Tagged: fraudulent activities

Majority of US Consumers Still Write Checks and Millions Reportedly Fall Victim to Check Fraud

Abrigo, a provider of financial crime prevention and risk management solutions for U.S. financial institutions, announced new survey results revealing how Americans and small businesses are struggling with check fraud, along with misperceptions about the growing problem. More than one thousand adults in the U.S.,… Read More

Updated Nacha Rules to Address Credit-Push Fraud

Nacha members have approved a set of rules intended to reduce the incidence of frauds, such as business email compromise (BEC), that make use of credit-push payments. Nacha governs the ACH Network, the payment system that enables Direct Deposits and Direct Payments in the US…. Read More

Australia’s Digital Banking Platform Ubank Warns Consumers About Rise in Scams, Fraudulent Activities

Ubank’s Chief Product Officer, Andrew Morrison, has provided his top tips on staying alert and scam-savvy this holiday season. For many of us at this time of year, the focus has shifted to holiday gift-giving, finalizing travel plans, and managing money coming in and out… Read More

France: AMF Issues Warning Against Firms Proposing “Atypical” Investments without Being Authorized

The AMF is warning the public against several companies proposing atypical investments without being authorised to do so. The Autorité des Marchés Financiers regularly “updates its black lists of new websites and entities proposing atypical investments to investors in France without being authorized to do… Read More

US Consumers Being Increasingly Victimized by Fraud on Gig Economy Platforms – Report

Nearly one in four (24%) Americans have been victimized by fraud or identity theft “while using gig economy platforms, like delivery and ride-sharing apps,” according to an update from TransUnion. That is more than double the rate they “experienced elsewhere, with only 10% reporting victimization… Read More

Hong Kong: SFC Warns Against LonShiX and Bitbank Financial Holding Group for Suspected Virtual Asset-related Fraud

The Securities and Futures Commission (SFC) in Hong Kong warned the public to beware of entities operating under the names of “LonShiX” and “Bitbank (Global) Financial Holding Group,” suspected of “engaging in fraudulent activities purporting to be related to virtual assets.” The SFC notes that… Read More

Consumers Experience Fraud Attempts via Phone Calls Multiple Times Per Week – Research Report

“Who’s calling now?” has become a “ubiquitous” question and a “sign of the times” for mobile users as fraud and spammers repeatedly target consumers through their phones. New research from TransUnion (NYSE:TRU) reveals that “around one-third of consumers experience fraud attempts multiple times per week,… Read More

Targeted Approval Phishing Scams See Significant Growth with $374M “Suspected” Stolen in 2023 – Chainalysis Report

Approval phishing is a scamming tactic that has existed for many years, the Chainalysis team notes. But whereas approval phishing scammers have historically “targeted wide swaths of crypto users through the proliferation of fake crypto apps, romance scammers (also known as pig butchering scammers) appear… Read More

Identity Fraud Types Now Include AI-powered Fraud, Money Muling Networks, Fake IDs, Account Takeovers, Forced Verification – Report

The top-5 identity fraud types in 2023 are: AI-powered fraud, money muling networks, fake IDs, account takeovers and forced verification. This, according to an update from Sumsub. Sumsub recently released its third annual Identity Fraud Report of the year. The report provides a comprehensive analysis… Read More

Fraudulent Activities: UK Purchase Scams Rising by 42%, Compared to Last Year – Report

Thousands of people hunting for tickets, cars, pets, and much more were tricked into handing money over to fraudsters this year, “with purchase scams rising by more than two fifths (42%), compared to last year,” according to an update from Lloyds Banking Group. Last month,… Read More

NeuroID’s Behavioral Analytics Available via Experian’s Fraud Prevention Solutions

Experian announced NeuroID’s behavioral analytics is now available through Experian’s fraud prevention solutions, including CrossCore and Precise ID. NeuroID’s unique behavioral analytics solution “provides robust, frictionless fraud prevention capabilities that can effectively combat identity theft, deter fraud ring attacks and protect against AI-enabled bots while… Read More

Suspected Fraud via E-Commerce Platforms in the US Up 12% During Peak Holiday Period Compared to Rest of 2023 – Report

TransUnion (NYSE: TRU) released findings highlighting global e-commerce fraud that occurred during the start of the 2023 holiday shopping season. Based on insights from TransUnion’s global device risk consortium, the analysis found 3.6% of all global e-commerce transactions “reviewed during the Cyber Five days were… Read More

France: AMF Urges Retail Investors to Be Vigilant Regarding a “Fraudulent” Investment Offer in Crypto-Assets

The AMF and the Paris Public Prosecutor’s Office urge retail investors “to be extremely vigilant regarding Immediate Connect’s fraudulent investment offer in crypto-assets.” Following an initial public warning issued by the Autorité des Marchés Financiers (AMF) last June, the regulator continues “to receive numerous enquiries… Read More

Revolut Head of Financial Crime Warns Consumers to Stay Vigilant Amidst Surging Fraud

Revolut Head of Financial Crime is warning consumers to “stay vigilant amidst surging frauds this sale season as e-commerce scams such as fake websites become increasingly sophisticated.” Revolut’s single use virtual disposable cards, which “protect shoppers’ card details so they are never shared with vendors,… Read More

Identity Fraud Set to Peak During Shopping Surge – Experian Report

Identity fraud rose by more than a fifth this year, “amid warnings that fraudulent activity is set to peak over the Christmas shopping period.” New analysis from Experian reveals “that identity fraud rose by 22% in 2023, when compared to 2022, with the trend expected… Read More

Vesta and Fintech Stripe to Help Increase Authorizations, Safeguard Clients from Fraud

Vesta, a transaction guarantee platform, announced a partnership with Stripe, a financial infrastructure platform for businesses, in order “to enable a comprehensive fraud prevention and risk protection solution that indemnifies merchants from losses from fraudulent transactions.” Under the partnership, Vesta Payment Guarantee, which “provides 100%… Read More

Prove’s Financial Crime Report: Majority of Consumers Concerned About AI based Fraud

Holiday shopping season is a favorite time of year for many, but as consumers everywhere start preparing to open their wallets ahead of Black Friday, “a new type of threat has begun rearing its ugly head: AI-based fraud.” The recent boom in AI capabilities and… Read More

Regtech Onfido Introduces Fraud Lab Capable of Creating Synthetic Attacks at Scale as Deepfakes Increase 31X

Onfido, the global automated identity verification provider, today announced the findings of its 2024 Identity Fraud Report and unveiled its Fraud Lab. The report points to the increasing availability of simple-to-use AI tools “as the reason for a 31X increase in deepfakes1 and 5X increase… Read More

Lloyds Bank Warns Consumers About Growing Threat of Crypto Scams

A growing number of British investors risk being defrauded by a wave of fake adverts posted on social media, according to a new a warning issued by Lloyds Bank. The number of cryptocurrency investment scams reported1 “by victims so far this year has risen by… Read More

UK FCA Says Firms Should Strengthen Anti-Fraud Systems, Must Treat Victims of Fraud Better

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The UK’s Financial Conduct Authority (FCA) says it is working with payment service providers to do more “to protect consumers from fraud, including authorized push payment (APP) fraud.” While FCA‘s review of firms’ fraud controls and complaint handling found examples of good practice, they were… Read More

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