The Payments Association

DECEMBER 10, 2024

With payment systems becoming more digital and interconnected, the risk of AI-driven fraud grows, urging payments firms to adopt cutting-edge solutions to protect themselves and their customers from these emerging threats.

AI 88

AI Fraud Detection Fraud Prevention Deepfake 88

Neopay

JANUARY 22, 2025

According to a recent report by the National Crime Agency (NCA), GenAI represents one of the most substantial threats to the fraud landscape today. Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent.

AI 59

AI Deepfake Phishing Audit 59

FICO

FEBRUARY 23, 2022

New data suggest that people are concerned about fraud, but one of the biggest threats seems to be flying under the radar, at least for consumers. That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. Preferred Communications Channels are Susceptible to Fraud.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

Fintech Finance

OCTOBER 24, 2024

Ahead of Money20/20 US, Visa , a global leader in digital payments, today published the State of Scams: Fall 2024 Biannual Threats Report. The latest edition of the report brings to light several emerging threats and scams targeting banks and consumers, including a surprising resurgence of small-scale physical crime.

Scams 98

Scams Ransomware Governance Government 98

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. Developments From Around The World Of Digital Fraud. is facing fraud problems as well. percent in 2019 to $3.92

Phishing 64

Phishing Data Breach Breach Scams 64

FICO

MAY 27, 2021

The ‘courier scam’ is a global issue that intensified late last year and presented another worrying trend in the new world of digital payments and card scams. These scams are very successful — here’s how they work: 1. Example from FedEx Recognize & Report Fraud page. . The Financial Gain.

Scams 98

Scams Law Enforcement Compromise Fraud Prevention 98

PYMNTS

MAY 22, 2020

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 People are one click away from a malware download or credential phishing [website]. million in losses.

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

The Fintech Times

DECEMBER 19, 2024

. “With increasingly sophisticated fraud tactics on the uptick, organisations must prepare for stricter AI and compliance rules. Proactive fraud prevention today not only mitigates risk, but also future-proofs operations against costly penalties.”

Automation 59

Automation AI Fraud Prevention Deepfake 59

The Fintech Times

NOVEMBER 20, 2024

Many consumers believe they would not fall victim to classical fraud attempts, but criminals are becoming more sophisticated. In fact, 75 per cent of US shoppers will encounter scams when looking to buy things online. It also brings awareness to the most common scams consumers face during the holiday season.

Scams 64

Scams Romance Scams Technology Venmo 64

PYMNTS

MAY 5, 2020

“Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU. ” Phishing, Smishing and the Value of Education .

Credit Union 95

Credit Union Smishing Phishing Credit Union Service Organization 95

PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. Phishing scams were on the rise all year, while a survey of online shoppers found that 40.3 percent had falsely claimed a charge on their credit card was fraudulent to score a refund.

Fraud Prevention 75

Fraud Prevention Posting Multifactor Authentication Scams 75

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

The Payments Association

OCTOBER 22, 2024

While this marks a significant step toward protecting consumers from authorised push payment (APP) fraud, concerns remain that the reduced compensation cap may leave some victims vulnerable. Further, it is unclear whether the rules address the complexities and evolving fraud tactics. AI is a double-edged sword in fraud prevention.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

Transactions 112

Transactions Push-to-Card Account Takeovers Fraud Prevention 112

The Payments Association

MAY 7, 2025

As we navigate through 2025, high-risk merchants face a rapidly evolving fraud landscape. From AI-driven scams to rising chargeback rates, the challenges are growing more complex and costly. billion to chargebacks, a figure projected to rise as fraud tactics become more sophisticated. In 2024 alone, businesses lost $8.9

Risk 88

Risk Disputes Debit Card Cross-Border 88

Seon

OCTOBER 2, 2023

We look at how refund scams work and how the right precautions can stop them from damaging your business. What Are Refund Scams? Refund scams involve a criminal tampering with a POS (point of sale) terminal so it sends them an unwarranted refund. How Do Refund Scams Work?

Scams 52

Scams Phishing Fraud Prevention Returns 52

Seon

MAY 23, 2024

across age groups and income brackets, the volume of digital activities and transactions are on the rise – and effective fraud prevention measures have never been more critical to safeguard a business’s bottom line. Safeguard Your Business, Protect Your Future Don’t let fraud drain your resources.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

The Payments Association

OCTOBER 14, 2024

The Payment Systems Regulator’s decision to lower the cap for APP fraud reimbursements to £85,000. It affects how victims of fraud are compensated and how payment service providers (PSPs) approach fraud prevention. Cath stresses the need for better consumer education and warns the new process may increase scams.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

SEPTEMBER 18, 2020

The second tool, “ COVID-19 Best Fraud Prevention and Cybersecurity Practices, ” is a Top 10 list of best practices to help companies protect themselves against COVID-19-related cyberthreats. It was developed by the Cybersecurity Response Project Team. It was developed by the Cybersecurity Response Project Team.

NACHA 88

NACHA Cybersecurity Scams Payments 88

The Paypers

APRIL 28, 2020

Cifas , the UK-based fraud prevention association, has highlighted the latest coronavirus-related scams and there has been a rise in scams related to phishing and bitcoin.

Phishing 35

Phishing Bitcoin Fraud Prevention Scams 35

PYMNTS

NOVEMBER 16, 2016

‘Tis the season … to be very, very wary of phishing and other types of fraud. Research suggests that financial phishing scams jump up nearly 10 percent in frequency during the holiday shopping season. The eCommerce fraud protection company, headquartered in Cleveland, Ohio, announced last Friday (Nov.

Phishing 64

Phishing Authentication Scams Fraud Prevention 64

FICO

FEBRUARY 23, 2022

New data suggest that people are concerned about fraud, but one of the biggest threats seems to be flying under the radar, at least for consumers. That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. Preferred Communications Channels are Susceptible to Fraud.

Scams 52

Scams Consumer Fraud Detection Smishing 52

PYMNTS

MAY 25, 2020

Digital fraud and other forms of financial crime are also on the rise due to the uncertainty and confusion surrounding the crisis. Twenty-two percent of Americans have reported being targeted by COVID-19-related fraud, and these scams have seen more than $1.2 COVID-19-Related Fraud.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

The Fintech Times

DECEMBER 18, 2023

Rise in social engineering Doriel Abrahams, head of risk, Forter Doriel Abrahams , head of risk at payment optimisation and fraud prevention platform Forter, also expects social engineering will “take a giant leap forward” in 2024. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

BioCatch

SEPTEMBER 18, 2024

Whether through phishing emails and text messages or social media, the biggest cyber threat facing banking customers today is the rise of sophisticated social engineering frauds. There is no escape.

Phishing 40

Phishing Deepfake Scams Security 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. Now, I can practically send, transfer, or pay by accident by simply looking at my smartphone, which can make fraud prevention a real challenge.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

PYMNTS

MARCH 20, 2020

In the March Merchant Fraud Decisioning Playbook , PYMNTS examines how AI and ML are enabling merchants to gather information from various data sources, transforming those details into actionable insights and bypassing the manual reviews that can leave them unable to keep up with fraudsters’ ever-evolving efforts.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

PYMNTS

APRIL 9, 2020

And that has made it more critical than ever for firms of all types and descriptions to think hard about taking a more balanced approach to fraud prevention — but think more holistically about the field they are protecting. If you look at the customer journey from end to end, the fraud starts not just around payments.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.".

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. Most of the victims who did report such fraud contacted their banks, credit card companies or the police rather than regulatory authorities.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

Neopay

NOVEMBER 26, 2024

million enterprises – the findings underscore the potentially devastating financial and operational toll of fraud on both businesses and the economy. Visa’s survey highlighted the most prevalent fraud types experienced by SMBs, including billing and invoice fraud (26%), phishing scams (24%), and bank account hacks (23%).

Small Business 52

Small Business Fraud Prevention RTP Online and Mobile Banking 52

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. billion personal records exposed in a variety of ways: 52 percent through hacking; 33 percent via phishing; and 32 percent through social engineering, with many involving more than one method.

Bots 59

Bots Cybersecurity Phishing Fraud Prevention 59

PYMNTS

MAY 21, 2020

Artificial intelligence (AI) and machine learning (ML) can analyze the thousands of transactions banks process each day in real time, and employee education efforts are proving effective in preventing deception via phishing emails or other social engineering techniques. Developments Around The Financial Crimes Space.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

PYMNTS

OCTOBER 9, 2020

found that 32 percent of consumers have been targeted by some type of pandemic-related fraud , for example. state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft.

Verification 83

Verification Consumer Online and Mobile Banking Scams 83

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

JULY 21, 2020

Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. For more on these and other financial crime news items, download this month’s Playbook.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

Fintech Finance

APRIL 15, 2025

Action Fraud has launched its campaign ahead of the summer with key music events lined up, urging people to stay alert for criminals who are trying to sell tickets online for top events and sold-out concerts. “Ecommpay helps merchants to fight modern day fraud with a new approach and mindset.

Fraud Prevention 59

Fraud Prevention Fraud Detection Phishing Disputes 59