The Payments Association

JULY 25, 2025

Account numbers get phished. Virtual cards, meanwhile, can be issued, frozen, or cancelled in seconds, with zero risk to underlying accounts. Virtual cards integrate easily into digital wallets and accounting systems, and don’t require a new batch of plastic every time a team expands. Virtual cards offer a better way.

Reconciliation

Fintech Finance

APRIL 10, 2025

CPA, tax accountant) 11% will file by mail/paper Top three ways respondents would spend their tax refund, if they received one: 44% would deposit into a savings account 39% would pay debt (e.g., TurboTax, HR Block, TaxSlayer) 27% will file electronically or by mail through a professional (e.g., credit cards, loans, etc.)

Tax Refunds

Finextra

AUGUST 11, 2025

Today, two powerful technologies — Artificial Intelligence (AI) and Quantum Computing — are converging to create a breakthrough approach that can transform fraud prevention in both banking and accounting. The Fraud Challenge in Banking and Accounting Fraudulent activity is no longer confined to a single point of attack.

Accounts

Fintech Finance

DECEMBER 6, 2024

Compared to OTPs, which are increasingly vulnerable to online scams such as phishing, SIM swapping, and message interception, payment passkeys make transactions not only faster, but also more secure against fraud and scams.

Visa

Fintech News

MARCH 24, 2025

Top types of payment fraud in Singapore in 2025 The Adyen Index: Retail Report 2024 also highlights the most common types of payment fraud in Singapore observed from the company payment platform, emphasizing phishing, refund fraud, card testing and friendly fraud as the most prevalent payment fraud tactics in the city-state as of January 2025.

Phishing

The Fintech Times

FEBRUARY 14, 2025

User-friendly fraud-as-a-service (FaaS) kits that enable amateurs to execute complex attacks against thousands of accounts in minutes are becoming increasingly available online, AU10TIX , the identity verification and management technology provider, has revealed.

Deepfake

Finextra

AUGUST 6, 2025

This is accomplished via malware on the victim’s phone (capturing card data and SMS codes) or phishing scams. code 07 or 91 for NFC) when the account isn’t known to use contactless , that’s suspicious. a device account number or wallet ID). If a payment is flagged as contactless (e.g.

Rules

Innovative Payments Association

JANUARY 13, 2025

Common Payment Scams Targeting Seniors Phishing Emails and Texts: Scammers impersonate legitimate organizations, such as banks or payment apps, asking seniors to provide personal information or payment details. These messages often create a sense of urgency, warning of account closures or suspicious activity.

Scams

My Payment Savvy

AUGUST 10, 2025

Common examples include card testing (where fraudsters use your checkout to test stolen card numbers), account takeover attacks (where they gain access to legitimate customer accounts), and synthetic identity fraud (using fake identities built from real and fabricated information). The scale of the problem is massive.

Fraud Detection

The Payments Association

OCTOBER 28, 2024

Particularly concerning is the growing sophistication of these attacks, which target personal and corporate accounts through increasingly convincing deceptions. One of the most alarming trends identified in the report is the continued rise in social engineering scams, which now account for a significant portion of fraud activity.

Scams

Fintech Finance

DECEMBER 4, 2024

Specifically, more than half (58%) dealt with phishing scams in the past 12 months, where scammers pretended to be trusted companies to steal their personal information through email.

Account Takeovers

The Payments Association

APRIL 22, 2025

Other Channels Exploited Email services and search engines are targeted via phishing emails and fraudulent ads, redirecting victims to fake websites or impersonated organisations. Other platforms also affected: Search engines and email services are commonly used for phishing schemes and fraudulent advertisements. million in losses.

Scams

Fintech Review

APRIL 20, 2025

The risks range from phishing and account takeovers to ransomware and insider threats. It ensures trust in the system, reduces downtime, and meets increasingly strict regulatory standards. Why Finance Needs It Financial institutions are frequent targets for cybercrime. Attackers pursue data, funds, and access to infrastructure.

Finance

Fi911

JUNE 9, 2025

What started as simple phishing emails has evolved into complex schemes involving social engineering, insider knowledge, and technical sophistication that can fool even experienced professionals. Attackers compromise vendor email accounts, then send updated banking instructions just before scheduled payments.

Email Compromise

Clearly Payments

DECEMBER 19, 2024

Mobile Wallets Account for a Massive 30% of Global Transactions Mobile wallets like Apple Pay, Google Pay, and Samsung Pay have become household names. In 2024, theyre expected to account for nearly a third of all global transactions. Common types include card-not-present fraud, phishing attacks, and identity theft.

BNPL

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. fingerprints, facial recognition), and behavioural biometrics (e.g.,

AI

The Fintech Times

FEBRUARY 17, 2025

But as AI takes on more responsibility, it raises big questions around ethics, regulation, and accountability. And as AI takes on more responsibility, whos accountable when things go wrong? And we can’t ignore the darker aspects of AI, especially its role in sophisticated online scams, including romance scams and phishing.

FinTech

The Fintech Times

FEBRUARY 3, 2025

The report highlights a 76 per cent surge in phishing attempts and a 42 per cent increase in fake IDs and suspicious biometric transaction detections, signaling a shift towards more sophisticated fraud methods. Account takeover scams saw a dramatic increase of 250 per cent last year. Identity fraud rates reached 2.1

Deepfake

The Fintech Times

MARCH 12, 2025

AI-generated deepfakes , synthetic identities and hyper-targeted phishing attacks are just some of the cyberthreats on the rise. As a result of the partnership, SEON will proactively detect deepfake KYC attempts, synthetic identities, and mass-registration fraud before accounts are created through Intergiro.

Embedded Finance

The Payments Association

JUNE 11, 2025

Shaun Lavelle Group chief risk officer, Trust Payments Scaling paradox North America accounts for 42% of global e-commerce fraud by value, followed by Europe at 26%. Current fraud landscape Card-not-present (CNP) fraud, predominantly from e-commerce, dominates the UK threat landscape, accounting for 81% of all UK card fraud , with 2.21

Risk

The Payments Association

JULY 15, 2025

Roles of survey respondents Survey respondent company area Non-bank financial institutions dominated the survey respondents, accounting for nearly one in five participants (20%). The remaining eight categories showed more modest representation, with financial crime and compliance services accounting for 11% of participants.

Financial Crimes

Stax

MARCH 27, 2025

TL;DR: Electronic Funds Transfer (EFT) is the umbrella term for all electronic payments made between bank accounts. EFT is the umbrella term for all electronic transactions that transfer funds digitally between bank accounts using only bank account information. In this article, well help you do just that.

ACH

Fintech News

JULY 21, 2025

Firstly, in July 2024, MAS and the Association of Banks in Singapore (ABS) announced that major retail banks would phase out One-Time Passwords (OTPs) for account logins among digital token users, making unauthorised account access harder for scammers. This provides affected scam victims with payouts when lapses occur.

FinTech

Stax

APRIL 10, 2025

You also need a payment services provider that supports your chosen payment methods, but that providers platform must integrate seamlessly with your existing CRM, ERP, payroll, CMS, and accounting software systems. You will need POS terminals to accept and process in-person card payments.

Small Business

Finextra

JULY 14, 2025

This concentrated influx of refunds also increases exposure to fraud, as bad actors are likely to exploit the surge through synthetic identities, mule accounts, and account takeovers designed to claim refunds fraudulently.

ACH

Fintech News

JULY 29, 2025

The Account Takeover Problem Account takeover (ATO) fraud remains a dominant threat. The Mobile-Desktop Mismatch The LexisNexis Risk Solutions Cybercrime Report notes that mobile leads digital activity in APAC, making up 86% of all transactions, while desktop accounts for just 14%. Third-party ATOs made up 74.5%

APACS

The Fintech Times

AUGUST 5, 2025

According to the survey, it was online mediums that ranked the highest for the ‘most common’ occurrences of fraudulent activity, with online shopping scams, phishing emails, and Facebook Marketplace scams considered the most common according to respondents.

Scams

Trade Credit & Liquidity Management

JUNE 11, 2025

For example, when you share bank account information that enables your customers to make ACH payments to your company, it can also be exposed in the event of a customer’s data breach. This is a concern for credit executives because a high percentage of the companies you deal with are likely to be inadequately protected.

Cybersecurity

The Fintech Times

MARCH 14, 2025

With tools like deepfake identity generators, fake KYC documents, and automated phishing scams, cybercriminals are launching sophisticated attacks at scale. They can authorise payments directly from their bank accounts, cutting out expensive card fees. The appeal of faster, cheaper transactions is obvious.

FinTech

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

The Fintech Times

DECEMBER 19, 2024

Invoice automation firm, Basware has revealed that 90 per cent of organisations lack dedicated prevention teams, forcing accounting staff to juggle fraud management in addition to their regular responsibilities. This strain on resources has largely come as a result of generative AI according to the report.

Automation

Finextra

JULY 28, 2025

Furthermore, establishing a dedicated AI Value Office to orchestrate the entire AI lifecycle—from initial ideation through to industrialization and continuous optimization—can significantly accelerate scalability while ensuring robust accountability for ROI. AI is proving crucial in new and evolving areas of financial crime.

AI

Fintech Finance

AUGUST 3, 2025

According to the survey, it was online mediums that ranked the highest for the ‘most common’ occurrences of fraudulent activity, with online shopping scams, phishing emails, and Facebook Marketplace scams considered the most common according to respondents.

Scams

Finextra

JULY 21, 2025

through phishing, malware, or a brute-force attack), the solution ensures the recovery of ETH-pegged tokens in the protected account. Heres an analysis: 1. It provides absolute peace of mind against: Private Key Compromise: If a users private key is compromised (e.g.,

Compromise

Finextra

AUGUST 1, 2025

RAG models pull data from multiple sources in real time, like customer documents or account history, for comprehensive analysis of transactions to identify fraud. A well-built system compares current activity to past fraud incidents, mapping variables with identity clustering to evaluate ongoing transactions and accounts.

FinTech

Trade Credit & Liquidity Management

JULY 24, 2025

The solution addresses the persistent issue of outbound email risk, such as sending emails to unintended recipients, leaking sensitive data, misattaching files, or falling victim to sophisticated phishing attacks. These incidents are a major cause of data breaches, with human error cited as responsible for 60% of breaches as of 2025.

Risk

Finextra

JULY 16, 2025

Misleading assaults, including phishing and deepfakes, take advantage of users emotional hotspots, cognitive heuristics, and impulsive tendencies. For instance, holding up a suspicious email for further inspection, or freezing the account for a brief cooling-off period after several successive failed login attempts.

Security