FICO

FEBRUARY 19, 2020

The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive. by Doug Clare.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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. The main driver behind this was purchase scams.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

FICO

APRIL 29, 2022

All these evolutions mean a changing landscape for retail fraud and scam trends. The New York Times recently ran a home page story on how criminals have concocted elaborate scams – complete with authentic ‘hold’ music – to impersonate bank customer service reps, tricking consumers into sending them money via Zelle.

Retail Payments 52

Retail Payments Zelle Consumer Romance Scams 52

FICO

FEBRUARY 25, 2022

A cross-party Treasury Select Committee has called on the UK government to do more to ensure that the victims of authorised push payment scams are reimbursed. So, what can banks do to prevent APP fraud? Deploy AI and Machine Learning – the Scams Model. Look Out for APP Fraud Signals – Develop the Rules.

Scams 52

Scams Payee Romance Scams Payments 52

FICO

SEPTEMBER 10, 2020

The money mule moves stolen funds to a participant in the scam via an instant funds transfer or wire transfer, and the money is often unrecoverable and untraceable. . During the FICO Virtual Event this past May, we predicated that money muling would be one of the top scams being perpetrated during the pandemic.

Crime 52

Crime Money Laundering Online and Mobile Banking Romance Scams 52

Fintech Finance

APRIL 10, 2024

Deceptively simple, APP fraud involves a person being tricked into buying goods that don’t exist or sending a bank transfer to a fraudster posing as someone trustworthy. More complex and financially damaging types of APP fraud include romance scams. Both share a multitude of similarities with APP fraud.

AI 40

AI Romance Scams Fraud Prevention Scams 40

Seon

APRIL 18, 2024

Advancements have not increased the complexity of fraud tactics but have significantly amplified their scale, making it easier for less sophisticated fraudsters to execute more significant scams with broader reach. Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

FICO

JUNE 14, 2022

Innovative Customer Communications for Fraud. Detecting possible fraud is important, but what you do with that suspicion may matter even more. Taking the most strident fraud prevention actions might seem the intuitive answer but suspicion is often unfounded, and most customers are not fraudsters.

Bots 52

Bots Scams Financial Crimes Push-to-Card 52