Fintech Review

MARCH 11, 2025

ScamAlert transforms customers into active defenders against increasingly sophisticated scams. This is particularly crucial because, in many scams, customers validate fraudulent transactionseffectively handing scammers the green light to continue their schemes.

Scams

The Payments Association

OCTOBER 28, 2024

From shifts in unauthorised card fraud to the evolving nature of authorised push payment scams, there’s a lot to unpack—and a lot at stake. 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. million cases recorded.

Scams

Fintech News

MAY 8, 2025

The technology is enabling large scale impersonation scams, including executive-level business email compromise (BEC) attacks and misinformation campaigns. India is experiencing a rise in deepfake identity fraud, with cases surging by 550% since 2019. Application program interfaces (APIs) are also frequent targets.

Data Breach

Fintech Finance

OCTOBER 31, 2024

Scam Transaction Monitoring: Safeguards customers and programmes from the growing threat of Authorised Push Payment (APP) fraud. 3D Secure (3DS): A next-generation authentication service enhancing security with flexible customer response options, ensuring compliance, customer trust and enhanced conversion rates.

Compliance

Clearly Payments

AUGUST 8, 2025

Credit card and payment fraud remain major threats to both consumers and merchants, with card-not-present (CNP) scams and identity theft driving the majority of losses. Canada’s fraud rate is lower than that of the United States, but growth in organized fraud rings, AI-powered scams, and phishing attacks shows the threat is evolving.

Credit Cards

Finextra

JULY 7, 2025

Fraud-fighting models double detection rates, block over $350 million in attempted theft for the case and slice scam losses by up to 50 percent, with one bank saving 17 percent more funds for clients and processing 250,000 security queries each month. Impact: In testing, Revolut’s AI feature reduced fraud losses from such scams by 30%.

AI

Fintech Finance

AUGUST 3, 2025

Brits scams are costing victims hundreds of pounds, with 40% unable to recover lost funds, according to a new survey. In the last 12 months, 16% of Brits who have experienced fraud or scams have lost between £250 and £500, while 1 in 10 have lost between £500 and £1000. million people.

Scams

Fintech News

MARCH 24, 2025

Notably, 29% of respondents prefer to shop at stores with higher security measures, while 21% say they like it when retailers ask them to provide their identity through second-factor authentication (2FA) as it gives them confidence that there is efficient fraud protection in place. million) due to these scams, according to Singapore Police.

Phishing

The Fintech Times

FEBRUARY 14, 2025

Enhanced selfie and fraud detection tools are necessary to protect social media engagement, ensure account authenticity, and prevent the risks posed by fake accounts. As a result, a full 30 per cent of identity fraud attacks targeted social media in Q4, compared to a mere three per cent in Q1.

Deepfake

The Payments Association

JANUARY 3, 2025

Mark McMurtrie (TPA) opened the session by presenting data showing how fraud tactics have shifted from physical card theft to more sophisticated digital scams. Instead, it encompasses increasingly complex schemes that exploit systemic gaps, from first-party fraud to sophisticated AI-driven scams.

Fraud Detection

Neopay

JANUARY 22, 2025

Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Fraudsters can use GenAI to: Quickly learn about specific targets and create personalised scams.

AI

Clearly Payments

AUGUST 6, 2025

million reported incidents, including scams, identity theft, and card fraud. By contrast, countries like the UK, Australia, and Canada have seen greater success in reducing fraud by mandating EMV chip usage and more aggressive enforcement of secure authentication standards. Total consumer losses: Over $12.5 Total fraud complaints: 2.6

Credit Cards

The Fintech Times

AUGUST 5, 2025

Forty per cent of Brits who have fallen victim to fraud or scams in the last year haven’t been able to recover the money lost as a result, a new survey has revealed. In the last 12 months, 16 per cent of Brits who have experienced fraud or scams have lost between £250 and £500, while one in 10 have lost between £500 and £1000.

Scams

The Payments Association

JANUARY 21, 2025

It also points to generative AI as a future driver for fraud prevention and authentication, enhancing security measures in 2025. The report highlights significant growth in transaction volumes and market penetration, particularly in emerging markets, reflecting a clear shift toward digitised payment methods.

Payments Trends

The Paypers

JUNE 17, 2025

AZN is aware that individuals are rightly suspicious of clicking links, as these have been associated with scams and financial fraud. Transactions are authenticated in real-time utilising 3D Secure 2 to manage chargeback risks and liability for fraudulent transactions.

Payment Solutions

The Payments Association

DECEMBER 10, 2024

Other ways fraudsters leverage the latest technology to fraudulently extort firms and consumers are through machine learning, natural language processing (NLP), and deep learning to conduct sophisticated scams and bypass traditional security measures. fingerprints, facial recognition), and behavioural biometrics (e.g.,

AI

Fintech Finance

JULY 7, 2025

Wire fraud and online scams are growing in prevalence and disproportionately affect older customers, who are more likely to be buyers of properties in popular Spanish retirement locations. Redpin Payments enables Spanish solicitors to reclaim hours from each transaction while providing enhanced security and cost savings to their clients.

Multi-Currency

The Payments Association

JUNE 11, 2025

Key changes could include embedding platform-wide risk analytics, adopting real-time authentication, aligning their fraud strategies along business goals, and embracing transparency through AI. Nearly 1,200 scam domains were linked to fraudulent merchant accounts in 2024, with most registered in the UK and Hong Kong.

Risk

Fintech News

JULY 29, 2025

Fraudsters are exploiting weaknesses in identity checks, authentication layers and outdated digital know your customer (KYC) systems. Singapore hit record highs in scam cases and losses, with a shift toward authorised push payment fraud. There has been a year-over-year decline in scam losses since then, with losses falling 13.1%

APACS

Finextra

JUNE 25, 2025

From voice cloning to deepfake merchant scams, the threat landscape is evolving. AI is enabling: Biometric authentication that eliminates passwords and PINs. This isn’t just about staying compliant,it’s about scaling governance without slowing innovation. Invisible payments , where transactions happen passively in the background.

Fraud Detection

BioCatch

APRIL 10, 2025

In the digital world where seamless automation is the priority, organisations across banking, insurance and telecom rely on government provided authentication services.

Identity Theft

Fintech News

JUNE 11, 2025

Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6 Some of these tools have even advanced to the point of simulating accurate lip-syncing, allowing attackers to bypass voice-based authentication systems. million to fraudsters impersonating company executives.

Crime

Finovate

AUGUST 11, 2025

Identity, authentication, and scam defense sharpen Identity verification and step-up authentication continue to improve, especially now that they are paired with real-time scam and dispute tooling.

AI

Stax

MARCH 27, 2025

The Electronic Funds Transfer Act (EFTA) also requires added security features, such as multi-factor authentication, end-to-end encryption, and tokenization. Security risks: Phishing scams, theft, and hacking make EFTs a less secure option than ACH. These help protect both businesses and customers against potential fraud.

ACH

Stax

APRIL 10, 2025

Benefits of contactless payments It gives your customers more flexibility and speeds up the checkout process Encryption and tokenization are defining features of NFC payments, helping to drastically reduce the risk of fraud It can be an additional payment method that will increase your market reach and attract more customers Drawbacks of contactless (..)

Small Business

Neopay

JUNE 20, 2025

The increase may be due to more complex methods being used, such as social engineering methods to convince victims to divulge one-time passcodes (OTPs), which are used by criminals to authenticate illegal transactions. Purchase scams, in which victims pay for goods or services that do not materialise, also increased by 1% in losses, to £87.1

Continuity

The Fintech Times

MAY 29, 2025

Lost phones with weak PINs, malware, social engineering scams, and even seemingly secure biometric authentication can be compromised with sophisticated spoofing techniques. A compromised login exposes an entire financial ecosystem bank accounts, loyalty programmes, potentially even crypto holdings all housed within the wallet.

Security

Stax

DECEMBER 9, 2024

Chargebacks are an important consumer protection mechanism to ensure that consumers don’t fall victim to unscrupulous sellers or scams. For example, PSD2 in the European Union mandates strong customer authentication, reducing fraudulent claims over large transaction amounts.

Credit Cards

Finextra

JUNE 6, 2025

Recent data shows that crypto scams resulted in losses exceeding $3 billion in 2024 alone, with fake exchanges accounting for a significant portion of these thefts. Key security features to evaluate include: Two-factor authentication implementation (mandatory vs. optional). Cold storage protocols (percentage of assets kept offline).

Cryptocurrency

Fintech News

OCTOBER 14, 2024

The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. These scams involve fraudsters posing as bank officers, often from major banks like DBS, OCBC, UOB, or Standard Chartered, to deceive victims.

Scams

Fintech News

MAY 21, 2024

Singapore’s Anti-Scam Centre (ASC) and DBS Bank have successfully recovered more than S$170,000 lost in a technical support scam. Realizing she had been scammed, the victim immediately reported the incident to the police. For more information, visit Scam Alert or call the Anti-Scam Helpline at 1800-722-6688.

Scams

BioCatch

JULY 16, 2025

The June edition once again demonstrates how bad actors continue to leverage this new technology to advance their scamming capabilities, improving both the efficiency and apparent authenticity of their outreach.

Scams

Fintech Finance

OCTOBER 24, 2024

Ahead of Money20/20 US, Visa , a global leader in digital payments, today published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime.

Scams

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

PYMNTS

NOVEMBER 27, 2020

Financial institutions (FIs) and other issuers need more assurance than they’ve been getting, however, as cyber scams founded on false identities and bogus accounts are through the roof. Per the November Tracker , “Many banks, utility companies and government agencies have been leveraging two-factor authentication (2FA) for several years.

Multifactor Authentication

PYMNTS

OCTOBER 7, 2020

And as Entersekt Senior Vice President of Product Christian Ali told PYMNTS in a recent interview, the means by which banks authenticate their suddenly digital users must change, too. Scams have grown by triple-digit percentages as measured month over month. That security layer itself is only as strong as the authentication process.

Authentication

FICO

MAY 27, 2021

The ‘courier scam’ is a global issue that intensified late last year and presented another worrying trend in the new world of digital payments and card scams. These scams are very successful — here’s how they work: 1. A fraudster will always imitate a company to generate maximum potential to find a victim. The Financial Gain.

Scams