Tagged: scams

August 15, 2025 @ 7:26 am By Omar Faridi  |  

As digital transformation accelerates, the sophistication of cyber threats continues to evolve, presenting new challenges for businesses and consumers alike. Jumio, the enabler of AI-powered identity intelligence, has issued a stark warning about the rise of injection attacks, describing them as one of the most… Read More

August 11, 2025 @ 9:26 pm By Omar Faridi  |  

Digital identity protection app, Truyu, has launched a pilot of a free Gen AI-powered tool to “help Australians figure out if a text message might be a scam.” Anyone using the Truyu app – built by CommBank’s venture scaling arm x15ventures – can now “take a… Read More

August 10, 2025 @ 8:48 pm By Omar Faridi  |  

A recent study by Payments Canada has revealed a surprising twist in the ecosystem of payment security: Canadians are nearly three times more likely to encounter fraud when using cash compared to credit cards. This finding challenges the widespread perception that cash is the safest… Read More

August 7, 2025 @ 6:46 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) has been actively combating fraudulent schemes that exploit vulnerable consumers, as highlighted by three recent announcements. These updates underscore a troubling rise in impersonation scams, a permanent ban on an e-commerce business opportunity scheme, and refunds for victims of a… Read More

July 10, 2025 @ 1:04 pm By Omar Faridi  |  

Visa (NYSE:V), the enabler of digital payments, is fighting back as scammers harness the power of artificial intelligence to target New Zealanders by using AI to combat AI. Launching its latest Security Roadmap for New Zealand, the bold three-year strategy aims to “protect consumers and businesses… Read More

June 28, 2025 @ 7:13 pm By Omar Faridi  |  

Commonwealth Bank of Australia (CommBank) unveiled a new weapon in the fight against scams: a fleet of thousands of AI-powered bot profiles, deployed by Apate.ai – a cyber-intelligence firm and spin-out from Macquarie University. These AI-bots are engineered to engage scammers, gather critical intelligence and… Read More

June 11, 2025 @ 2:29 pm By Omar Faridi  |  

Nu, part of Nubank (NYSE: NU), has received the Fraud Prevention stamp, an initiative coordinated by the National Confederation of Financial Institutions (CNF) in Brazil. Launched in 2024, the certification recognizes “institutions committed to best practices in preventing, combating, and raising awareness of fraud and scams… Read More

June 2, 2025 @ 2:54 pm By Omar Faridi  |  

The cryptocurrency ecosystem is fraught with sophisticated scams and vulnerabilities. Blockchain security firm SlowMist has recently highlighted several critical threats targeting crypto users, from social engineering scams to malicious browser extensions and large-scale hacks. These incidents underscore the urgent need for vigilance and robust security… Read More

June 1, 2025 @ 5:15 pm By Omar Faridi  |  

In 2024, the cryptocurrency industry witnessed an unprecedented surge in scams, with revenues potentially reaching a record-breaking $12.4 billion, according to blockchain analytics firm Chainalysis. The rise of artificial intelligence (AI) and the proliferation of “pig butchering” scams have significantly contributed to this alarming trend,… Read More

May 31, 2025 @ 3:18 pm By Omar Faridi  |  

Westpac has built new AI technology which will revolutionise its customer support capabilities, including improving the bank’s ability to detect if a customer is being scammed. A first of its kind in Australia, the real-time call assistant technology is being integrated “within the bank’s frontline… Read More

May 28, 2025 @ 3:19 pm By Omar Faridi  |  

Jumio, the firm focused on AI-powered identity intelligence anchored in biometric authentication, automation and data-driven insights, released the 2025 Jumio Online Identity Study. This year’s results paint a stark picture: trust in digital life “is crumbling under the weight of deepfakes, misinformation and cybercrime.” The… Read More

May 14, 2025 @ 10:07 pm By Omar Faridi  |  

Blockchain analytics firm Elliptic has exposed Xinbi Guarantee, a Colorado-registered company operating a Telegram-based black market that has facilitated $8.4 billion in illicit cryptocurrency transactions since 2022. This Chinese-language platform, masquerading as an “investment and capital guarantee group,” has become a hub for Southeast Asian… Read More

April 1, 2025 @ 8:49 pm By Omar Faridi  |  

Revolut, the global fintech claiming 50 million+ customers, released its Consumer Security and Financial Crime Report, revealing the evolving tactics of fraudsters globally. The report highlights that criminals are increasingly “turning to encrypted messaging services to exploit victims, with the proportion of fraud originating on… Read More

March 25, 2025 @ 9:14 pm By Omar Faridi  |  

Australia’s household spending trends in early 2025 reveal an increasingly cautious consumer landscape, shaped by growing economic pressures and shifting priorities, while a parallel rise in scams targeting vulnerable groups underscores a concerning challenge. Insights from Commonwealth Bank (CommBank), Westpac, and ANZ highlight these key… Read More

March 15, 2025 @ 3:57 pm By Omar Faridi  |  

In an era of information overload, Payments Canada says it is taking a stand against misinformation and fraud, as highlighted by Victoria McMullen, Director of Marketing and Communications, in a thoughtful reflection on The 2024 SUMMIT panel discussion. Informative insights from the session—featuring professionals such… Read More

March 13, 2025 @ 12:34 pm By Omar Faridi  |  

Visa (NYSE: V), a global provider of payment technology, unveiled its scam disruption practice focused on identifying and stopping complex scams as they emerge. The new department, which sits under Visa Payment Ecosystem Risk and Control (PERC), has reportedly saved victims “$350 million across dozens… Read More

March 13, 2025 @ 12:25 pm By JD Alois  |  

The Canadian Securities Administrators (CSA), the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) have joined to issued a statement about the perils of financial fraud. While it is Fraud Prevention Month in Canada, consumers should always be aware of the various… Read More

March 12, 2025 @ 10:32 pm By Omar Faridi  |  

The Federal Trade Commission (FTC) recently revealed that US consumers reported losing more than $12.5 billion to fraudulent schemes in 2024. This latest figure from the FTC marks a significant 25% increase from the previous year, highlighting a concerning escalation in financial losses despite ongoing… Read More

February 25, 2025 @ 9:32 pm By Omar Faridi  |  

In 2024, cybersecurity firm Kaspersky reportedly blocked 26% more phishing attempts worldwide compared to the previous year. Cybercriminals continued to capitalize “on well-known brands like Booking, Airbnb, TikTok and Telegram to steal credentials or install malware.” Additionally, users encountered more than “125 million attacks involving… Read More

February 19, 2025 @ 12:50 pm By Omar Faridi  |  

Mastercard (NYSE: MA) and Feedzai, an AI solution provider in financial crime prevention, announced they are joining forces to make it easier for banks to identify and stop scams. As payments continue to evolve, fraudsters are increasingly “using AI to scam consumers.” This cost more… Read More