Tagged: fraudulent activities

January 26, 2023 @ 2:52 pm By Omar Faridi  |  

Over the last 30 years, financial crime has increasingly become “a concern to governments around the world,” according to an update from Juniper Research. Today, there is widespread recognition that “economically motivated crime poses a long-term threat to the stability and development of societies’ economies… Read More

January 25, 2023 @ 8:28 am By Omar Faridi  |  

Criminals have always found efficient ways “to launder the proceeds of their crimes and avoid increasingly stringent anti-money laundering regulations,” according to an update from CertiK. One such technique, uncovered by CertiK, poses “a direct threat to Web3 projects.” Criminal organizations are using this scheme… Read More

January 22, 2023 @ 5:00 pm By Omar Faridi  |  

  Bitcoin (BTC), the flagship cryptocurrency, has fallen from a high of nearly $70,000, which it reached in late 2022, to just over $20,000 at the time of writing. Meanwhile, Ethereum (ETH), the second-largest crypto-asset by market cap and the largest smart contract platform, has… Read More

January 11, 2023 @ 12:26 pm By Omar Faridi  |  

TSB is warning that around a quarter (25%) of fraud victims could be “denied reimbursement under the Payment Systems Regulator’s proposed refund mechanism, due to be introduced next year.” TSB claims it has long-campaigned “for higher fraud protections across the banking industry – and in… Read More

January 5, 2023 @ 5:37 pm By Omar Faridi  |  

Fraud spikes during periods of uncertainty and instability, and “the COVID-19 pandemic was no exception to this,” according to an update from Onfido. Onfido noted that the years 2020 to 2021 “saw all-time highs in the number of fraudulent attempts.” However as the world has… Read More

December 24, 2022 @ 10:37 am By Omar Faridi  |  

The FBI is warning the public that cybercriminals are using search engine advertisement services “to impersonate brands and direct users to malicious sites that host ransomware and steal login credentials and other financial information.” Cybercriminals purchase advertisements that “appear within internet search results using a… Read More

December 14, 2022 @ 8:31 am By Omar Faridi  |  

In the final run-up to the holidays, fraud prevention company SEON is warning all online businesses “to brace for one last surge in fraud attempts.” That’s because last year, during the week of 12th December, the company’s system “declined more than 100,000 transactions per day… Read More

December 11, 2022 @ 4:27 pm By Omar Faridi  |  

Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a key player focused on accessible full stack quantum solutions, announced that it will work together with Rabobank, which claims to be one of the world’s largest banks in its sectors, “for a project to demonstrate the application of… Read More

December 11, 2022 @ 12:30 pm By Omar Faridi  |  

LexisNexis Risk Solutions released the results of its first Global State of Fraud and Identity Report, exploring research and insights from industry experts “on recent statistics and trends from [their] industry-recognized studies on the Global True Cost of Fraud and transaction data from over 39B transactions… Read More

December 5, 2022 @ 8:37 am By Omar Faridi  |  

Nubank, which claims to be one of the world’s largest financial services platforms, announces the additional protection for fraudulent digital transactions “as part of its Nubank Celular Seguro insurance.” Still in the testing phase for a little portion of the customer base, the coverage “will… Read More

November 29, 2022 @ 5:07 pm By Omar Faridi  |  

The payment fraud market faces “a number of challenges which makes it uniquely suited to the wide-scale deployment of fraud prevention systems,” according to an update from Juniper Research. The update from Juniper Research notes that one major feature that AI systems possess is “the… Read More

November 16, 2022 @ 9:22 pm By Omar Faridi  |  

It’s not your “imagination.” Digital scams are “everywhere in our daily lives.” And as the holiday season approaches, fraudsters are “counting on you to let your guard down and take the bait,” according to an update from Visa (NYSE: V). Whether in the workplace or… Read More

October 29, 2022 @ 2:58 pm By Omar Faridi  |  

Pi, a fraud risk management (FRM) platform founded by Paytm Labs designed to address high-volume applications for fintechs using machine learning (ML), has published a new report on “the impact of fraud on consumer confidence.” The research report, titled “Fraud vs. Friction: How the need… Read More

October 28, 2022 @ 1:25 pm By Omar Faridi  |  

SWIFT and MonetaGo have achieved an important milestone in the global fight against fraud and duplicate financing, “with the live launch of the Trade Financing Validation Service provided by MonetaGo over the global SWIFT network.” This is “the first third party service, in trade, available… Read More

October 12, 2022 @ 10:19 am By Omar Faridi  |  

Railsr, the embedded finance experience platform, has chosen SurePay as its UK Faster Payments (UKFP) Confirmation of Payee (CoP) vendor in order to assist its clients with combatting fraudulent activities and misdirected payments carried out in the United Kingdom. With SurePay, Railsr may now take… Read More

October 10, 2022 @ 10:11 pm By Omar Faridi  |  

Visa Inc. (NYSE:V), the leader in digital payments, shared an updated look at how fraud has evolved since the height of the pandemic, with criminals simultaneously “targeting online and offline vulnerabilities as our daily lives return to a blend of in-person and e-commerce experiences.” Paul… Read More

September 25, 2022 @ 2:35 pm By Omar Faridi  |  

Account takeover fraud is an alarmingly common type of online crime, which can “affect businesses and individuals alike,” according to an update from SEON. This form of attack tends “to occur when a fraudster poses as an established, genuine client of a business, or as… Read More

September 22, 2022 @ 1:42 am By Omar Faridi  |  

Persona announced it has partnered with Serpro, the federal government technology company of Brazil. As part of the partnership, Persona has “integrated with Serpro to unlock the ability to validate both PII and biometric information against government data sources.” The joint initiative will enable organizations… Read More

September 3, 2022 @ 10:23 am By Omar Faridi  |  

Over half (59%) of consumers are “more concerned about becoming a victim of fraud now than they were in 2021.” That’s according to research released by specialized payments platform, Paysafe (NYSE: PSFE) which indicates that consumers across North America, Latin America and Europe are “prioritizing… Read More

August 22, 2022 @ 8:43 am By Omar Faridi  |  

The past 12 months have seen phishing attacks rise 29% globally to reach a new record of 873.9M attacks, with the highest uptake of over 400% in the retail and wholesale industries, according to the 2022 ThreatLabz Phishing Report by ZscalerTM. The United States, Singapore,… Read More