Tagged: scams

As Fraud Losses Top $10B in Past Year, FTC Announces Increased Efforts to Protect Consumers

Federal Trade Commission data show that consumers reported losing more than $10 billion to fraud in 2023, “marking the first time that fraud losses have reached that benchmark.” This marks a 14% increase “over reported losses in 2022.” Consumers reported losing more money “to investment… 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

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

TRM Labs Teams Up with Crypto Exchange Swyftx to Combat Scams in Australia

TRM Labs, the enabler of blockchain intelligence solutions, and Australian crypto exchange Swyftx, launched a world-first trial today that “will pay crypto users to protect themselves against fraudsters through training and by enabling stronger security features to protect their accounts.” The program offers AUD $10… 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

Following Investigations by Tether, OKX, US DoJ, $225M in “Stolen” USDT Now Frozen, Funds “Linked” to Crime Syndicate

Tether, the largest company in the cryptocurrency ecosystem, and leading global crypto exchange and Web3 technology company OKX, announced that they have assisted the United States Department of Justice (DOJ) in an investigation that “led to Tether proactively and voluntarily freezing approximately 225 million in… 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

Financial Crime: Majority of UK Adults Targeted by Scams – Report

The most common scams this year have been revealed – “with more than seven in 10 adults targeted by scams in the last 12 months, being hit on average three times each week – over 150 times a year.” Scams through digital platforms, social media… Read More

Nubank Introduces Initiative to Raise Awareness About Scams and Fraud

To give even more visibility to security and empower people to identify possible financial scams, Nubank (NYSE:NU) announces the campaign #PareceMasNãoÉoNubank (it looks like Nubank, but it isn’t). Through educational videos on major digital platforms, the company seeks to alert its customers to everyday situations… Read More

Fintech Carefull Secures $16.5M to Scale Financial Safety Platform for Older Adults

Carefull, an AI-powered financial safety platform that helps banks and wealth advisors protect aging customers from scams and money mistakes, announced that it has closed its Series A round with $16.5 million in funding. The investment round was “led by Fin Capital and joined by… Read More

Phishing Scams: Binance’s Hong Kong Clients Have Reportedly Lost $450K+ via Series of Fraudulent Texts

Hong Kong’s authorities have claimed that 11 of the city’s Binance clients had been targeted in a series of phishing scams that were reportedly carried out via text messages. Hong Kong law-enforcement agencies have cautioned users of the scam as part of an October 9,… Read More

Chase UK’s Crypto Ban Will Not Prevent Fraudulent Activities, Scams, CoinCover CEO Claims

JPMorgan‘s (NYSE: JPM) UK-based retail bank Chase has reportedly decided to ban crypto-related transactions that are made by its clients, starting from October 16, 2023. This bank says it made the decision because of a significant rise in fraudulent activities and scams. A bank representative… Read More

UK’s Metro Bank Cautions Consumers Against Second-Hand Scams, Fraudulent Activities

Metro Bank’s ‘Scam of the Month’ for September 2023 is a warning to drivers about the influx of second-hand car scams “as approximately a million drivers take possession of their new 73 licence plate cars from September.” Purchase scams can take many forms; “with the… Read More

Most Consumers Will Switch Providers Due to Fraud Experience or for Enhanced Safeguards – Report

The scams deluge that flourished during the COVID-19 pandemic and proliferates yet today has heightened the public’s fraud anxiety. Rampant fraud is also “reshaping individuals’ expectations about organizations’ obligations to protect them – and the compromises they are willing to make to enhance security” –… Read More

Chinese Authorities Takes Down Numerous Crypto-related Influencer Accounts in Accordance with Regulations – Report

China’s cryptocurrency crackdown continues as Weibo has reportedly banned around 80 crypto influencers. Weibo’s management stated that these decisions were made in order to comply with domestic regulatory requirements, which aim to discourage speculation, trading, and promotion of digital currencies. The Beijing-headquartered company said that… Read More

Blockchain Firm SlowMist Releases Latest Web3 Security Report

In a weekly update, SlowMist reveals that there were approximately $830,000 that were lost in Web3 security incidents. According to statistics from SlowMist’s Blockchain Hacking Archive, from August 28 to September 3, 2023, there were “a total of 7 security incidents, resulting in an estimated… Read More

$100M+ Multichain Hack Could Be A “Rug Pull,” Report Claims

The Multichain hack could potentially be a “rug pull,” as an additional $103 million in funds were recently drained. Multichain, which is described as a cross-chain bridge protocol, reportedly saw another $103 million transferred to other blockchain addresses. This, according to security company Beosin. This… Read More

Crypto Crime Down Considerably, But Ransomware Headed for Huge Year: Report

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

Fraud Prevention: Mastercard Leverages AI to Combat Real-Time Payment Scams

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

Send this to a friend