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DBS Introduces Mobile Wallet Toggle to Help Prevent Phishing-Linked Fraud

Fintech News

DBS Bank will roll out a new Mobile wallets control in its DBS/POSB digibank app from mid-May to help prevent scammers from adding stolen card details to mobile wallets. Customers who wish to add their DBS/POSB cards to a mobile wallet must first enable the toggle in the apps Payment Controls. The feature will be turned off by default.

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

The Payments Association

From shifts in unauthorised card fraud to the evolving nature of authorised push payment scams, there’s a lot to unpack—and a lot at stake. This has led to a noticeable uptick in card-related fraud, especially in remote purchases, where criminals use stolen card details for online transactions. What’s next?

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Runa Introduces Runa Assure: Proactive Security for Payout Protection

Fintech Finance

Runa Assure was purpose-built for instant payout methods, including gift cards, prepaid, and push-to-card, and now protects over two million unique recipients every month. Unlike other fraud and security models that focus on payment acceptance, weve designed a fraud and security engine specifically to protect payouts.

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Singapore Will Not Include Credit Card Fraud in Shared Responsibility Framework

Fintech News

Singapore’s government has clarified that the Shared Responsibility Framework will not apply to credit card fraud cases, citing existing robust protections for consumers. This clarification came in response to a parliamentary question on the prevalence of credit card fraud in the country. million each year.

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Navigating the rise of AI-enabled fraud

The Payments Association

This is evidenced by the fact that payment card fraud alone is projected to increase by over $10 billion between 2022 and 2028, according to the data. Why is it important? It highlights the urgent need for payments firms to address AI-driven fraud to protect financial security, maintain customer trust, and comply with regulations.

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Why Fighting Fraud Means Looking Beyond The Transaction

PYMNTS

On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks. Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. Sevounts said Kount has also recently noticed an uptick in “card-testing fraud.”

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How to Choose Between EFT vs ACH: A Comprehensive Guide

Stax

Talk to sales Understanding EFT: The Umbrella Term for Digital Transactions Ever paid for your coffee with just a tap of a card or received payment from a customer thousands of miles away? Digital wallets accounted for 50% of eCommerce purchases , while debit cards raked up 12% of total transactions last year. In 2024, it processed 1.2

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