Fintech News

JANUARY 14, 2024

No less than 219 customers of DBS Bank have reportedly been duped by sophisticated phishing scams in the first two weeks of 2024, resulting in a collective loss of approximately S$446,000 (US$335,000), Channel News Asia learned from a joint statement by the Singapore Police Force and DBS on Sunday (14 Jan).

Phishing 109

Phishing Scams Authorization Transaction Limits 109

FICO

FEBRUARY 23, 2022

That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. The financial impact of scams is staggering indeed: in the UK alone, authorised push payment (APP) scams accounted for £479 million in gross losses in 2020. While the original v2.0

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

Fintech News

SEPTEMBER 22, 2024

Global highlights: January – December 2023, Source: Confidence Amid Chaos: Managing Fraud and Scams with Data and Analytics, LexisNexis Risk Solutions In financial services, new account creation attacks increased by 12% YoY, driven by increases on the mobile channel, primarily mobile browser. Despite this high volume. of all cases.

Accounts 143

Accounts Scams Bots Account Takeovers 143

Fintech News

JANUARY 17, 2024

Sophisticated scams dominate the fraud landscape BioCatch’s report uncovers a startling surge in financial cybercrime in Asia-Pacific. With scams accounting for 54 percent of all cases, there’s a 200 percent increase in voice scams from the previous year.

Deepfake 125

Deepfake APACS Scams Authentication 125

Fintech Finance

NOVEMBER 26, 2024

These can take many forms, including fake online adverts, phishing emails, romance scams and spurious investments. Over three-quarters of APP fraud cases originate online**, highlighting the need for these platforms to play their part in helping to prevent consumers from falling victim to fraud.”

Romance Scams 98

Romance Scams Scams Crime Payer 98

PYMNTS

FEBRUARY 3, 2017

A new email scam is making the rounds — this time, cybercriminals are impersonating parcel delivery companies in Australia. Unfortunately for both consumers and the businesses they trust, email phishing scams have become a go-to and very successful attack method for cybercriminals. It’s no wonder hackers just keep phishing.

Scams 41

Scams Phishing Compromise Ubiquitous 41

PYMNTS

SEPTEMBER 18, 2020

Nacha was originally known as the National Automated Clearing House Association. It was developed by the Cybersecurity Response Project Team. The steward of the automated clearing house (ACH), a computer-based electronic network for processing transactions, managed 24.7

NACHA 88

NACHA Cybersecurity Scams Payments 88

FICO

FEBRUARY 9, 2021

This uncertainty is now fuelling a rise in Brexit scams. Who Are the Targets of Brexit Scams? Fraudsters are only limited by their imagination and with Brexit scams they target both European and UK citizens. This is where the door is left ajar and fraudsters can spread misinformation and perpetrate their scams. .

Scams 52

Scams Tax Scams Account Takeovers Breach 52

FICO

FEBRUARY 23, 2022

That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. The financial impact of scams is staggering indeed: in the UK alone, authorised push payment (APP) scams accounted for £479 million in gross losses in 2020. While the original v2.0

Scams 52

Scams Consumer Fraud Detection Smishing 52

PYMNTS

JULY 21, 2020

This problem puts many at risk of falling victim to scams. This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). Criminals that successfully convince users to hand over login information can take control of the accounts and block out the original owners.

P2P 60

P2P Scams Security Account Takeovers 60

PYMNTS

JANUARY 26, 2021

These attacks have originated from several sources, which First Bank divides into two categories: external threats and internal threats, according to First Bank’s Chief Technical Officer Bala Nibhanupudi. External and internal fraud threats share importance but originate from divergent sources. The Two Types Of Fraud Threats.

Phishing 70

Phishing Breach Fraud Detection Origination 70

Fintech Finance

SEPTEMBER 20, 2024

It includes interviews with stakeholders, key experts, including directly from the PSR and, crucially, with an active criminal and a victim who was caught by a phishing scam. Further, the current rules lack a legal mandate to involve social media platforms where most of scams originate from.

Financial Crimes 98

Financial Crimes Crime Rules Payments 98

PYMNTS

MARCH 8, 2019

Separately, as reported by the Rollins College (based in Orlando, FL) newspaper The Sandspur , phishing scams have been evidenced, as would-be bad actors are impersonating senior staffers at the college, intending to steal money. Just over 400 incidents of phishing were reported on campus last month alone.

Third Party Vendors 59

Third Party Vendors Phishing Due Diligence Push-to-Card 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

Clearly Payments

MARCH 4, 2024

Operation Phish Phry (2009) Operation Phish Phry stands as a testament to the cunning and audacity of cyber criminals orchestrating large-scale payment processing fraud. The operation also involved money laundering tactics to obscure the origins of stolen funds. Elevated awareness of phishing scams and cybersecurity threats.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

Stax

MARCH 4, 2024

Tokenization , on the other hand, replaces the sensitive data with a string of meaningless characters, with the original data stored in a “token vault”. Innovations in social engineering scams, sometimes conducted through social media, and phishing emails are designed to get the user to divulge sensitive information.

PCI DSS 88

PCI DSS Payment Security Security MFA 88

The Payments Association

OCTOBER 14, 2024

“Most scams won’t reach the £85,000 limit, and if they do, APP fraud insurance would cover the rest,” she explains. Cath stresses the need for better consumer education and warns the new process may increase scams. “The issue here is more that the whole thing hasn’t really been thought about holistically. .

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

Nanonets

NOVEMBER 14, 2023

BECs are cyber scams in which cybercriminals infiltrate or counterfeit legitimate business email accounts. The cybercriminal proceeds to infiltrate the company's email system through methods like phishing emails or email account spoofing, particularly targeting key employees. What is Business Email Compromise (BEC)?

Email Compromise 52

Email Compromise Business Email Compromise Compromise Phishing 52

PYMNTS

NOVEMBER 14, 2016

In North America, where a majority of AR developments are expected to originate in these early years, that number is 62 percent. Some cases of fraud saw hackers offer access to fake leveled-up accounts or bonuses that instead were phishing scams. Those numbers look pretty different by region.

Security 74

Security Authentication Phishing Credential 74

FICO

JANUARY 19, 2022

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. movement of money) using trade transactions to legitimize their illicit origins. Courier Scams – How They Work And How To Fight Them.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

DECEMBER 14, 2018

In the high-tech age, money is ill-gotten (in the first place) through “mule” authorized push-payment fraud, malware or phishing. The concerted and coordinated efforts among bad actors, seizing the aforementioned scams, come in tandem with the increasing sophistication that underpins the banking system.

Money Laundering 63

Money Laundering Accounts AML Faster Payments 63

PYMNTS

MAY 11, 2017

One of the ways Alphabet looks to do this is through producing more original content for YouTube—as the company looks to produce some 40 original shows and movies in the coming year, including 6 which will appear for free. Nobody can release originals on a global basis with the scale we have in advertising.’’. state governments.

Phishing 40

Phishing Origination Authentication Scams 40

EBizCharge

OCTOBER 17, 2023

When this happens, the Receiving Depository Financial Institution (RDFI) automatically initiates a return of the funds to the Originating Depository Financial Institution (ODFI). If an ACH transaction is already being processed, the payment originator can initiate an ACH payment reversal to undo a mistake or error.

ACH 52

ACH Returns RDFI ODFI 52

FICO

JUNE 4, 2018

Phishing, Smishing, Hypnofraud and More. Fraudsters use a range of tactics to commit social engineering; email (phishing) and text message (smishing) are time-tested winners. Authorized push payment scams manipulate the account holder into making the payment to an account controlled by fraudster—hence the term ‘’.

Demand Deposit Account (DDA) 40

Demand Deposit Account (DDA) Smishing Payer IRS 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

PYMNTS

NOVEMBER 12, 2019

Common attacks include structuring schemes, where criminals obscure large sums of stolen funds’ origins by dividing them into many smaller real estate investments, Farris explained. It is critical that platforms protect themselves against phishing and malware, Farris said.

Money Laundering 40

Money Laundering AML Authentication MFA 40

CB Insights

JULY 31, 2017

Original video content. Original video content — Musical.ly Recently, the company announced it was partnering with media giants Hearst, NBCUniversal, and Viacom to offer short original series on its social platform. Facebook is also reportedly making deals to acquire scripted and unscripted original shows, while Snap Inc.

Acquirers 28

Acquirers Origination Phishing Accounts 28

PYMNTS

AUGUST 9, 2018

Tracing attacks back down to the originating infrastructure enables companies to take a more aggressive stance against perpetrators. While it’s true that internal threats are a growing concern for the enterprise, the types of events that HYAS addresses are external, sophisticated, large-scale attacks.

Law Enforcement 41

Law Enforcement Data Breach Cybersecurity Breach 41

The Fintech Times

DECEMBER 11, 2023

“The potential for more realistic phishing attacks and the spread of disinformation, leveraging AI’s ability to mimic different personas convincingly, will be a part of this. Expect this trend to continue into 2024 as the dominant way of scamming consumers, especially with online shopping.

Cybersecurity 107

Cybersecurity Ransomware Authentication AI 107

CB Insights

JUNE 17, 2020

Another company, Origin , was one of four 3D printing companies that received authorization to provide 3D-printed medical equipment directly to healthcare providers. Phishing scams where attackers assume the identities of healthcare and other aid organizations to extract sensitive information have increased.

Posting 101

Posting Technology Online and Mobile Banking On-Demand 101

The Fintech Times

MARCH 26, 2025

The SoSafe report found that obfuscation techniques, such as AI-generated methods to mask the origins and intent of attacks, were cited as the top concern by over 51 per cent of security leaders.

AI 72

AI Cybersecurity Deepfake Phishing 72