The Payments Association

JULY 25, 2025

Account numbers get phished. Virtual card payments are projected to reach $175 billion by 2028 , according to Juniper Research, up from $36 billion in 2023. Better supplier relationships, more substantial cash flow, and fewer missed payments. Virtual cards enhance security and reduce fraud exposure Physical cards get lost.

Reconciliation

The Payments Association

OCTOBER 28, 2024

Whether through fake profiles, phishing emails, or fraudulent advertisements, criminals are finding new ways to manipulate people into sharing their financial details or authorising payments. Unauthorised fraud losses increased by 5% compared to the same period in 2023, with more than 1.5 million cases recorded.

Scams

The Payments Association

APRIL 22, 2025

An examination of authorised push payments (APP) scams in 2023, their impact on victims, and the platforms most exploited. Over 222,000 cases were reported in 2023 alone, highlighting the scale and evolving nature of the challenge faced by regulators, payment systems, and consumers alike. Why is it important? What’s next?

Scams

The Fintech Times

FEBRUARY 14, 2025

Attacks against the crypto sector also decreased to 24 per cent and stabilised following the implementation of MiCA regulations in 2023. Payments saw 54 per cent of attacks in Q1, but due to tougher law enforcement, the number had declined to 43 per cent by Q4.

Deepfake

The Payments Association

DECEMBER 10, 2024

Understanding AI-enabled fraud As fraudsters invest in more sophisticated technology, including deepfakes, synthetic identities and automated phishing, the need for payments firms to adopt better AI-driven fraud detection systems grows.

AI

Clearly Payments

DECEMBER 19, 2024

trillion in 2023. Common types include card-not-present fraud, phishing attacks, and identity theft. Global Digital Payment Volume Passes $10 Trillion in a Year! The global volume of digital payments will reach over $10 trillion by the end of 2024, a sharp increase from $8.3

BNPL

Fintech Finance

JULY 7, 2025

Redpin was formed in 2023 following Blackstone’s investment in two award-winning FX companies, Currencies Direct and TorFX. The platform eliminates hours of bank related tasks per transaction, reduces completion day scrambles, and protects against the email-based fraud that threatens 4 out of 5 Spanish property professionals.

Multi-Currency

Finextra

AUGUST 11, 2025

In banking, fraud often happens in milliseconds — from phishing-based payment requests to large-scale money laundering. chatbot by OpenAI at the beginning of 2023, many businesses started testing the tools provided by artificial intelligence and the areas of their application. It expresses the views and opinions of the author.

Accounts

Finextra

JULY 14, 2025

In fiscal year 2023, approximately 96.45% of Treasury disbursements were made via electronic funds transfer, or EFT, compared to just 3.55% by paper check. Phishing and social engineering scams targeting consumers will also become more prevalent, further complicating the landscape.

ACH

The Payments Association

JUNE 11, 2025

The volume of Magecart e-skimmer infections reached nearly 11,000 unique e-commerce domains in 2024, representing a threefold increase from 2023. AI-driven scams leverage sophisticated attacks from phishing emails to deepfake videos and voice impersonations. However, payments leaders are fighting back with AI-powered defences.

Risk

Fintech News

JULY 29, 2025

In 2024, Bank Negara Malaysia reported that there was a 52% decline in fraudulent unauthorised transactions that involved malware and phishing, the exact types of fraud that the security measures were designed to stop. in 2023 and then by a further 25.9% in 2024.

APACS

The Payments Association

JULY 15, 2025

Chatbot-powered fraud accounted for 11% of responses, indicating concerns about AI-driven conversational tools being deployed to conduct more convincing phishing attempts and customer manipulation. Payments leaders must prioritise AI integration to empower teams—not replace them—while embedding strong data management and ontology frameworks.

Financial Crimes

Finextra

JULY 28, 2025

Industry reports highlight the enthusiasm, yet simultaneously reveal a concerning trend: nearly 40% of financial services CIOs report a negligible or negative ROI from their AI investments (Gartner, 2023). AI is proving crucial in new and evolving areas of financial crime.

AI

Neopay

JUNE 20, 2025

billion of unauthorised fraud was successfully prevented by banks, an increase of 16% from 2023. APP fraud happens when a victim is manipulated into authorising a payment to a fraudster, often through impersonation or phishing. million stolen, an increase of 34% on 2023, despite a drop in the number of cases.

Continuity

Finextra

JUNE 23, 2025

Fraudsters are aware of that and have capitalised on it using GenAI to create very convincing phishing emails. chatbot by OpenAI at the beginning of 2023, many businesses started testing the tools provided by artificial intelligence and the areas of their application. It expresses the views and opinions of the author.

AI

Finextra

AUGUST 1, 2025

Regularly scheduled workshops and practical sessions educate employees on recognizing phishing attempts, avoiding suspicious links, and creating strong passwords. Without proper training, staff may unknowingly become the weakest link in security efforts. It expresses the views and opinions of the author.

Security

Fintech News

APRIL 22, 2024

While this digital transformation offers undeniable convenience, it also introduces new challenges to mobile security in Indonesia Malware and phishing attacks pose a significant threat to the integrity and security of financial platforms, jeopardising both user data and financial security. A 2023 report by Kaspersky found that 40.8%

Phishing

Fintech News

JANUARY 14, 2024

No less than 219 customers of DBS Bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024, resulting in a collective loss of approximately S$446,000 (US$335,000), Channel News Asia learned from a joint statement by the Singapore Police Force and DBS on Sunday (14 Jan).

Phishing

Fintech News

FEBRUARY 28, 2024

Singapore’s fight against phishing scams saw notable progress in 2023, with a reported 16% decrease in cases and a 14% reduction in financial losses compared to the previous year.

Phishing

VISTA InfoSec

MAY 12, 2024

According to the Identity Theft Resource Center’s (ITRC) 2023 Business Impact Report , 73% of small business owners in the US reported a cyber-attack within the previous year, underlining the growing popularity of small businesses as a target among malicious actors.

PCI DSS

Finextra

MAY 9, 2024

Global mobile banking trojan attacks on Android users grew by a third in 2023, while cryptocurrency-related phishing also saw a sharp increase, according to a Kaspersky report.

Mobile Banking

The Fintech Times

FEBRUARY 9, 2024

The latest Acronis release, ‘ Cyberthreats Report, H2 2023: Alarming rise in cyberattacks, SMBs and MSPs in the crosshairs ‘, details how organisations experienced a 54 per cent increase in the number of attacks per organisation. In fact, it found that AI-enhanced phishing affected 91.1 The post 91.1%

Phishing

Fintech News

SEPTEMBER 22, 2024

A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. In 2023, the financial services industry continued to sustain the most automated bot attacks, with 1.8 last year, up 8% year-over-year (YoY). of all cases.

Accounts

Fintech News

JULY 9, 2024

Announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), this move aims to better protect customers from phishing scams. Phishing scams were among the top five scam types last year, with at least S$14.2

Phishing

The Fintech Times

JULY 10, 2024

This decision aims to fortify the defence against phishing scams, a persistent threat in the digital banking landscape. Despite their benefits in reducing unauthorised access, OTPs have become increasingly vulnerable to sophisticated phishing techniques, where scammers create fake websites to trick users into revealing their OTPs.

Phishing

Fintech News

JUNE 6, 2024

Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59

Scams

Fintech News

MARCH 25, 2024

The 2023 Mobile Banking Heists Report, released in December 2023, provides an overview of the risks to mobile financial applications, highlighting the continued evolution and success of mobile banking malware and mobile banking fraud around the globe.

Mobile Banking

Fintech News

JANUARY 17, 2024

What’s even more alarming is the stark increase in this fraud rate, which surged by 24 percent from 2022 to 2023. Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022.

Deepfake

Fintech News

JANUARY 10, 2024

” MAS and Infocomm Media Development Authority (IMDA) have been working on a Shared Responsibility Framework (SRF) for phishing scams. The joint consultation paper, released in October 2023, seeks comments on the scope of the SRF, duties of FIs and telcos under the framework, and the approach for payouts for scam losses, among others.

Accounts

Fintech News

JANUARY 7, 2025

Data from the Singapore Police Force revealed an average of 790 reported cases annually from 2021 to 2023, with losses amounting to s$2.1 Push notifications, he noted, cannot be phished, unlike SMS OTPs, further enhancing consumer protection. million each year.

Credit Cards

Fintech News

JANUARY 24, 2024

This follows its successful implementation for current and savings accounts in November 2023. The enhancement is a response to growing concerns over digital security threats, such as malware and phishing, which have become prevalent in the online banking space.

Security

The Fintech Times

DECEMBER 18, 2023

We’re pleased to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. Take company-wide training to identify phishing attacks for example. “Approaches and practices that used to be relied upon will no longer pass muster.

Cybersecurity

Fintech News

APRIL 2, 2024

The question sought to inquire about the future of the Shared Responsibility Framework (SRF) for tackling phishing scams, the adoption rates of the Money Lock feature among different age groups, and whether MAS intends to mandate this security measure across all banking institutions.

Accounts

The Paypers

MAY 13, 2024

Cybersecurity company Kaspersky has released a report which uncovered a substantial increase in mobile banking malware and crypto-related phishing in 2023.

Mobile Banking

The Fintech Times

MARCH 26, 2024

is calling for new laws to force domain registrars to do more to prevent scam banking ‘copycat’ websites appearing in the first place; after it revealed that over 2,000 of these suspected sites were reported in 2023. The post Over 2,000 Copycat Banking Sites Reported in 2023; Which? In response, Which?

Government

Fintech News

JUNE 10, 2024

Akira ransomware, first detected in March 2023, operates under a “ransomware-as-a-service” (RaaS) model, affecting both Windows and Linux systems. Regular training sessions should be conducted to make employees aware of phishing and other social engineering tactics used by cybercriminals.

Ransomware

Fintech News

JUNE 3, 2024

Global cyber insurance premiums (US$ billion), Source: Swiss Re, Aug 2023 Cyber risks fueling the growth of cyber insurance in Asia Pacific The growth of cyber insurance is being driven by booming cybercrime activity. billion attacks and growing 2% year-on-year (YoY), according to the 2023 SonicWall Cyber Threat Report.

Ransomware