BioCatch

MARCH 17, 2025

Secret Service agent with decades of experience combating financial crimes, I've seen how identity theft has transformed into a well-oiled machine, exploiting every vulnerability in our digital and financial systems. As a retired U.S.

Account Takeovers 59

Account Takeovers SARS Identity Theft Law Enforcement 59

Fintech News

FEBRUARY 5, 2025

Additionally, it enhances fraud prevention by identifying data inconsistencies, helping to reduce identity theft and fraudulent account creation. A recent initiative, the Scam Prevention Framework, aims to enforce stricter safeguards, introducing penalties of up to US$50 million for non-compliance.

Verification 69

Verification Checks Security Due Diligence 69

Fintech Finance

MAY 13, 2025

Powered by AI and advanced technology, they’re automating scams and exploiting weaknesses across the digital payment landscape at an alarming pace. Card identity theft losses have increased by 200% since 2021 (1) and human trafficking alone has become a nearly £400 billion industry (2).

Compliance 59

Compliance Financial Crimes Global Payments Money Laundering 59

Finextra

JUNE 26, 2025

The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. This type of fraud can lead to financial losses, identity theft, and reputational damage for both individuals and organizations. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers.

Stablecoins 52

Stablecoins Payment APIs and Integration Fraud Prevention Cross-Border 52

Finextra

JUNE 26, 2025

The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. This type of fraud can lead to financial losses, identity theft, and reputational damage for both individuals and organizations. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers.

Stablecoins 52

Stablecoins Payment APIs and Integration Cross-Border Account Takeovers 52

Fintech News

MAY 20, 2024

FICO, a global analytics software firm, has revealed findings from its latest consumer fraud research , highlighting concerns among Singaporeans regarding real-time payment scams. Identity theft remains a prominent worry, with 25% of respondents citing it as their top financial crime concern.

Identity Theft 109

Identity Theft Real Time Payments Scams Consumer 109

Fintech News

JUNE 6, 2024

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. DBS isn’t the only bank making news for phishing scams. US$129,841). Losses exceeded S$13 million (US$9.59 Losses exceeded S$13 million (US$9.59

Scams 109

Scams Phishing Deepfake Verification 109

PYMNTS

DECEMBER 14, 2020

The release stated these types of scams, which "have no basis in reality," have intensified and grown in scope since the pandemic, which has resulted in millions of people losing their jobs due to pandemic restrictions. Scams investigated in this particular sweep have netted over $1 billion from victims, the release stated.

FTC 76

FTC Scams Federal Trade Commission Law Enforcement 76

VISTA InfoSec

FEBRUARY 25, 2024

For customers exposed to breaches, identity theft risks skyrocket, leading to bank/credit card fraud plus medical/tax/employment fraud. Accidental data leaks by insiders mishandling information also trigger breaches frequently. Forensics and recovery costs pile up fast while operations get disrupted for weeks investigating the breach.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

PYMNTS

DECEMBER 17, 2020

The “stimulus” scams are already out there, reports NBC News. This scam is a new twist on those we’ve been seeing much of this year.”. Stimulus scams have been running all year , as have COVID-connected attempts to heist consumers’ funds. million in coronavirus-related fraud this year and 38,792 cases of identity theft.

Scams 84

Scams IRS Federal Trade Commission FTC 84

Fintech Finance

AUGUST 28, 2024

However, this increase in digital payments also brings about heightened risks – almost one in five consumers surveyed has fallen prey to online identity theft. report falling victim to online identity theft, with two in five reporting that an incident resulted in accounts being opened in their name.

Identity Theft 105

Identity Theft Online and Mobile Banking Consumer Payments Trends 105

PYMNTS

APRIL 12, 2020

With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft. Italian law enforcement officials said the country has seen a rise in this kind of activity.

Data Breach 122

Data Breach Breach Identity Theft Law Enforcement 122

Fintech News

DECEMBER 17, 2024

He explained that Revolut Pays direct integration with exchanges provides end-to-end control over transactions, blocking fraudulent activities such as stolen card usage or elaborate investment scams. Revoluts move comes as crypto fraud, including phishing attacks and identity theft, becomes more sophisticated.

Transactions 113

Transactions Identity Theft Security Phishing 113

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. COVID-related scams are rampant and rapidly evolving. With that in mind, there are actions you can take right now to protect yourself from fraud and identity theft.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

MARCH 2, 2018

Identity theft complaints followed close behind, making up nearly 14 percent of all complaints. Specifically, credit card fraud was the most common type of identity theft reported by consumers. And tax fraud was the second most common type of identity theft reported by consumers.

Scams 55

Scams Identity Theft FTC Federal Trade Commission 55

PYMNTS

FEBRUARY 20, 2019

Symantec found that formjacking has become a preferred get-rich-quick scam among bad guys. Consumers have no way to know if they are visiting an infected online retailer without using a comprehensive security solution, leaving their valuable personal and financial information vulnerable to potentially devastating identity theft.

Scams 69

Scams Identity Theft Compromise Ransomware 69

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 Wires 65

PYMNTS

MARCH 7, 2018

The new cards are being issued to protect consumers from identity theft. But as the new Medicare cards start being mailed, there might be an uptick in related scams. The FTC gave a few tips for how consumers can protect themselves from any theft, such as remembering that the new Medicare cards are completely free.

FTC 49

FTC Scams Identity Theft Federal Trade Commission 49

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited. BNPL fraud is not a new phenomenon.

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

FICO

NOVEMBER 22, 2021

This busy and complex environment provides the perfect conditions for consumers to fall for scam deals or buy products that aren’t quite what they expected. For instance, online shopping scams in the U.K. It's the giving season — during a pandemic — which multiplies the opportunities for fraudsters to try to scam you.

Scams 98

Scams Online and Mobile Banking Identity Theft Credit Cards 98

PYMNTS

MAY 1, 2017

Department of Justice (DoJ) announced plans to charge a man allegedly responsible for an $100 million business email compromise scam. While the corporate victims of the scam weren’t named at the time, Fortune Magazine recently reported that they were none other than Facebook and Google. At the end of March , the U.S.

Scams 47

Scams Business Email Compromise Email Compromise Identity Theft 47

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

Deepfake 125

Deepfake APACS Scams Authentication 125

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams? So what happens when customers are dissatisfied?

Scams 52

Scams RTP Push-to-Card Fraud Detection 52

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

PYMNTS

MAY 19, 2020

SafetyDetective said Natura customers should be vigilant against identity theft, change their account passwords and keep a close eye on their payment card transactions for signs of any suspicious activity. The risk of phishing and phone scams is also raised by the Natura data leak,” Sen said, according to the report.

Identity Theft 93

Identity Theft Payment APIs and Integration Payment-Related Information Phishing 93

The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

FICO

APRIL 20, 2023

As we see in any new payments channel, fraudsters are often first in line for exploiting weaknesses, so businesses that use RTP will need to keep a sharp eye out for scams. billion in scams in 2022, a 30% increase over 2021.

Real Time Payments 52

Real Time Payments Scams RTP Payments 52

PYMNTS

FEBRUARY 19, 2019

What’s more, fraudsters are getting smarter, building out identities and initiating money transactions that are made to appear as legitimate as possible before making their move. Netflix , for one, is currently warning its customers of an email scam designed to steal payment details from users. Inverting the Fraud Approach.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

PYMNTS

MAY 21, 2020

The new Preventing Financial Crimes Playbook explores the latest financial crime developments, including a rise in financial fraud related to the ongoing COVID-19 pandemic, new threats targeting digital payment apps and guidance from PNC Financial Services on how multilayered defense systems can help curb the tide of digital scams.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

Fintech News

APRIL 22, 2024

Phishing scams employ social engineering tactics to trick users into revealing login credentials, allowing attackers to hijack accounts. The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions.

Phishing 119

Phishing Security Blocks Cybersecurity 119

Fintech News

MAY 22, 2024

The Global State of Scams 2023 Report by the Global Anti-Scam Alliance (GASA) and ScamAdviser reveals a severe global increase in scams. of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses.

Financial Crimes 100

Financial Crimes Crime APACS Risk Assessment 100

PYMNTS

JANUARY 8, 2019

As fraudsters grow bolder, these brands are racing to implement new fraud protection services, as more instances of identity theft, digital payments fraud and gift card fraud emerge. Luxury retail brands are seeing increasingly varied forms of fraud, from online identity theft to straightforward, old-fashioned counterfeiting.

Identity Theft 66

Identity Theft AI FBI Data Breach 66

PYMNTS

MARCH 2, 2016

Among the key subjects of complaints that washed over the Federal Trade Commission’s Consumer Sentinel Network last year included debt collection, identity theft and scams related to impostors. The identity theft designation has been the top complaint category for the past 15 years, said the FTC.

FTC 41

FTC Identity Theft Law Enforcement Scams 41

PYMNTS

MARCH 23, 2020

“We will use every resource at the government’s disposal to act quickly to shut down these most despicable of scammers, whether they are defrauding consumers, committing identity theft or delivering malware.”. We therefore moved very quickly to shut down this scam. Attorney John F.

Identity Theft 61

Identity Theft Scams Wires Wire 61

PYMNTS

MAY 29, 2020

Unemployed Michigan residents ought to be wary of a scam in which fraudsters are using stolen personal information to apply for unemployment benefits, according to Michigan-based news site MLive.com. Those who receive a letter but did not apply should notify the UIA, as identity theft could have taken place.

Identity Theft 52

Identity Theft Law Enforcement Scams Laws 52

FICO

FEBRUARY 16, 2023

While skimming events can impact hundreds of unknowing individuals, criminals will also continue to target consumers through phishing, smishing, scams, and other tactics to obtain cardholder data that can be used for card-not-present fraud. Banks should deploy fraud checks prior to authorizing any purchase or payment transaction.

Compromise 98

Compromise Debit Card Scams Smishing 98

PYMNTS

JUNE 25, 2020

Long pled guilty in November of 2019 to a scheme where he committed wire fraud and aggravated identity theft. The charges dated back to 2013, when Long created and deposited checks from the checking accounts of over 375,000 victims, saying that the victims’ banks had authorized the fund transfers.

Identity Theft 66

Identity Theft Checks Payee Phishing 66