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Fraudsters Try New Spins On The BEC Scam

PYMNTS

Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity. Separate analysis from Singapore warned that monetary losses associated with BEC scams that specifically instruct targeted employees to send gift card redemption details are on the rise, too.

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The Big Spike In ‘CEO Fraud’

PYMNTS

All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5 As for the scams themselves, those varied widely both in terms of tactics and targets. billion (or slightly over half) of all losses tracked in 2019.

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PSR Reveals Huge Disparity in How Banks Approach to APP Fraud Claims

The Fintech Times

In 2023, Authorised Push Payment (APP) scams totalled just shy of £341million in the UK, with new research highlighting that reimbursement varies significantly depending on who consumers bank with. In the same year, victims reported 252,626 cases of APP scams – but not all reports resulted in refunds from their banks.

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Pay with TRIO: The E-Commerce Breakthrough with Stablecoins.

Finextra

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% Projections indicate that global card fraud losses are expected to reach $40.53 average annual loss to fraud per merchant. share in the UK.

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Pay with TRIO: The E-Commerce Breakthrough.

Finextra

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% Projections indicate that global card fraud losses are expected to reach $40.53 average annual loss to fraud per merchant. share in the UK.

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European Card Fraud — How the UK Drove Down Losses 8%

FICO

It was a strong year for many European countries in reducing basis point fraud losses (a ratio of fraud losses to card sales), against the backdrop of increased transactional volume and value in 2019. The biggest threat today comes from digital fraud and scams, which continue to increase exponentially across all markets.

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European Card Fraud 2020: UK Shrinks Fraud Losses by £46M

FICO

FICO’s European Fraud Map for 2020, based on data from Euromonitor International , shows that the UK achieved the greatest fall in card fraud monetary losses among the 18 countries studied, dropping 7 percent and £46 million year-on-year. However, other nations did not fare as well. Source: FICO European Fraud Map. .