against Authorized Transfer Scams, finds “that fraud risk and mitigation strategy leaders at… Read More

July 9, 2024 @ 5:24 am By Omar Faridi  |  

Fraud detection and prevention are critical to many businesses; however, they are of growing importance in the banking and finance sector, including card issuers, banks, credit unions, and lenders, according to a report from Juniper Research. There are many anti-fraud measures that have evolved over time,… Read More

July 1, 2024 @ 9:48 am By Omar Faridi  |  

As the financial services world becomes increasingly digitized and consumer demands evolve, fraudsters and their methods are becoming more sophisticated, according to an update from Provenir. Provenir, a global firm focused on AI-powered risk decisioning software, is helping organizations fight back “by detecting these emerging… Read More

June 30, 2024 @ 7:23 pm By Tony Zerucha  |  

AI-powered risk decisioning software provider Provenir believes it has the solution to more sophisticated types of fraud. Identity theft and synthetic identities will account for roughly half of all financial services fraud cases by 2025. In a global survey of financial services executives, 43% said… Read More

June 30, 2024 @ 5:15 pm By Omar Faridi  |  

Riskified (NYSE: RSKD), a firm focused on addressing fraud and leveraging risk intelligence,  wrapped its annual ecommerce summit Ascend 2024 in New York City. Ascend 2024 gathered global enterprise merchants, professionals from payments and fraud advisories, and the Riskified team to discuss the latest strategies… Read More

June 30, 2024 @ 2:06 pm By Omar Faridi  |  

Digital assets platform CoinList recently explained how it fights Sybil Attacks. Since CoinList’s inception, their team has reportedly “removed approximately 2.4 million bots and fraudulent accounts from our platform.” For any business, removing accounts of this nature would “have negative impacts on revenue, as sybils… Read More

June 28, 2024 @ 10:53 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged BorrowMoney.com with allegations of fraud. The enforcement action by the SEC also cites Aldo Piscitello, who is said to be the sole officer and majority shareholder of the firm. According to the BorrowMoney website, the company claims:… Read More

June 24, 2024 @ 6:17 am By Omar Faridi  |  

Riskified (NYSE:RSKD), a firm focused on addressing e-commerce fraud and risk intelligence, released the findings from a new pulse survey of 1000 US consumers, providing insights into their attitudes towards the growing problem of “policy abuse,” “whereby consumers knowingly exploit or manipulate a merchant’s terms… Read More

June 23, 2024 @ 8:44 pm By Tony Zerucha  |  

Findings from Veriff’s Fraud Index 2024 suggest that consumer acceptance of new security technologies is growing, with some groups still to be convinced. According to the FTC, fraud topped $10 billion in 2023, a 14% jump in one year. Almost half of consumers, 47.8%, experienced… Read More