Tagged: fraudulent activities

August 1, 2023 @ 4:25 pm By Omar Faridi  |  

InRoads Credit Union, which claims to be a leader in innovative member experiences and an Eltropy customer, recently shared that by leveraging Eltropy‘s Video Banking solution, the Portland, Ore.-based credit union “achieved a 0% fraud rate, effectively safeguarding members and defeating fraudulent impersonations.” Kim Preston,… Read More

July 20, 2023 @ 11:07 pm By Omar Faridi  |  

Feedzai, a provider of financial crime and risk management solutions, is introducing Railgun, its next-generation AI engine designed to target and intercept financial fraud before it can occur. In order to scale, today’s risk engines force financial institutions to limit the data they use to… Read More

July 13, 2023 @ 7:46 am By Omar Faridi  |  

2023 so far has been a year of “recovery” for cryptocurrency after a chaotic 2022, with prices of digital assets like Bitcoin up over 80% on the year as of June 30, the team at Chainalysis noted. And that’s not the only “good news” for… Read More

July 9, 2023 @ 12:55 pm By Omar Faridi  |  

Multichain has reportedly halted its network on a suspected $130 million hack, a move that has come just a month after the initiative’s CEO disappeared. The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed… Read More

July 8, 2023 @ 3:23 pm By Omar Faridi  |  

Apple has reportedly removed several malicous lending apps targeting unsuspecting users in India. The apps had allegedly used unethical methods in order to collect repayments, like threatening to send deepfake nudes to the borrowers’ personal contacts. In the last week, Apple (NASDAQ:AAPL) has removed various… Read More

July 7, 2023 @ 3:59 pm By Omar Faridi  |  

From romance scams to fictious online deals, impersonation scams of all kinds have plagued people and businesses over recent years and “shaken the confidence of victims.” However, the tide is turning. Mastercard (NYSE: MA) is taking the fight to the fraudsters “with its one-of-a-kind AI… Read More

July 5, 2023 @ 10:09 pm By Omar Faridi  |  

Credit unions and community banks, facing a surge in sophisticated fraud along with the challenge of protecting their members’ personal information, are “taking proactive steps to combat this alarming trend.” As the financial industry grapples with increasing fraud threats, community financial institutions (CFIs) are “turning… Read More

July 4, 2023 @ 7:19 am By Omar Faridi  |  

The National Anti-Scam Centre will be coordinating an investment scam fusion cell in order to address the growing problem of investment-related scams, which are now costing Australian consumers well over $1 billion a year. The fusion cell will reportedly be led by the ACCC and… Read More

June 17, 2023 @ 4:10 pm By Omar Faridi  |  

One in every five global consumers surveyed in 2022 said they “fell victim to payments fraud in the last four years — 26.9% of whom are victims of Authorized Push Payment (APP) scams, which is the number one fraud threat globally” — according to the… Read More

June 6, 2023 @ 11:59 am By Omar Faridi  |  

Online fraud and financial crime prevention platform SEON has released its latest ‘Global Banking Fraud Index’, which analyzes “the cost of fraud to banks and other financial institutions around the world in 2023.” Notably, the new review by SEON highlights the following: The value of… Read More

June 3, 2023 @ 6:07 am By Omar Faridi  |  

Australians selling unwanted or used items on Facebook Marketplace, Gumtree and other online websites are “being urged to remain vigilant as new data reveals a spike in scams.” Customer reports of goods and services scams have “increased 66% in the past three months.” A third… Read More

May 31, 2023 @ 11:45 pm By Omar Faridi  |  

The European Central Bank (ECB) has published its card fraud report, which is “based on information provided by 20 card payment scheme operators.” Card fraud in 2021 “continued its downward trend, falling to its lowest level since data collection began.” It reportedly “constituted 0.028% of… Read More

May 31, 2023 @ 7:08 pm By Omar Faridi  |  

NameCheck anti-fraud technology to be offered to government, financial services firms as CommBiz customers get use of new service from now. Commonwealth Bank plans to offer its NameCheck anti-scams technology “to government organizations and other financial service companies that process payments in Australia as part… Read More

May 25, 2023 @ 3:32 pm By Omar Faridi  |  

Vespia, an AI-powered Business Verification Service for verifying and onboarding business customers that helps minimize the risk of fraud, has highlighted the significance of business verification for non-AML obligated firms, like supply chain, digital commerce, as well as the sharing economy. Vespia explains that by… Read More

May 17, 2023 @ 10:45 pm By Omar Faridi  |  

Criminals have never had more avenues through which to defraud people, according to an update from ComplyAdvantage. This has been “fueled by the proliferation of technology ranging from instant messaging to new forms of remittance, like P2P and real-time payments.” That’s why ComplyAdvantage, a key… Read More

May 15, 2023 @ 10:01 pm By Omar Faridi  |  

Kasada, provider of the most effective and easiest way to defend against advanced bot attacks, announced a strategic partnership with Signifyd, a specialist in eCommerce fraud and consumer abuse protection. As noted in the update: “As fraud rings continue to innovate, Signifyd and Kasada together… Read More

May 11, 2023 @ 7:34 pm By Omar Faridi  |  

Feedzai, a provider of financial crime and risk management solutions, today announced significant enhancements to its RiskOps Platform, “enabling banks to better protect their customers from a wide variety of financial scams.” These new Feedzai ScamPrevent capabilities “deliver detection, classification, and interception of the widest… Read More

May 6, 2023 @ 1:23 pm By Omar Faridi  |  

Fraud prevention firm Moonsense announced they have raised $4.2 million in seed funding and the general availability of its user behavioral and network intelligence solution to help organizations future-proof their fraud detection and prevention. Moonsense’s new approach “allows companies to better customize fraud management based… Read More

May 6, 2023 @ 10:19 am By Omar Faridi  |  

Equifax (NYSE: EFX) is introducing a new Kount Essentials fraud detection and prevention application on the Shopify App Store. Specifically designed to address the fraud challenges faced by the platform’s millions of small business merchants, this enhanced technology is easy “to implement and customize for businesses… Read More

May 4, 2023 @ 9:01 pm By Omar Faridi  |  

LexisNexis Risk Solutions released its latest Small and Midsize Business (SMB) Lending Fraud Study. Based on a survey of lenders, SMB lending fraud “has increased significantly during the past 12 months, with many smaller banks, credit unions and fintechs expecting fraud levels to worsen over… Read More