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

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 Financial Crimes 89

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. Scammers who gain access to accounts message other players, offering them links to free character skins or in-game currency.

Account Takeovers 46

Account Takeovers Accounts Scams Phishing 46

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 seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

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.

Scams 63

Scams Automation Phishing Email Compromise 63

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.

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

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

FEBRUARY 19, 2020

The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive. Account Takeover Fraud.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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

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

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 Push-to-Card Account Takeovers Fraud Prevention 112

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). It also details how payment service providers can up their defenses against such threats. Fraudulent Sellers.

P2P 60

P2P Scams Security Account Takeovers 60

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

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

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

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. Bad actors typically perpetrate APP fraud in several ways.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

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

Fintech News

MARCH 20, 2024

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments.

APACS 109

APACS Fraud Prevention Deepfake Account Takeovers 109

PYMNTS

FEBRUARY 24, 2020

Account takeovers, brute force attacks and credential stuffing are some of the most popular methods, with rewards and loyalty programs being especially tempting targets for their stored payment data and personally identifiable information. Deep Dive: How AI Helps QSRs Stop ATOs And Credential Stuffing.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

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

Fi911

JANUARY 18, 2024

They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. In other cases, the scammer may leverage the new account — and the credit history it establishes — to obtain other, higher-value accounts.

Account Takeovers 105

Account Takeovers MFA Fraud Detection Credit Cards 105

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. “I

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

NOVEMBER 20, 2024

After analysing emails, live chat sessions, and other communications between merchants and sellers, the tool can then pick up on words or phrases commonly used in scams. Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

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.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

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 Risk Bots Scams 52

The Payments Association

DECEMBER 11, 2024

These tools enable criminals to automate complex fraud schemes, allowing even less experienced criminals to execute significant scams with precision. Among the top threats are account takeover (ATO), chargeback fraud and more complex schemes like money laundering, which use sophisticated methods to disguise illegal financial flows.

Fraud Prevention 88

Fraud Prevention Risk Assessment Payments Account Takeovers 88

PYMNTS

OCTOBER 16, 2020

Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams . Peer-to-peer (P2P) payment apps face a double-edged cybercrime threat, with both account takeovers (ATOs) and scams targeting their users.

Instant Payments 95

Instant Payments Card Issuer Online and Mobile Banking Federal Reserve 95

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

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. “Fraudsters know that higher transaction volumes and a demand for fast processing times leave merchants vulnerable to attacks. Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

APRIL 15, 2020

What we see now is more scams, particularly those attacking the PII needed to facilitate these kinds of digital crimes,” Awad noted. At best, he said, these scams are looking to separate customers from some of their money — something few can afford these days. consumers, fraud losses are not, yet. million pounds out of the unwitting.

Online and Mobile Banking 80

Online and Mobile Banking Scams Bots Risk Management 80

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. Scamming, the Old-fashioned Way.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But there’s a big disconnect for UK consumers – namely, the number of individuals primarily concerned about scams and being tricked by scammers. by Matt Cox.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. This comes to approximately one hack every 39 seconds, and affects a wide range of businesses and customers.

Phishing 64

Phishing Data Breach Breach Scams 64

The Fintech Times

NOVEMBER 20, 2024

The capacity for malicious usage is widespread and includes fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns. Consequently, this has also led to a rise in lending and mortgage scams. Deepfake attacks occurred at a rate of one every five minutes in 2024.

Deepfake 69

Deepfake Phishing Account Takeovers Scams 69