Tagged: fraud

September 9, 2025 @ 9:36 pm By Tony Zerucha  |  

As the financial and insurance industries race toward an estimated $97 billion in artificial intelligence (AI) spending by 2027, up from $35 billion in 2023, they face some of the highest AI risk exposures of any sector. Cybernews research into S&P 500 companies identified 158… Read More

September 5, 2025 @ 11:12 am By Omar Faridi  |  

Bank of Ireland is making strides in enhancing its services and addressing consumer concerns, as evidenced by recent updates on its ATM upgrade program, fraud awareness campaign, and insights into consumer spending trends. These initiatives reflect the bank’s commitment to modernizing its infrastructure, protecting customers… Read More

September 3, 2025 @ 2:18 am By Omar Faridi  |  

Australia is grappling with a rising tide of scams, and new data from Westpac has pinpointed the nation’s scam hotspots, with Sydney’s Central Business District (CBD) emerging as the most scammed postcode in the country. The findings, based on customer reports to Westpac, highlight that… Read More

August 21, 2025 @ 8:36 am By Tony Zerucha  |  

As Buy Now, Pay Later (BNPL) becomes more common and its use spreads to more sectors, it’s attracting more bad actors who are leveraging Artificial Intelligence (AI) while learning from one another. That makes stopping them more challenging. EverC is at the forefront of the BNPL fraud… Read More

August 18, 2025 @ 1:15 pm By Omar Faridi  |  

The Lloyds Banking Group has highlighted critical developments in its efforts to combat fraud and expand its services. The bank has issued stark warnings about a surge in advanced fee job scams and football ticket fraud, while also securing a significant contract to provide banking… Read More

August 15, 2025 @ 7:26 am By Omar Faridi  |  

As digital transformation accelerates, the sophistication of cyber threats continues to evolve, presenting new challenges for businesses and consumers alike. Jumio, the enabler of AI-powered identity intelligence, has issued a stark warning about the rise of injection attacks, describing them as one of the most… Read More

August 15, 2025 @ 7:14 am By Omar Faridi  |  

Synthetic identity fraud has emerged as one of the most insidious challenges facing the financial sector, with its stealthy nature and devastating financial impact making it a top concern for banks worldwide. According to a recent report by Juniper Research, this form of fraud, which… Read More

August 15, 2025 @ 4:23 am By Omar Faridi  |  

Riskified (NYSE: RSKD), a global enabler of e-commerce fraud and risk intelligence trusted by the world’s largest brands, today announced it has achieved the Amazon Web Services (AWS) Retail Competency. The designation recognizes Riskified’s ability to “meet the bar for performance and security on AWS… Read More

August 14, 2025 @ 3:13 pm By Omar Faridi  |  

New York Attorney General Letitia James sued Early Warning Services, LLC (EWS), a company owned and controlled by a group of the largest banks in the United States that was tasked with developing and operating the electronic payment platform Zelle, for failing to protect its users… Read More

August 12, 2025 @ 2:21 pm By Omar Faridi  |  

The financial sector is in a technological arms race against increasingly sophisticated fraud, driven in large part by the pervasive application of Artificial Intelligence. As fraudsters leverage AI to scale and precision-target their attacks, regulators worldwide are taking notice, signaling a fundamental shift towards tougher… Read More

August 11, 2025 @ 9:28 pm By Omar Faridi  |  

Terraform Labs founder Do Kwon is reportedly moving toward entering a guilty plea in a $40 billion criminal fraud case, according to a statement from a Manhattan federal judge on Monday. The announcement, made ahead of a trial scheduled for 2026, follows weeks of negotiations… Read More

August 10, 2025 @ 8:48 pm By Omar Faridi  |  

A recent study by Payments Canada has revealed a surprising twist in the ecosystem of payment security: Canadians are nearly three times more likely to encounter fraud when using cash compared to credit cards. This finding challenges the widespread perception that cash is the safest… Read More

August 7, 2025 @ 6:46 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) has been actively combating fraudulent schemes that exploit vulnerable consumers, as highlighted by three recent announcements. These updates underscore a troubling rise in impersonation scams, a permanent ban on an e-commerce business opportunity scheme, and refunds for victims of a… Read More

August 6, 2025 @ 8:36 am By Omar Faridi  |  

European Fintechs, banks, insurers, and other financial institutions face growing operational strain as compliance demands and regulation intensify, according to new research from Sumsub. Compliance fatigue is now an “industry-wide concern.” According to Sumsub’s new report, The State of European Financial Services: 2025 Report: 51% of… Read More

August 5, 2025 @ 2:17 am By Omar Faridi  |  

The Autorité des Marchés Financiers (AMF), France’s financial markets regulator, has recently issued a series of critical updates aimed at safeguarding investors and ensuring the integrity of financial markets. These updates address unauthorized investment schemes, unregulated financial activities, and the oversight of asset management companies,… Read More

August 4, 2025 @ 10:01 pm By Omar Faridi  |  

The U.S. banking system, a major part of global finance, is under scrutiny for its role as a conduit for transnational crime. A recent update exposes critical vulnerabilities that enable fraud, money laundering, and other illicit activities. These systemic failures, rooted in outdated identity verification… Read More

July 29, 2025 @ 10:23 am By Omar Faridi  |  

In the evolving ecosystem of digital identity verification, Regtech Prove continues to focus on developing solutions that address critical challenges in fraud prevention, system integration, and regulatory compliance. Recent insights from Prove highlight the company’s commitment to tackling emerging risks and streamlining onboarding processes. Together,… Read More

July 29, 2025 @ 3:00 am By JD Alois  |  

European fraud prevention firm Trustfull has closed on a €6 million investment round led by Seaya Ventures and Elevator Ventures, according to a note from the company. Existing investor United Ventures also participated in the round. The new money is expected to be used to… Read More

July 26, 2025 @ 1:50 pm By Tony Zerucha  |  

While online fraud for companies has long been synonymous with payment fraud and account takeovers, a new wave of threats is gaining ground, led by first-party chargeback fraud, refund abuse, and, increasingly, AI-powered attacks. Nearly half of merchants, 47%, report a rise in fraud perpetrated by… Read More

July 25, 2025 @ 12:45 am By Tony Zerucha  |  

Socure, a digital identity verification platform, has launched its Workforce Verification solution to address the rapidly growing threat of employee fraud. Socure’s Workforce Verification adapts its enterprise-grade identity verification and fraud prevention specific to hiring workflows, detecting manipulated or fabricated identities before they enter organizations and addressing workforce risk at… Read More