Fintech News

JULY 10, 2025

Although the industry experienced breakneck growth, it also opened the floodgates to scams, volatility, and criminal misuse. But after repeated blowups, the motivation for stricter enforcement goes towards protecting people and, at the same time, shielding financial systems from emerging and time-critical risks.

Regulations 80

Regulations Due Diligence SWIFT Money Laundering 80

The Fintech Times

JUNE 28, 2025

QR-code scams and fake investment ads continue to circulate, and when something goes wrong, the bank often bears the cost of chargebacks. Maybe presenting consumers with alternatives, such as educational materials or limits on credit card crypto purchases, would enable them to make better choices while still protecting their financial health.

Credit Cards 66

Credit Cards Consumer Push-to-Card Consumer Protection 66

The Payments Association

JUNE 16, 2025

Compliance strategies should support education and ensure transparency in consumer protections. Read More » APP fraud: Mid-year review June 16, 2025 No Comments Six months into APP scam reimbursement rules, 86% of victims are refunded—yet calls grow for a cross-sector, prevention-first fraud strategy. Read More »

Settlement 88

Settlement CBDC Payment APIs and Integration Privacy 88

Finextra

JUNE 26, 2025

Businesses must therefore recognize that investments in robust security are fundamental to preserving their market standing and consumer relationships. The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Problem 1: Mistrust in Sellers.

Stablecoins 52

Stablecoins Payment APIs and Integration Fraud Prevention Cross-Border 52

Fintech Finance

MAY 13, 2025

Powered by AI and advanced technology, they’re automating scams and exploiting weaknesses across the digital payment landscape at an alarming pace. The announcement comes at a time when fraudsters are becoming faster, sharper, and harder to stop, with devastating consequences for our communities.

Compliance 59

Compliance Financial Crimes Global Payments Money Laundering 59

Stax

DECEMBER 9, 2024

Chargebacks are an important consumer protection mechanism to ensure that consumers don’t fall victim to unscrupulous sellers or scams.

Credit Cards 88

Credit Cards Process Disputes Card Issuer 88

Fintech Finance

MAY 14, 2025

Brits are particularly concerned about being scammed by deepfakes when shopping online, as well as having their image stolen and used for deepfakes while online shopping. German consumers are confident in consumer protections but cybersecurity and privacy are significant trust barriers.

Economy 52

Economy Consumer Deepfake Consumer Protection 52

Fintech Finance

MARCH 4, 2025

However, regulators have been expanding accountability beyond financial institutions to the digital channels used in fraud scams, such as telecommunications and social media. However, APP Fraud isn’t just a regulatory challenge, it’s a fundamental consumer protection issue.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

Finextra

JUNE 26, 2025

Businesses must therefore recognize that investments in robust security are fundamental to preserving their market standing and consumer relationships. The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Problem 1: Mistrust in Sellers.

Stablecoins 52

Stablecoins Payment APIs and Integration Cross-Border Account Takeovers 52

The Fintech Times

JULY 14, 2025

Refreshed scam rules that work to target genuine risk of scams, as opposed to enabling barriers to legitimate transfers to regulated providers. We need to evolve the UK pensions system into one that prioritises people, not paperwork and providers that fail to modernise.”

Risk 45

Risk Scams Legal Gateways 45

The Payments Association

OCTOBER 21, 2024

The UK’s increasing fraud and scam problem, focusing on new regulations mandating automatic reimbursement for APP fraud victims. The rule changes provide stronger consumer protection but also raise concerns about industry costs and potential fraud exploitation. The UK’s fraud and scams problem is not going away.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

PYMNTS

DECEMBER 14, 2020

The release stated these types of scams, which "have no basis in reality," have intensified and grown in scope since the pandemic, which has resulted in millions of people losing their jobs due to pandemic restrictions. Scams investigated in this particular sweep have netted over $1 billion from victims, the release stated.

FTC 76

FTC Scams Federal Trade Commission Law Enforcement 76

PYMNTS

JANUARY 12, 2021

Financial Conduct Authority (FCA) said new scams could end up having devastating effects on crypto investors, CoinDesk reported. CoinDesk also reported that the FCA ban on the sale of cryptocurrency derivatives and exchange-traded notes, which are brought in as a consumer protection, began on Jan.

Scams 78

Scams Returns Bitcoin Regulations 78

The Payments Association

AUGUST 7, 2024

The PSR's July 2024 report on APP scams highlights growing fraud sophistication and the challenges for financial institutions, stressing the need for improved regulations and consumer protection. Read more

Scams 100

Scams Consumer Protection Regulations Consumer 100

PYMNTS

NOVEMBER 18, 2016

17) of a new tax bill scam in which unwitting consumers receive a fake IRS notice that contends they owe the government money because of the Affordable Care Act. This is just the latest in a series of scams designed to cheat taxpayers out of their hard-earned cash. The Internal Revenue Service warned Thursday (Nov.

Tax Scams 61

Tax Scams Scams IRS Federal Trade Commission 61

The Fintech Times

APRIL 24, 2024

Mastercard has unveiled a range of AI-powered security solutions and forged industry partnerships with Verizon, NatWest, Entersekt and Global Anti-Scam Alliance in a mission to tackle the rise of scams and impersonation fraud. Financial institutions NatWest has implemented Mastercard’s AI-powered Consumer Fraud Risk solution.

Fraud Prevention 105

Fraud Prevention Visa AI Scams 105

PYMNTS

MARCH 2, 2018

“While we received fewer overall complaints in 2017, consumers reported losing more money to fraud than they did the year before,” Tom Pahl, the acting director of the FTC’s Bureau of Consumer Protection, said in the press release. And tax fraud was the second most common type of identity theft reported by consumers.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

The Fintech Times

OCTOBER 7, 2024

In September, the Australian government proposed the introduction of a ‘Scams Prevention Framework’ (SPF), which would implement new scam obligations across all sectors. The Bill, which would insert the SPF into the Competition and Consumer Act 2010, is expected to be introduced to the federal parliament in November.

Scams 52

Scams FinTech Laws AML 52

PYMNTS

NOVEMBER 18, 2019

In Ireland, police are sounding the alarm on the threat of B2B payments fraud after multiple businesses lost hundreds of thousands of dollars to business email compromise (BEC) scams. Hassold provided a public comment on the vendor email compromise scam. Meanwhile, in the U.K., according to recent reports from The Guardian.

Business Email Compromise 51

Business Email Compromise Scams Email Compromise Compromise 51

Neopay

SEPTEMBER 11, 2024

The Payment Systems Regulator (PSR) has set a crucial date of 7 October 2024 for implementing new protections against Authorised Push Payment (APP) scams, reaffirming its commitment to tackling this growing threat. This issue is key in demonstrating why stronger protections beyond transaction limits are necessary.

Caps 52

Caps Consulting Scams Fraud Prevention 52

Fintech News

JUNE 11, 2024

The Infocomm Media Development Authority (IMDA) of Singapore and Hong Kong’s Office of the Communications Authority (OFCA) have signed a Memorandum of Understanding (MOU) to combat scams. Scams are a cross-border issue that necessitates strong international cooperation.

Scams 52

Scams Research Cross-Border Agreements 52

PYMNTS

JUNE 9, 2020

A Texas operator of several payment processing centers has agreed to be permanently banned from the industry in order to settle charges by the Federal Trade Commission (FTC) and the state of Ohio that they unlawfully participated in scams, according to a press release.

FTC 52

FTC Scams Processors Federal Trade Commission 52

Fintech Finance

DECEMBER 18, 2023

A grant from the Mastercard Center, through the Mastercard Impact Fund, will accelerate the research and development of a global framework for consumer protection and empowerment in new and emerging digital infrastructure to ensure the potential of these platforms is realized.

Consumer Protection 52

Consumer Protection Consumer Visa Economy 52

Fintech News

FEBRUARY 21, 2024

Decline in Scamming and Hacking One of the most notable trends in 2023 was the significant reduction in the volume of crypto assets associated with illicit activities, which plummeted to US$24.2 However, the decrease in scamming and theft does not tell the whole story. billion (SG$ 32.51 billion (SG$ 32.51

Crime 109

Crime Ransomware Scams Romance Scams 109

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 News

FEBRUARY 27, 2024

The Act is notably focused on consumer protection, imposing stringent penalties for market misconduct and manipulation. As we look towards 2024, the dual focus on fostering growth in the digital asset sector while ensuring consumer protection is expected to remain a key theme in Malaysia.

APACS 132

APACS Regulations Stablecoins Cryptocurrency 132

Neopay

MARCH 22, 2024

The Authorised Push Payment (APP) scams reimbursement requirement will officially take effect on 7 October 2024. This policy aims to provide protection to consumers who fall victim to fraudulent transactions. The post PSR to host engagement sessions on APP scams reimbursement requirement appeared first on Neopay.

Scams 52

Scams Consumer Protection Addressing Regulations 52

PYMNTS

SEPTEMBER 28, 2016

“It’s our goal whenever possible to put money back in the hands of hardworking American consumers who have been victimized,” said Jessica Rich, director of the Bureau of Consumer Protection, in a press release announcing the payout. “We

FTC 64

FTC Returns Federal Trade Commission Scams 64

Fintech News

FEBRUARY 10, 2025

From high-profile ransomware attacks and terrorist financing to scams that wiped out millions in savings, global crypto crime has become an urgent concern. In Asia, investment scams, Ponzi schemes, and romance fraudsalso known as “pig butchering” scamscontinue to target unsuspecting retail investors. billion globally.

Crime 93

Crime Ransomware Scams Phishing 93

PYMNTS

JULY 21, 2020

The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to a press release.

FTC 56

FTC Federal Trade Commission Scams Law Enforcement 56

PYMNTS

OCTOBER 1, 2019

A new report by the Federal Trade Commission (FTC) has revealed that millennials are 25 percent more likely to report losing money to fraud than consumers ages 40 and over. The top five frauds to which millennials report losing money are online shopping frauds, business imposters, government imposters, fake check scams and romance scams.

FTC 59

FTC Romance Scams Federal Trade Commission Scams 59

The Payments Association

OCTOBER 14, 2024

“Most scams won’t reach the £85,000 limit, and if they do, APP fraud insurance would cover the rest,” she explains. Cath stresses the need for better consumer education and warns the new process may increase scams. She supports lowering the limit but acknowledges convincing consumers will be challenging.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

APRIL 20, 2018

The potential for bitcoin to be used to scam investors has been a primary concern for many countries. This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform — or currency used,” said Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection.

Bitcoin 40

Bitcoin Scams Federal Trade Commission FTC 40

PYMNTS

NOVEMBER 8, 2018

A new update to Google Chrome will help prevent consumers from being scammed by unclear mobile subscription services. Every month, millions of Chrome users encounter pages with insufficient mobile subscription information. Surprising charges that come from unclear communication are a poor user experience.

Scams 49

Scams Consumer Process Posting 49

PYMNTS

DECEMBER 14, 2018

As a result, additional banks or payment services providers (PSPs) may have to compensate victims of those kinds of scams, Financial Times reported. FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously.

Authorization 66

Authorization Regulations Scams Online and Mobile Banking 66

The Fintech Times

SEPTEMBER 4, 2024

The UK’s Payment Systems Regulator (PSR) has announced a significant reduction in the maximum fraud reimbursement limit for authorised push payment (APP) scams, lowering it from £415,000 to £85,000 just weeks before new rules take effect in October. Consumer protection is at the centre of our proposal.

Regulations 59

Regulations Scams Payments Caps 59

PYMNTS

MAY 19, 2020

million to settle allegations that they laundered credit card transactions for scams targeting hundreds of thousands of consumers, the Federal Trade Commission (FTC) said on Tuesday (May 19). Payments processing giant First Data Merchant Services and one of its executives will pay $40.3

FTC 66

FTC Federal Trade Commission ISOs Credit Cards 66