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. Collaboration between regulators, law enforcement, and the counter-fraud community is needed to ensure the effectiveness of the reimbursement scheme and to mitigate emerging fraud risks.

Scams 88

Scams Law Enforcement Crime Fraud Prevention 88

Fintech News

FEBRUARY 10, 2025

The world witnessed an alarming escalation in cryptocurrency -related crimes in 2024. trillion in 2024, up 56% from the previous year, the shadow economy of digital crime has grown increasingly sophisticated. trillion in 2024, up 56% from the previous year, the shadow economy of digital crime has grown increasingly sophisticated.

Crime 92

Crime Ransomware Scams Phishing 92

Neopay

APRIL 28, 2025

SIM farms are technical devices capable of holding multiple SIM cards enabling criminals to send scam texts to thousands of people at once or set up verified online accounts in large volumes. The ban will come into effect6 months after the Crime and Policing Bill receives Royal Assent. Think Fraud – How to stay safe from scams.

Fraud Prevention 52

Fraud Prevention Crime Scams Law Enforcement 52

The Fintech Times

APRIL 7, 2025

In the anti-fraud strategy, Innovate Finance advocates for a data-sharing approach across sectors, regulators and the law enforcement industry, to industrialise the UKs use of technology to spot and stop fraud and enable all financial firms to access and use these solutions.

Law Enforcement 45

Law Enforcement Innovation Finance Origination 45

FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. How RealTime Payments Impact Financial Crime.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

Fintech News

APRIL 22, 2024

This move aims to enhance law enforcement efficiency and prevent the laundering of money obtained through illegal activities. During a recent meeting on 19 April 2024, the Technology Crime Prevention and Suppression Committee mandated the SEC to identify and report unauthorised digital asset service providers to the ministry.

Blocks 116

Blocks Law Enforcement Money Laundering Crime 116

PYMNTS

JUNE 12, 2018

Federal authorities including the Department of Justice and the FBI announced Monday (June 11) that law enforcement arrested 74 people in the U.S. Law enforcement also seized close to $2.4 billion in losses reported to the Internet Crime Complaint Center. Of the 74 arrested, 42 were people in the U.S.,

Email Compromise 60

Email Compromise FBI Compromise Law Enforcement 60

PYMNTS

JULY 27, 2020

Although there are countless ways a cybercriminal can swindle funds from a company — either from the outside or within — it’s often the invoice at the center of the crime. This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more.

Law Enforcement 101

Law Enforcement Scams Phishing B2B 101

The Fintech Times

AUGUST 20, 2024

Global cryptocurrency exchange Binance is joining forces with the Macau Judiciary Police to launch a joint anti-scam campaign to increase risk awareness and reduce the risk of fraud in the digital space. Carlos Mak of Binance’s Financial Crimes Compliance Unit, commented: “Binance’s primary goal is always to protect users.

Scams 59

Scams Risk Law Enforcement Transactions 59

The Fintech Times

AUGUST 31, 2024

Research from Chainalysis , the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Previously, the highest number of scams in new wallets was 29.9 Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. per cent in 2022.

Romance Scams 59

Romance Scams Scams Law Enforcement Crime 59

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 million fine was issued by the U.K.’s

Law Enforcement 52

Law Enforcement Laws FTC SWIFT 52

PYMNTS

DECEMBER 18, 2020

Criminals seeking to exploit unmet demand for the COVID-19 vaccine are selling doses – many presumably fake – on the "dark web," the portion of the internet dominated by merchants who operate beyond easy reach of law enforcement agencies, the Financial Times reported on Friday (Dec.

Law Enforcement 109

Law Enforcement FBI Scams Crime 109

The Fintech Times

MAY 18, 2024

The crypto exchange’s Financial Crimes Compliance (FCC) department collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office in the case. Binance was able to share its blockchain expertise and intelligence to help law enforcement bring the suspects to justice.

Money Laundering 69

Money Laundering Law Enforcement Financial Crimes Crime 69

PYMNTS

APRIL 28, 2019

Police in Singapore helped stop a scam that was targeting users of bitcoin machines at a local mall. A 49-year-old man called, and the scammers impersonated authorities from China, telling him that he was under investigation for a transnational crime. This is just the latest crypto scam to hit the country.

Scams 59

Scams Bitcoin Business Email Compromise Law Enforcement 59

PYMNTS

SEPTEMBER 11, 2019

But that message is apparently lost on criminals, who, according to a new report, have stolen some $26 billion over the last three years in a scam generally known as “ business email compromise.”. Department of Justice has announced a recent crackdown against people behind this email scam. Federal Bureau of Investigation.

Scams 65

Scams Email Compromise Compromise Wire 65

BioCatch

MAY 14, 2024

The topic of scams and fraud has been a recurrent theme in the news over the past years. Recently, the alarming increase in cases, especially the fake contact center scam, has drawn the attention of industry and law enforcement, primarily due to the high amount of money involved in these crimes.

Law Enforcement 59

Law Enforcement Addressing Scams Crime 59

Finextra

AUGUST 20, 2024

Committed to collaboratively advancing the crypto ecosystem’s security, Binance is working closely with law enforcement agencies around the globe in combating and deterring financial crime.

Law Enforcement 52

Law Enforcement Financial Crimes Scams Crime 52

FICO

APRIL 8, 2021

A few months ago my colleague TJ Horan blogged about money muling , a crime in which unsuspecting folks are duped into illegally transferring ill-gotten funds on behalf of criminals, unwittingly acting as a cog in the vast machinery of financial thievery. A Local Twist on a Global “Secret Shopper” Scam. Laundering Fraudulent Purchases.

Law Enforcement 72

Law Enforcement Scams Crime Credit Cards 72

PYMNTS

OCTOBER 7, 2020

However, in the past month alone, PYMNTS Bitcoin Daily has reported on nearly a dozen different scams and schemes involving bitcoin or other cybercurrencies. The Pandemic Is Making Scams Worse . As PYMNTS’ Preventing Financial Crimes Playbook recently noted, the U.S. For example, the U.S.

Bitcoin 93

Bitcoin Consumer Cryptocurrency Scams 93

PYMNTS

NOVEMBER 26, 2018

Deputy Attorney General Rod Rosenstein, is seeking to gain international support in dealing with crimes tied to digital currencies. “We In addition, fraudsters use the lure of coin offerings and the promise of new currencies to bilk unsuspecting investors, promote scams and engage in market manipulation.”. Brexit Deal Awaits Vote.

Crime 58

Crime Money Laundering Law Enforcement Correspondent Bank 58

PYMNTS

JUNE 20, 2018

Business scams are nothing new. 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. Want more proof of email as a favorite scamming tool? Email attacks seem to be gaining ground.

Scams 45

Scams Phishing Federal Trade Commission Wire 45

PYMNTS

AUGUST 3, 2016

The International Criminal Police Organization said it has arrested the alleged ringleader of an international business email scam based in Nigeria. One Business Email Compromise scam in particular resulted in $15.4 According to INTERPOL, the crime used malware to hack into the email accounts of SMEs across the globe.

Scams 42

Scams Email Compromise Compromise Wire Transfer 42

PYMNTS

MARCH 9, 2020

To ferret out crime, follow the money; to put a stop to crime, stop the money from getting to the bad guys in the first place. To that end, PayPal said last month that it would team with law enforcement agencies, academics and experts to track how payments are used to traffic firearms illegally through the United States.

PayPal 70

PayPal Financial Crimes Crime Law Enforcement 70

PYMNTS

JULY 7, 2020

But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based We know fraud is historically an under-reported crime.”. Department of Justice (DOJ) said it saw evidence of scams starting in April.

Federal Trade Commission 70

Federal Trade Commission FTC Consumer Scams 70

BioCatch

JULY 18, 2024

When you report the crime, law enforcement tells you it's your fault for not having an "unbreakable" lock. Imagine keeping your house locked, only for burglars to break in.

Law Enforcement 40

Law Enforcement Scams Crime Laws 40

FICO

JUNE 15, 2023

Home Blog Feed test To Stop Scams, It’s Time to Add Sensible Friction to Easy Money The convenience and speed of real-time payments makes it easy for fraudsters to scam individuals. Fraudsters love this change and have been scamming consumers and businesses at full speed with all sorts of sneaky, dirty tricks.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

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

AUGUST 12, 2020

Federal law enforcement officers alleged thousands of buyers in every U.S. payment processor to execute the scheme and keep it hidden from law enforcement, the release stated. Twenty-two percent of Americans have reported being targeted by COVID-19-related fraud, and these scams have seen more than 1.2

Law Enforcement 52

Law Enforcement Federal Trade Commission Financial Crimes Scams 52

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. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

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 FBI works to raise awareness of the types of scams that are common around the holidays and how you can protect yourself and your customers or members. Year after year, fraud continues to grow exponentially.

Holiday Scams 40

Holiday Scams Scams FBI Federal Trade Commission 40

PYMNTS

JUNE 22, 2020

” Coronavirus-related scams are on the rise, too, researchers found. But don’t let the good news fool you: just because business email compromise scammers may not be targeting c-suite executives doesn’t mean their fraudulent crimes are easing. The company found that 58 percent of U.K. ” $1.4

Checks 79

Checks Risk Business Email Compromise Email Compromise 79

Neopay

JUNE 13, 2024

UK Finance has released its 2024 Annual Fraud Report , highlighting the ongoing efforts and challenges in the battle against payment fraud and scams. The financial services sector remains proactive in protecting customers from fraud, partnering with other sectors, government bodies, and law enforcement to disrupt criminal activities.

Law Enforcement 52

Law Enforcement Scams Crime Fraud Prevention 52

FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Deploy AI and Machine Learning – the Scams Model. FICO Admin. Tue, 07/02/2019 - 02:45. expand_less Back To Top.

Scams 52

Scams Posting Push-to-Card Compromise 52

PYMNTS

FEBRUARY 20, 2020

Steve Chen, the mastermind behind a $147 million gemcoin fraud from 2013 to 2015, pleaded guilty of his crimes of tax evasion and conspiracy to commit wire fraud, reported on Wednesday (Feb. The scheme was a multilevel marketing (MLM) operation that went on for two years, and managed to scam 70,000 victims for a total of $147 million.

Bitcoin 52

Bitcoin Law Enforcement Crime Cryptocurrency 52

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. Purchase scams Although less money was stolen, the total number of APP cases was up 12 per cent to 232,429.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

Neopay

MAY 28, 2024

UK Finance releases its 2024 annual fraud report, detailing the amount its members reported as stolen through payment fraud and scams in 2023. Ben Donaldson, Managing Director of Economic Crime at UK Finance, said: “ Nearly £1.2 Ben Donaldson, Managing Director of Economic Crime at UK Finance, said: “ Nearly £1.2

Push-to-Card 52

Push-to-Card Scams Romance Scams Crime 52

PYMNTS

MAY 12, 2019

It also shines a light on the scams and schemes going on in the cryptocurrency world as the price remains volatile and well under its high of nearly $20,000. Truglia was arrested in November for other crimes, reported Reuters. Law enforcement is currently investigating the Terpin case.

Law Enforcement 46

Law Enforcement Cryptocurrency Crime Scams 46