Tagged: fraudulent activities

Nationwide Building Society Reportedly Stops 2,000 More Online Shopping Frauds with SCA

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New payment checks at online checkouts are “proving invaluable” as Nationwide Building Society reports it is “protecting its members from an additional 2,000 cases of online card fraud a month.” Despite the fact that some transactions now take a little longer, new research from UK’s… Read More

Early Warning Introduces Verify Identity, an ID Fraud Detection Solution

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Early Warning Services, LLC, announces Verify Identity, a synthetic identity fraud detection solution “for qualifying financial services organizations (FSOs), mobile network providers, corporations and government entities.” This new technology service combines predictive scoring with rules-based solutions “to determine the likelihood that a prospective customer is… Read More

Security Report Reveals Fraudsters Passed “Knowledge Based” Authentication Questions 92% of the Time

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Pindrop, which claims to be an international leader in voice tech, recently shared its annual Voice Intelligence & Security Report “uncovering how companies might be accidentally inviting fraud, threat mongers from the dark web and bad actors better prepared to pass authentication.” As noted in… Read More

Millions of UK Consumers Now at Risk of Fraud after “Ignoring” Bank Payment Warnings: Report

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Millions of UK bank account holders are “putting themselves at a much greater risk” of fraud by ignoring warnings provided by the Confirmation of Payee (CoP) service. This, according to research by Lloyds Bank. When sending funds online to someone that hasn’t been paid before,… Read More

BNPL: Survey Reveals that Nearly 25% of those Who Experienced Fraud No Longer Use Buy Now Pay Later Services

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Callsign, the digital trust pioneer, recently announced the results of their first Buy Now Pay Later (BNPL) survey which polled over 2,000 U.S. adults on their experience with Buy Now Pay Later services “offered via retail sites.” Buy Now Pay Later services have “continued to… Read More

Croatian Lender Robo.cash Comments on Red Flags in P2P Investments, How to Spot Scams

In recent years, the peer-to-peer market has become “a competitive alternative to traditional assets due to attractive returns on investments, their predictability (yield and term are known in advance), ease of management and low volatility.” according to an update from Robo.cash. However, Robocash clarifies that… Read More

André Ferraz: CEO at Incognia Discusses Why Location Spoofing Is Critical for Crypto Firms Amid Sanctions on Russia

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André Ferraz. CEO at Incognia, a “privacy-first” innovator in location technology, enabling “frictionless” zero-factor authentication for mobile. recently commented on why location spoofing is critical for crypto companies amid sanctions on Russia. He talked about why it is important to keep track of users’ activities… Read More

Fraudulent Activities are Reportedly being Ignored on Zelle by its Founders

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Banking institutions appear to be ignoring the problem of fraudulent activities allegedly being carried out via Zelle, a new report reveals, with large financial service providers that founded the service not really caring or concerned about issues with the digital payments platform. Zelle has quickly… Read More

Fraudulent Attacks are Increasing Due to Rise in Digital Ad Spend: Juniper Research

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Juniper Research reveals in a recent update that the digital advertising market has reached maturity, after having originated back in 1994. But the Juniper Research team also notes that the rise of new online platforms and innovative tech seems to have energized the world of… Read More

Crypto Exchange Coinbase Takes Down Suspicious Links Following “Rug Pull” Warnings

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Coinbase Global (NASDAQ: COIN) has reportedly removed “how to buy” instructions for around three digital tokens which have been the subject of “rug pull” warnings – which claims that people could lose their funds. Coinbase’s management also mentioned that they are focused on enhancing safeguards…. Read More

Meta and Fintech Chime to Reportedly Sue Alleged Phishing Scam Artists Operating in Nigeria

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Mark Zuckerberg‘s Meta is teaming up Fintech Chime in order to go after (alleged) Nigerian scammers that the firms claim have been using social media channels to trick or deceive unsuspecting users out of their hard-earned cash. As reported by Newsweek, the lawsuit marks the… Read More

Monetary Authority of Singapore to Develop a Framework for Equitable Sharing of Losses from Scams

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The Monetary Authority of Singapore (MAS) recently noted that banks in the Southeast Asian country have “substantially” implemented the additional measures to enhance the security of virtual banking announced on 19 January 2022. The measures, taken together, offer a “significant” added layer of security to… Read More

Managers at Germany’s Digital Bank N26 are Reportedly Under Investigation over Fraudulent Accounts

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Four managers working at Germany’s digital bank N26 are reportedly being investigated by public prosecutors regarding suspicions about (allegedly) fraudulent client accounts, the Handelsblatt newspaper confirmed on Friday (February 4, 2022). Criminals or bad actors have been suspected of opening a fairly large number of… Read More

Minecraft NFT Initiative Blockverse Called a Scam After Team Appeared to Vanish with $1.2M in Crypto

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An “unofficial” Minecraft NFT collection is now the most recent initiative that turned out to be a rug pull (but the founders claim otherwise). Recently, the project called “Blockverse”, which offered an on-chain Ethereum NFT that claimed to support a unique P2E on Minecraft “like… Read More

Refund Fraud Prevention: Disputify Founder Explains How His Tech Platform Addresses Online Refund Abuse

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The team at Mastercard (NYSE: MA) notes that for most or many of us, returns are “a necessary evil” following the holiday shopping season. For example, that sweater that Mom gave you might be two sizes too small. But for some consumers, returns are just “another… Read More

Over 50 Forked Binance Smart Chain (BSC) Projects Are Potential Rugpulls: Report

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A CertiK security analysis has found that over 50 so-called decentralized finance (DeFi) and non-fungible token or NFT projects may have “critical” vulnerabilities. CertiK wrote in a blog post that they “feel obligated to share these insights” with their community members. According to the blockchain… Read More

Tommy Nicholas from Alloy Says Firm Spends Considerable Time Thinking About Managing Interplay between Risk and UX

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Tommy Nicholas, CEO at Alloy, which specializes in identity verification APIs that make KYC/AML “effective and simple,” says that he loves Fintech. Nicholas writes in a blog post that he believes the wide availability of “digital-first” consumer/SMB financial services helps “drive fees down, increases access… Read More

Scamming Poses One of the Greatest Threats to Crypto and Blockchain Sector’s Continued Adoption: Report

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Chainalysis reveals that scams were once again the largest form of cryptocurrency-based crime by “transaction volume,” with more than $7.7 billion worth of crypto taken from unsuspecting victims globally. As noted by Chainalysis, that represents an increase of 81% compared to last year, a year… Read More

Hubert Rachwalski: CEO at Nethone Explains How His Data Science, Security Team Combats Online Fraud

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We recently connected with Hubert Rachwalski, CEO at Nethone, a company focused on a “Know Your Users” strategy to resolve fraud, so clients are able to gain more loyal customers while rejecting only fraudsters. Hubert talked about how cybercriminals are attempting to exploit online platforms… Read More

ACI Worldwide Introduces Network Intelligence Tech to Tackle Real-Time Payments Fraud

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ACI Worldwide, an international provider of real-time payments and virtual payment software services, has introduced its Network Intelligence Technology as a key part of ACI Fraud Management. The tech allows banking institutions, processors, acquirers, and networks to complement fraud prevention strategies by enabling them to… Read More

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