Tagged: scams

September 8, 2024 @ 4:20 pm By Omar Faridi  |  

Three in five UK consumers reportedly fear falling victim to fraud, as life gets busier in September. This, according to an update from UK Finance. UK Finance notes in a blog post that half of the people say “they feel busier when coming back from… Read More

September 4, 2024 @ 8:24 pm By Omar Faridi  |  

New consumer research reveals that four out of five Gen Z and Millennial Aussie scam victims would share their experiences if it meant helping others. Consumer research commissioned by digital bank, ubank, has revealed nearly three in ten young Aussies reported that they had “been… Read More

September 2, 2024 @ 9:52 pm By Omar Faridi  |  

Chainalysis has release the report entitled, 2024 Crypto Crime Mid-year Update Part 2: China-based CSAM and Cybercrime Networks On The Rise, Pig Butchering Scams Remain Lucrative. Key findings of the Chainalysis update: CSAM networks Reportings of China-based CSAM sites have increased since late 2023. A… Read More

August 29, 2024 @ 9:40 pm By Omar Faridi  |  

CommBank and Telstra announced their anti-scam technology Scam Indicator has been expanded to cover landlines, to help detect suspicious calls in real-time, helping to avoid money being lost to scammers. The anti-scam technology, which was “conceived and developed in partnership with Quantium Telstra to help… Read More

August 1, 2024 @ 4:54 pm By Omar Faridi  |  

CommBank customer scam losses halved in FY24 following the introduction of measures including market leading anti-scam technologies, spearheading cross industry collaborations, ongoing proactive policy measures and strengthening customer awareness. James Roberts, CommBank General Manager of Group Fraud, said: “Over the last financial year CommBank has… Read More

July 30, 2024 @ 10:11 pm By Omar Faridi  |  

In a move to help stop bank impersonation scams and improve the customer experience, Westpac and Optus are introducing a new in-app calling capability for Westpac customers. Westpac SafeCall will allow customers “to receive calls via the app that are Westpac branded, verified by Optus… Read More

July 22, 2024 @ 12:20 pm By Omar Faridi  |  

Approval phishing is an increasingly popular tactic used by criminals to steal funds through different scamming techniques such as fake crypto apps and romance scams (also known as pig butchering), according to an update from Chainalysis. With the approval phishing technique, the scammer tricks the… Read More

July 17, 2024 @ 8:21 am By Omar Faridi  |  

UK Finance has recently cautioned consumers about the prevalence of holiday scams as criminals try to trick people this summer. UK Finance notes that as summer approaches and we look for opportunities to take a break away in the sun, UK Finance’s Take Five to… Read More

July 14, 2024 @ 3:30 pm By Omar Faridi  |  

LexisNexis Risk Solutions released a study evaluating how financial institutions (FIs) detect and mitigate authorized transfer scams, where fraudsters manipulate or deceive account holders to transfer funds to them. The study, Defend Against Authorized Transfer Scams, finds “that fraud risk and mitigation strategy leaders at… Read More

July 9, 2024 @ 9:14 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) have announced that major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the… Read More

June 22, 2024 @ 8:50 am By Omar Faridi  |  

Federal Trade Commission data reveals that government impersonation scammers are targeting consumers for payments in cash, with the amount of cash reported lost to these scams nearly doubling from 2022 to 2023. The FTC data shows that consumers reported “losing $76 million when paying cash… Read More

June 15, 2024 @ 3:13 pm By Omar Faridi  |  

Over 25% of the 474 investigations carried out by the MFSA in 2023, were related to persons or entities which were suspected of undertaking licensable activities without having obtained the necessary authorizations, or scams. These investigations include suspicious activity or dubious schemes which “appeared to… Read More

May 30, 2024 @ 8:29 am By Omar Faridi  |  

Data from the Federal Trade Commission (FTC) shows that Best Buy/Geek Squad, Amazon, and PayPal are the companies people report scammers impersonating most often. A newly released data spotlight shows that in 2023, consumers “submitted about 52,000 reports about scammers impersonating Best Buy or its… Read More

May 23, 2024 @ 8:26 am By Omar Faridi  |  

Fraud remains a major problem as over £1 billion is stolen by criminals in 2023, according to an update from UK Finance. UK Finance recently released its 2024 annual fraud report, “detailing the amount its members reported as stolen through payment fraud and scams in… Read More

May 21, 2024 @ 8:38 am By Omar Faridi  |  

Bank of Ireland is warning consumers about a new wave of purchase scams which is luring consumers to make payments for goods and services through an advertisement online, which then transpires to be fake. In the last year, there has been “a 32% increase in… Read More

May 1, 2024 @ 9:50 pm By Omar Faridi  |  

In April 2024, there were a total of 37 security incidents, resulting in approximately $90.81 million in losses. Based on the data from the SlowMist Blockchain Security Incident Database, these incidents were caused “by contract vulnerabilities, third-party vulnerabilities, exit scams, and hacked accounts.” As noted… Read More

April 30, 2024 @ 3:58 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) recently issued a key notice, warning consumers of scammers impersonating FTC staff members in “attempts to steal money from innocent victims.” Blockchain firm Chainalysis has analyzed these developments in a comprehensive update. According to the FTC, these scammers typically “fabricate… Read More

April 18, 2024 @ 8:38 am By Omar Faridi  |  

Revolut, the global financial app with more than 40 million customers worldwide, has  announced the release of its first Financial Crime and Consumer Security Report, containing exclusive scam and fraud insights. The report, based on extensive internal research and data analysis, “aims to shed light… Read More

April 15, 2024 @ 7:52 pm By Omar Faridi  |  

Following the launch of the Anti-Scam Consumer Protection Charter last year, the Hong Kong Monetary Authority (HKMA) announced (10 April), in collaboration with the Hong Kong Association of Banks (HKAB), the launch of the Anti-Scam Consumer Protection Charter 2.0. With the participation of more institutions… Read More

April 14, 2024 @ 11:41 pm By Omar Faridi  |  

With summer fast approaching, Lloyds Bank is warning hopeful holidaymakers they could fall victim to a scam when booking a trip. These scams have reportedly “risen 7% over the past year, with people losing £765 on average, with those aged 35 to 44 – often… Read More