The Payments Association

MAY 21, 2025

Organised crime groups target FIs and their customers, adapting attack methods across payment channels to bypass fraud detection systems, with authorised push payment fraud (APPF), account takeover (ATO) fraud, and AI-enabled deep fake scams. trillion in illicit funds flowing through the global financial system.

Fraud Prevention 88

Fraud Prevention Fraud Detection Financial Crimes Crime 88

The Fintech Times

DECEMBER 6, 2024

Over the past 12 months, 58 per cent of surveyed SMEs said they had to deal with phishing scams. Thirty per cent also said they experienced account takeover attempts, where unauthorised parties tried to gain access to their online business accounts. Cyberattacks didn’t stop there.

Account Takeovers 80

Account Takeovers Phishing Small Business Cybersecurity 80

PYMNTS

JUNE 14, 2019

Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. Essentially all Steam accounts are now targets.”. Users must input these codes before they can access their accounts.

Account Takeovers 46

Account Takeovers Accounts Scams Phishing 46

Payments Source

AUGUST 22, 2018

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.

Account Takeovers 92

Account Takeovers Mobile Payments Zelle Phishing 92

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Fraudsters deploy a variety of different methods when attacking these apps, ranging from sophisticated methods like account takeovers (ATOs) to impersonation schemes that trick users into sending them money directly.

Zelle 89

Zelle P2P Scams Multifactor Authentication 89

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters equipped with such information could then easily access victims’ online accounts using legitimate credentials and take control of the customers’ funds.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited. billion by 2025, reaching a total of US$8.83

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

The Payments Association

JUNE 11, 2025

Sustainable growth depends on interoperable risk frameworks, shared scam indicators, and coordinated responses, especially as fraudsters grow more agile and cross-border by design." Nearly 1,200 scam domains were linked to fraudulent merchant accounts in 2024, with most registered in the UK and Hong Kong.

Risk 88

Risk Fraud Prevention Fraud Detection Payment APIs and Integration 88

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. It has been named ‘authorized’ because the legitimate account holder is initiating the payment.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. More Vulnerable in AP.

Scams 63

Scams Automation Phishing Email Compromise 63

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

Fintech Finance

OCTOBER 21, 2024

PalawanPay and other financial institutions are taking these threats seriously. Our solutions can accurately detect suspicious transactions without disrupting customer service,” added Tat Wee Koh, NetGuardians’ APAC Sales Director.

Fraud Prevention 98

Fraud Prevention Account Takeovers APACS Scams 98

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. COVID-related scams are rampant and rapidly evolving. When it comes to financial fraud, such as account takeover, banks are on your side. It Pays to Protect Yourself.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

JULY 2, 2020

Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation.

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

PYMNTS

NOVEMBER 17, 2020

Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on. Another report from the Federal Trade Commission determined that U.S.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

JULY 21, 2020

This problem puts many at risk of falling victim to scams. This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). Account Theft. It also details how payment service providers can up their defenses against such threats.

P2P 60

P2P Scams Security Account Takeovers 60

The Fintech Times

MARCH 30, 2025

IronVest (New York) a cross-channel fraud prevention platform that fuses user identity with intent to eliminate account takeovers, scams, first-party fraud, and onboarding threats.

Innovation 80

Innovation FinTech AI Underwriting 80

Fintech News

MARCH 20, 2024

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. The updated solution extends beyond traditional anti-fraud and KYC measures to offer comprehensive protection against various types of fraud, including account theft and payment fraud.

APACS 109

APACS Fraud Prevention Deepfake Account Takeovers 109

Fi911

JANUARY 18, 2024

They subsequently gain control over existing accounts, or establish new ones without the victim’s awareness. These accounts frequently pertain to credit cards and serve as a means to make unauthorized purchases A criminal might use stolen personal information to open a bank account, for example.

Account Takeovers 105

Account Takeovers MFA Fraud Detection Credit Cards 105

PYMNTS

FEBRUARY 24, 2020

The mobile order-ahead market continues to expand its footprint, growing by 23 percent over the past four years and now accounting for more than 3.1 Account takeovers, credential stuffing and other techniques are running rampant in the QSR scene, but fortunately, tools like AI can help curb these abuses. billion in sales.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams. It’s on banks to deter them.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

APRIL 9, 2020

Winning The New War With Account Takeover. Brands, he noted, have every incentive to give their best customers the VIP experience — hence they let them create accounts so their credit information, past purchases and associated data can be kept and used to curate and customize the consumer experience.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

BioCatch

FEBRUARY 3, 2025

In a typical payment scam, a victim is tricked or groomed into sending money to a fraudster under some false pretense. These are not unauthorized transactions, such as in an account takeover scheme or if a thief has obtained unauthorized access to the victims account and conducted a transaction without the victims authority.

Scams 40

Scams Account Takeovers Authorization Transactions 40

FICO

FEBRUARY 9, 2021

This uncertainty is now fuelling a rise in Brexit scams. Who Are the Targets of Brexit Scams? Fraudsters are only limited by their imagination and with Brexit scams they target both European and UK citizens. This is where the door is left ajar and fraudsters can spread misinformation and perpetrate their scams. .

Scams 52

Scams Tax Scams Account Takeovers Breach 52

Finextra

JUNE 26, 2025

This structural difference makes Card-Not-Present (CNP) fraud a dominant concern, accounting for a substantial portion of all card fraud, exemplified by its 85.3% The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. share in the UK. Problem 2: Mistrust in Buyers.

Stablecoins 52

Stablecoins Payment APIs and Integration Fraud Prevention Cross-Border 52

The Payments Association

NOVEMBER 20, 2024

Data from Visa suggests that friendly fraud could account for as many as 75% of all disputes. For merchants, this means that AI fraud detection tools can be on the lookout for new and existing threats across every checkout session, physical retail location, and buyer account.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

JUNE 12, 2019

In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace. Fraudsters are getting smarter.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

The Fintech Times

JUNE 1, 2024

” Visa takes matters into its own hands As part of this pilot with Pay.UK, payments giant Visa analysed billions of UK account-to-account transactions, correctly identifying an additional 54 per cent of fraud and APP scams beyond those identified by the banks’ own fraud prevention systems.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

Finextra

JUNE 26, 2025

This structural difference makes Card-Not-Present (CNP) fraud a dominant concern, accounting for a substantial portion of all card fraud, exemplified by its 85.3% The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. share in the UK. Problem 2: Mistrust in Buyers.

Stablecoins 52

Stablecoins Payment APIs and Integration Cross-Border Account Takeovers 52

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

PYMNTS

JULY 7, 2020

But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based The top five scam categories were online shopping, travel and vacation, credit card, financial institutions and text messages, the FTC data said.

Federal Trade Commission 70

Federal Trade Commission FTC Consumer Scams 70

The Payments Association

DECEMBER 11, 2024

This transformation, coupled with credit and debit cards accounting for an additional 32%, changes how transactions occur and introduces new vulnerabilities that sophisticated cybercriminals quickly exploit.

Fraud Prevention 88

Fraud Prevention Risk Assessment Account Takeovers Payments 88

Fintech Finance

MAY 22, 2024

A key component of this growth in attacks was fraudsters’ focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY). The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY).

Account Takeovers 52

Account Takeovers Bots Risk Scams 52

The Fintech Times

DECEMBER 18, 2023

“But with the popularity of generative AI (shout out to ChatGPT and FraudGPT), fraudsters can now make their social engineering scams even more convincing at an unheard of scale. A few years ago, this would be a homerun for consumers and a major deterrent for fraudsters,” says Abrahams.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

PYMNTS

JULY 1, 2019

Account Takeovers Plague the QSR Industry. Cybercriminals can obtain stolen identities for as little as $4, meaning it’s easier than ever for them to launch account takeover (ATO) attacks. One victim did not even have a Chipotle account, but had used the QSR’s guest checkout option. Scamming, the Old-fashioned Way.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Fraudsters made off with account numbers and other personal details, which could later be used for different synthetic identity fraud or related schemes. There were 4.1

Online and Mobile Banking 78

Online and Mobile Banking Account Takeovers Breach Data Breach 78