Tagged: scams

September 6, 2023 @ 11:31 am By Omar Faridi  |  

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

July 13, 2023 @ 9:10 am By Omar Faridi  |  

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

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 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 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 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 @ 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 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

April 20, 2023 @ 10:31 pm By Omar Faridi  |  

LexisNexis Risk Solutions recently published a white paper produced by Aite-Novarica exploring the challenges in addressing sophisticated fraud threats “following increased digital adoption and consumers’ high expectations for online transactions.” The white paper, Multifaceted Fraud Attacks: Behavioral Biometrics as a Defensive Tool, explains “that most… Read More

April 13, 2023 @ 10:19 pm By Omar Faridi  |  

Iris Powered by Generali, provider of a proprietary identity and cyber protection platform,  announced the launch of ScamAssist, a dedicated service to help Iris’ clients provide customers comprehensive and rigorous protection against email, phone, text, and direct mail scam attempts. In conjunction with the launch,… Read More

April 4, 2023 @ 11:17 am By Omar Faridi  |  

NAB has started introducing more proactive prompts to digital banking to help customers identify potential scams and “to make sure money is going to the right recipient when they’re making a payment.” The initiative will “present customers with real-time, personalized messages based on the type… Read More

April 3, 2023 @ 12:39 am By Omar Faridi  |  

Confluent Co-Founder and Board Member Neha Narkhede and former Meta engineering executive Sachin Kulkarni announced the launch of their newest company, Oscilar, with the goal of “solving one of the biggest challenges facing businesses and consumers: how to protect online transactions from fraud and theft.”… Read More

March 28, 2023 @ 8:28 pm By Omar Faridi  |  

The Commonwealth Bank (CBA) and Telstra announced a new pilot to help protect their customers from phone scams. Scam Indicator, currently in proof-of-concept stage and to be piloted over the next few months, will help “protect joint CBA and Telstra customers from phone scams where… Read More

March 24, 2023 @ 8:27 am By Omar Faridi  |  

Exit scams, popularly referred to as rug pulls, are “an ongoing criminal scheme in Web3,” according to an update shared by CertiK. CertiK writes in a blog post that a rug pull “involves fraudsters robbing a crypto project by liquidating their holdings without warning and… Read More

March 15, 2023 @ 8:53 am By Omar Faridi  |  

NatWest is increasing customer protection against crypto-criminals “after £329m was lost by consumers last year.” A daily limit of £1000 and a 30-day payment limit of £5000 to cryptocurrency exchanges is being “implemented to help protect customers losing life changing sums of money.” Cryptocurrency investments… Read More

March 5, 2023 @ 11:14 pm By Omar Faridi  |  

Feedzai, a key player focused on fighting financial crime with AI, has joined the Global Anti Scam Alliance (GASA) – a not-for-profit organisation whose goal is “to protect consumers across the world from scams – as a corporate member.” GASA brings together governments, law enforcement,… Read More

March 4, 2023 @ 2:34 pm By Omar Faridi  |  

Crime fighters worldwide have seen “an alarming uptrend in both traditional and crypto-related scams since the onset of the COVID-19 pandemic,” according to an update from Binance. Over the past years, Binance has been “engaging in discussions with law enforcement agencies worldwide about how to… Read More

February 20, 2023 @ 10:24 pm By Omar Faridi  |  

Pump and dump schemes in traditional finance are quite simple: Holders of a tradable asset, such as stock in a company, will “heavily hype and promote the asset to other investors, often using misleading statements, causing the price to rise rapidly as new investors buy,”… 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