PYMNTS

JUNE 25, 2020

The June Preventing Financial Crimes Playbook explores the latest financial crime developments, including the effect of open banking on FI security, the authentication measures banks and developers are deploying to protect themselves, and the massive impact that the ongoing pandemic is having on financial crime.

Financial Crimes 91

Financial Crimes MFA Federal Trade Commission Crime 91

PYMNTS

MAY 21, 2020

Financial crime is a never-ending concern for banks, credit unions (CUs) and other financial institutions (FIs), with trillions of dollars and untold terabytes of personal information stolen every year. FIs are working on a number of technologies to fight these financial crime attempts, however. This accounted for 20.3 percent of 3.2

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

PYMNTS

JUNE 8, 2016

Mobile phones have become the latest target of hackers, according to a new note published on the FTC’s website by Lorrie Cranor, the FTC’s chief technologist. According to data from the FTC, there has been a growing trend of ID theft as a result of mobile phones being hacked into.

FTC 42

FTC Identity Theft Crime Credential 42

PYMNTS

NOVEMBER 18, 2019

Chairman Joe Simons of the Federal Trade Commission (FTC) said on Monday (Nov. The FTC had previously announced an investigation into Facebook and Amazon. In the cryptocurrency arena, Director Kenneth Blanco of the Financial Crimes Enforcement Network (FinCEN) said on Friday (Nov.

FTC 40

FTC Federal Trade Commission Fincen NOV 40

PYMNTS

JULY 7, 2020

Americans have lost more than $77 million in COVID-19 fraud since the start of the year, according to the Federal Trade Commission (FTC). I think the FTC’s numbers are almost certainly just the tip of the iceberg when it comes to fraud losses,” Breyault told CNBC. “We We know fraud is historically an under-reported crime.”.

Federal Trade Commission 70

Federal Trade Commission FTC Consumer Scams 70

FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. In its simplest definition, trade-based money laundering is the process of disguising the proceeds of crime and moving value (i.e., How FICO Can Help You Control Fraud and Financial Crime.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

OCTOBER 17, 2018

A new report from the Federal Trade Commission (FTC) says that fraudsters are increasingly requesting to be paid with gift cards, with some even asking for certain brands such as Google Play and iTunes gift cards. They may even call iTunes cards ‘payment vouchers.’

FTC 69

FTC Federal Trade Commission Scams IRS 69

PYMNTS

SEPTEMBER 18, 2018

The federal agency said it shut down websites where consumers could buy “fake financial and other documents – such as pay stubs, income tax forms, and medical statements – which can be used to facilitate identity theft, tax fraud, and other crimes,” according to an FTC statement. Simmons was ordered to pay $15,000.

FTC 53

FTC Fed Federal Trade Commission Identity Theft 53

PYMNTS

MAY 22, 2020

Financial institutions (FIs) are no strangers to financial crime, with fraudsters continually targeting them and their customers for money and data. The Federal Trade Commission (FTC) has received 18,235 reports of virus-centric scams since the beginning of the year, and these incidents have resulted in more than $13.4

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

PYMNTS

DECEMBER 23, 2019

” As a regulatory initiative aimed at combatting financial crime, KYC requirements are growing ever-more complex, leading corporates and their banks to demand new technologies and services that can address their compliance challenges. The Federal Trade Commission (FTC) refunded $2.6

Law Enforcement 52

Law Enforcement Laws FTC SWIFT 52

PYMNTS

AUGUST 17, 2020

In this week’s Data Digest, PYMNTS rounds up the latest cases and research into how corporates are being targeted with crimes like the business email compromise (BEC) scam, as well as how they’re fighting back.

Business Email Compromise 94

Business Email Compromise Federal Trade Commission Scams Cybersecurity 94

PYMNTS

AUGUST 12, 2020

California, Florida, New York, Texas and Pennsylvania accounted for one-third of more than 150,000 instances of COVID-related fraud reported nationally by the Federal Trade Commission (FTC) since mid-March, costing victims $97.5 million Canadian dollars ($865,800) stolen in Canada as well as 800,000 pounds ($1 million) in the U.K.

Law Enforcement 52

Law Enforcement Federal Trade Commission Financial Crimes Scams 52

FICO

JANUARY 22, 2021

Federal Trade Commission (FTC) is an important resource, taking in reports from consumers about problems they experience in the marketplace. The graphs below show the top fraud types reported to the FTC in 2019 and corresponding dollar loss amounts. . Credit card fraud was the FTC’s second most-reported fraud type in 2019.

Credit Cards 52

Credit Cards FTC Push-to-Card Federal Trade Commission 52

PYMNTS

APRIL 18, 2017

With that new focus also comes the rise of the payment hustler — a new breed of fraudster that deals in illicit products of services, typically operates online and has progressed from transaction laundering to payments laundering in the pursuit to get paid from their illegal crimes.

Law Enforcement 45

Law Enforcement Money Laundering Payments FTC 45

FICO

NOVEMBER 24, 2020

The fraud problem has gone viral - consumers have filed more than 130,000 reports of fraud to the FTC and have lost $182 million to these activities during the pandemic. To reduce your risk of being a victim of any of these crimes, here are my five top tips to protect yourself against fraud this holiday season.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

JUNE 20, 2018

This past week saw the Federal Trade Commission (FTC) announce a new law enforcement initiative that focuses on bad actors who seek to commit crimes against small businesses. There are just new ways to do them, it seems, and in the age of technology, the crackdowns on bad actors are going global.

Scams 45

Scams Phishing Federal Trade Commission Wire 45

PYMNTS

OCTOBER 30, 2017

As it turns out, fraudsters – upon encountering a more sophisticated lock on the commerce “front doors” that are retail POS terminals – did not decide to give up their lives of digital crime in favor of becoming math teachers in Belarus. They just moved online, and started looking for easy-to-open windows. Known Unknowns.

Identity Theft 69

Identity Theft FTC Account Takeovers Phishing 69

FICO

MAY 20, 2021

The two scores will allow banks to better differentiate strategies to deal with these distinct financial crime realities. This financial crime occurs when a customer is manipulated into sending money to an account controlled by the scammer. The Rise of Scams. APP scams are not just a major problem in the UK. Let’s compare some lists.

Scams 52

Scams Non-Bank Financial Crimes Crime 52

PYMNTS

APRIL 30, 2018

That, combined with the fact that some banks implemented Zelle without first adding strong authentication and fraud protections, made the system vulnerable to hackers, according to Genevieve Gimbert, a partner in PwC’s financial crimes unit. LendingClub Faces FTC Lawsuit. Zelle, however, says the problem is under control.

Zelle 40

Zelle FTC Federal Trade Commission P2P 40

Center for Payments

NOVEMBER 21, 2023

Over 800,000 reports were received by the FBI’s Internet Crime Complaint Center (IC3) in 2022, representing $10.2 The Federal Trade Commission (FTC) offers tips to follow before making a financial donation to a charity this year. Year after year, fraud continues to grow exponentially. billion reported in 2021.

Holiday Scams 40

Holiday Scams Scams FBI Federal Trade Commission 40

PYMNTS

DECEMBER 1, 2017

Well, as they said during Watergate: It’s not the crime, it’s the cover-up. The company informed the New York Attorney General, Eric Schneiderman, and the FTC about the October 2016 hack for the first time on Tuesday. billion in funding. How did things go so off the rails so fast? The Uber Of Bad News.

Breach 57

Breach Data Breach Office of the Comptroller of the Currency Federal Trade Commission 57

FICO

MARCH 30, 2023

Here in the US, a recent report from the Federal Trade Commission (FTC) noted that consumers reported $3.8 For more of my latest thoughts on fraud, financial crime and FICO’s entire family of software solutions, follow me on Twitter @FraudBird. billion in losses to investment scams alone in 2022, more than double the losses from 2021.

Scams 52

Scams Real Time Payments ATM Push-to-Card 52

FICO

NOVEMBER 7, 2022

Data from the FTC shows that to date in 2022, consumers report losing $703 million from bank transfers and payments, $90.6 For more of my latest thoughts on fraud, financial crime and FICO’s entire family of software solutions, follow me on Twitter @FraudBird. All Parties Agree that Scams are Bad, But Not on Who Is Liable.

Scams 52

Scams Authorization P2P Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

JANUARY 8, 2018

attorneys to use previously established prosecutorial principles that provide them all the necessary tools to disrupt criminal organizations, tackle the growing drug crisis and thwart violent crime across our country.”. “Therefore, today’s memo on federal marijuana enforcement simply directs all U.S. attorney generals.

Tax Refunds 42

Tax Refunds Scams Wire Wires 42

FICO

DECEMBER 5, 2022

A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8 Sarah is on a mission to help organizations understand more about the fraud and financial crime challenges they face and introduce them to better ways to fight the bad guys. These statistics are based on roughly 2.8

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Security 52

PYMNTS

OCTOBER 1, 2018

Earlier this year, LendingClub saw its stock price hit record lows when news broke that the firm was being sued by the FTC for reportedly charging consumers with hidden fees and, in some cases, double-withdrawing payments from consumer accounts. Those effects, however, were short-lived.

P2P 54

P2P Origination Underwriting Returns 54

Payments Source

SEPTEMBER 17, 2018

The payments, which total more than $10 million, stem from a 2017 settlement with the Federal Trade Commission. The agency charged that NetSpend deceived consumers by advertising that they could get immediate access to their funds.

Federal Trade Commission 68

Federal Trade Commission Checks Settlement Consumer 68

Clearly Payments

FEBRUARY 8, 2024

Federal Trade Commission (FTC): The FTC is responsible for enforcing antitrust laws and protecting consumers from deceptive or unfair business practices, including those related to payments. Department of Justice (DOJ): The DOJ enforces federal laws, including those pertaining to payment systems and financial crimes.

Regulations 105

Regulations Electronic Fund Transfer Act (EFTA) Federal Reserve Electronic Funds Transfer (EFT) 105

PYMNTS

NOVEMBER 20, 2020

Partners Against Crime: Visa Leads Effort to Fight Fraud With New Dynamic CVV Codes. FTC, Lawmakers Turn Sour on M&A: Could Innovation Suffer? Digital is the way to go for banks looking to grab deposits and customers — especially here in the States. The PNC deal to acquire BBVA’s U.S. The static CVV code is getting an upgrade.

Mobile Banking 64

Mobile Banking NOV FTC Authentication 64

PYMNTS

SEPTEMBER 28, 2018

And now, in a new analysis of 2,500 suspected crypto crimes that made use of bitcoin and Ethereum, The Wall Street Journal claimed that nearly $90 million worth of reportedly criminal proceeds have gone through crypto intermediaries in a two-year period. For years, law enforcement has feared that bitcoin could make money laundering easier.

Consumer Financial Protection Bureau (CFPB) 76

Consumer Financial Protection Bureau (CFPB) Money Laundering Law Enforcement Federal Trade Commission 76

PYMNTS

JULY 12, 2018

Bloomberg noted that a focus of the panel, announced on Wednesday (July 11), will be on the scams involving bitcoin and other virtual tokens, including crimes like money laundering and investment schemes targeting the elderly.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Crime Federal Trade Commission CFPB 40