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The state of fraud in 2024: Key mid-year takeaways

The Payments Association

While banks and payment providers are making strides in fraud detection and prevention, the report stresses the need for more robust collaboration with technology and telecom sectors. Internet banking fraud , once a dominant form of remote fraud, saw a dramatic 37% drop in cases and an 11% reduction in losses.

Scams 88
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Identity Fraud Attacks on Social Media Rose by 27% in 2024 Alone, Reveals AU10TIX

The Fintech Times

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. Enhanced selfie and fraud detection tools are necessary to protect social media engagement, ensure account authenticity, and prevent the risks posed by fake accounts.

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Cross-Border Payments Could Further Enable APP Fraud, Says Payments Association Study

Fintech Finance

Authorised Push Payment (APP) fraud continues to be one of the most pressing concerns for financial services, the payment industry, law enforcement and the general public – and new developments in cross-border payments may be making it easier.

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Economic Crime and Corporate Transparency Act examined: A guide to avoiding failure-to-prevent fraud measures

The Payments Association

It highlights new corporate responsibilities, significant penalties for non-compliance, and the businesses need to implement strong fraud prevention measures to protect their financial and reputational standing. For large, multinational corporations, this might mean sophisticated fraud detection systems and detailed compliance programmes.

Crime 88
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Fraudsters Turn to WhatsApp: Revolut Reveals UK Consumers Lose £2,437 From WhatsApp Scams

The Fintech Times

Proactive intervention, not reactive measures: More stringent verification processes across all Meta platforms for advertisers and content creators, robust AI-driven monitoring, and seamless collaboration with financial institutions and law enforcement.

Scams 59
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APP fraud: Mid-year review

The Payments Association

Social media platforms and telecommunications companies, where most scams originate in terms of both volume and value, must be brought into the discussions on accountability and stopping fraud at its source. Law enforcement also needs serious resourcing. Without real consequences for criminals, fraud thrives.

Scams 88
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PayPal’s crackdown on human trafficking

Payments Source

The payments company is working with nonprofit organizations, law enforcement authorities, victims and others to make it harder for the criminals behind the modern slave trade to move money.