Authorized payment scams climb in US
Payments Dive
DECEMBER 14, 2023
Such scams are expected to jump 50-plus percent to $3 billion by 2027, forcing financial institutions to address the rising threat, according to a new report.
Scams Related Topics 
Zelle counters scam talk with growth rates
Payments Dive
SEPTEMBER 13, 2022
The instant payments brand is highlighting a double-digit growth rate for its peer-to-peer payments tool and downplaying scams on its system.
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CommBank halves customer scam losses
Finextra
AUGUST 5, 2024
Australia's Commonwealth Bank says it has cut customer scam losses in half in FY24 through a combination of new anti-scam technologies, cross-industry collaborations and customer education.
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'Pig-butchering' tops payment scam threats
Finextra
MARCH 21, 2024
Pig-butchering, an investment scam involving fake crypto companies, has emerged as one of the top payment threats facing consumers.
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NatWest reveals the fastest-growing scams of 2024
Finextra
NOVEMBER 11, 2024
The fastest growing scams of 2024 have been uncovered in a new study by NatWest which reveals 42% of British adults have been targeted by a scam in the last 12 months.
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Banks should step up scam response: fraud expert
Payments Dive
FEBRUARY 9, 2024
With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, says one executive.
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Starling warns of rise in voice cloning scams
Finextra
SEPTEMBER 19, 2024
Voice cloning scams – where fraudsters use AI technology to replicate the voice of a friend or family member – could be set to catch millions out, according to new research from Starling Bank.
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NatWest launches advent calendar to warn Brits about scams
Finextra
NOVEMBER 26, 2024
As fraudsters gear up to take advantage of the Christmas period, NatWest has launched an advent calendar designed to educate Brits on the threat of common purchase scams.
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Unveiling digital fraud: Insights into scam trends and prevention in the UK payment sector
The Payments Association
JANUARY 13, 2025
Unveiling digital fraud: Insights into scam trends and prevention in the UK payment sector January 3 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? An examination of authorised push payments (APP) scams in 2023, their impact on victims, and the platforms most exploited. Why is it important?
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New Report From PSR Shows How Fraudsters Exploit Major Platforms to Scam Consumers
Fintech Finance
DECEMBER 16, 2024
Preventing Authorised Push Payment (APP) scams is one of the Payment Systems Regulators (PSR) top priorities. APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. The PSRs data shows that in 2023 alone, APP scams cost UK consumers 341 million. of the losses (107.2
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Westpac battles impersonation scams with 'SafeCall'
Finextra
JULY 31, 2024
In a move to help stop bank impersonation scams, Westpac has teamed with telco Optus to introduce a new verified in-app calling capability.
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Tunic Pay: Over 70% of UK Adults Unaware of New Reimbursement Rules for Payment Scam Victims
The Fintech Times
NOVEMBER 19, 2024
The UK public is largely unaware of new regulations forcing UK banks to reimburse victims of payment scams, weeks after coming into effect, anti-fraud fintech Tunic Pay has revealed. On 7 October, the Payment Systems Regulator (PSR) mandated that all UK banks must repay customers who are victims of payment scams up to £85,000 per case.
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Real-time payments scams rise
Payments Dive
NOVEMBER 22, 2024
More people are falling for real-time payment scams as the use of such speedy systems increases, a FICO survey showed.
PSR Publishes Latest APP Scams Performance Report for 2023
Fintech Finance
AUGUST 1, 2024
Latest figures released today by the Payment Systems Regulator (PSR) track the performance of payment firms in tackling Authorised Push Payment (APP) scams and reimbursing victims in 2023. On reimbursements: The report shows the percentage of APP scam cases that were fully and partially reimbursed by each firm.
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Unmasking Digital Threats: The Dual Threat of Anonymity in Cybersecurity Breaches and Financial Scam
Finextra
JANUARY 30, 2024
The surge in cybersecurity breaches and financial scams presents a significant challenge and it is a.
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Binance Recovers Over $73Million in User Funds from External Hacks and Scams in 2024
The Fintech Times
AUGUST 11, 2024
This increase reflects the platform’s intensified security efforts to combat external hacks and scams. Approximately 80 per cent of these recoveries are linked to hacks, exploits and thefts that occurred outside the Binance platform, with the remaining 20 per cent involving external scams.
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PSR Confirms Its Decision on APP Scams Reimbursement
Fintech Finance
SEPTEMBER 25, 2024
Today, the PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. The PSR’s requirements will provide world-leading protections to people who fall victim to scams – with over 99% of APP claims covered by the reimbursement cap.
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Revolut launches AI-based scam detection feature
Finextra
FEBRUARY 15, 2024
Revolut has launched an AI-powered anti-scam feature to protect customers from falling victim to authorised push payment fraud.
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ACI Worldwide Scamscope Projects APP Scam Losses to Hit $7.6 Billion by 2028
Fintech Finance
NOVEMBER 20, 2024
Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 Financial institutions also face significant erosion of trust and rising customer attrition as consumers fall victim to APP scams.
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Unmasking the Threat of Deepfake Scams in the Financial Sector of Asia
Fintech News
APRIL 7, 2024
In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.
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Zelle, big banks challenge senators on scam reimbursements
Payments Dive
JULY 25, 2024
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
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Singapore Reports S$6.7 Million in Losses from Rising Gov’t Impersonation Scams
Fintech News
OCTOBER 14, 2024
The Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) have issued a joint warning about a sharp increase in government impersonation scams. These scams involve fraudsters posing as bank officers, often from major banks like DBS, OCBC, UOB, or Standard Chartered, to deceive victims.
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Swedish Government and Banker’s Association Announce Plans to Stop Scams
BioCatch
MAY 14, 2024
As I’ve previously blogged , the state of scams in Sweden has been a hot topic in the media over the past few months, not least due to a show on Swedish SVT where an investigative journalist followed a criminal gang who used social engineering to convince elderly people to transfer their savings through a hybrid smishing and vishing campaign.
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Visa: AI Fuels Surge in Emotion-Based Scams like Pig Butchering and Inheritance Fraud
Fintech News
MARCH 21, 2024
Visa’s latest Biannual Threats Report for Spring 2024 underscores the concerning rise of “pig butchering” scams, showcasing the sophisticated threats plaguing both individuals and businesses in the global payments ecosystem. Visa’s study reveals that these scams have targeted a staggering 10% of surveyed adults.
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Criminals Reverting to Old-School Tactics with New Twists, Visa’s State of Scams Report Shows
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.
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Revolut says Meta platforms are a 'hotbed' for scams
Finextra
FEBRUARY 8, 2024
In tune with bank findings, Revolut scam data for 2023 reveals that the majority of all its reported crime cases in the UK started on Meta platforms.
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Starling Bank bids to curtail bank impersonation scams with in-app call status feature
Finextra
OCTOBER 31, 2024
Starling Bank has launched an in-app call indicator to protect customers from bank impersonation scams.
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Revolut takes on impersonation scams with in-app calls
Finextra
JANUARY 19, 2025
Fintech giant Revolut is rolling out in-app calls to help retail customers quickly expose impersonation scams.
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Keir Starmer and Prince William used in deepfake crypto scam
Finextra
AUGUST 14, 2024
Crooks are circulating AI-generated deepfake videos of Prince William and UK prime minister Keir Starmer on Facebook and Instagram to dupe viewers into scam cryptocurrency investments.
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Mastercard Expands First-Of-Its-Kind AI Technology to Help Banks Protect More Consumers From Scams in Real Time
Fintech Finance
SEPTEMBER 24, 2024
Mastercard today updated its Consumer Fraud Risk (CFR) solution to increase the ways it helps protect consumers from Real Time Payment scams. The AI-powered insights give more UK banks greater visibility into potentially fraudulent transactions so they can stop scams before they take place.
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Maybank Thwarts S$1.2 Million in Scams with Singapore Police
Fintech News
JULY 10, 2024
With help from the Singapore Police Force, Maybank has intervened in 19 scam cases from March 2023 to June 2024, preventing the loss of S$1,215,600. Later that evening, the retiree contacted Maybank to admit he had been scammed and was advised to file a police report. The post Maybank Thwarts S$1.2 The post Maybank Thwarts S$1.2
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MAS Reiterates Robust Controls on Cross-Border Payments to Combat Scams
Fintech News
AUGUST 7, 2024
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong has reiterated the Monetary Authority of Singapore’s (MAS) ongoing efforts to combat cross-border payments scams. Financial institutions involved in these linkages have implemented robust anti-scam controls to prevent exploitation of these channels by scammers.
Coinbase Leads Coalition of Tech Giants Against Financial Scams
Fintech News
MAY 22, 2024
Crypto exchange Coinbase has launched the Tech Against Scams coalition, teaming up with industry leaders like Match Group (the parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to tackle online fraud and financial schemes. trillion to financial scams each year.
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Banks’ Scam Warnings Failing to Stop Customers from Taking Risks to Make Payments
Fintech Finance
NOVEMBER 7, 2024
The research is published today – a month after new rules by the Payments Systems Regulator came into effect, requiring all UK banks to reimburse customers who are proven victims of Authorised Push Payment (APP) scams up to £85,000 per case. This rises to a fifth (21%) of customers of online or challenger banks.
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Less Than a Third of UK Adults Are Aware of APP Scam Reimbursement Rules
Fintech Finance
NOVEMBER 18, 2024
Public awareness of new regulations that require UK banks to reimburse victims of payment scams remains critically low, weeks after their enforcement. On 7 October, the Payment Systems Regulator mandated that all UK banks must repay customers who are proven to be victims of payment scams up to £85,000 per case.
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Xerberus Reassures Crypto Users as it Launches Scam Recovery Service: Siren
The Fintech Times
JULY 31, 2024
Cryptocurrency scams have cost users well over $20billion in the last few years, with rug-pulling scams seriously impacting the credibility of the digital asset ecosystem. However, scams are unfortunately an inevitable part of any financial ecosystem – the key is limiting them and helping victims recover.
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Singapore Police May Gain Power to Block Scam Transfers Without Victim Consent
Fintech News
SEPTEMBER 2, 2024
Singapore’s Ministry of Home Affairs (MHA) has announced plans to introduce the Protection from Scams Bill in the coming months and is seeking public feedback on the proposed legislation. The proposed bill would allow the police to issue ROs for scams conducted remotely, such as those involving online communications or phone calls.
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Anti-Scam Centre and DBS Bank Recover Over S$170,000 in Tech Support Scam
Fintech News
MAY 21, 2024
Singapore’s Anti-Scam Centre (ASC) and DBS Bank have successfully recovered more than S$170,000 lost in a technical support scam. Realizing she had been scammed, the victim immediately reported the incident to the police. For more information, visit Scam Alert or call the Anti-Scam Helpline at 1800-722-6688.
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Singapore, Hong Kong Police, INTERPOL Bust Scam Syndicate After S$17.9M in Losses
Fintech News
AUGUST 19, 2024
The syndicate was responsible for laundering proceeds from scams, including technical support scams in Singapore and other fraudulent activities in Hong Kong. Between January and July 2024, the SPF received 185 reports of technical support scams, resulting in losses exceeding S$ 17.9
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Chubb’s Digital Payments and Cyber Scams Survey Finds Growing Impact of Fraud on Consumers; Harms Trust in Payment Methods
Fintech Finance
SEPTEMBER 30, 2024
This false sense of security is compounded by the fact that 61% of participants have changed their behavior or reduced their use of payment platforms due to fears about cyber scams. ” Respondents were asked about nine different types of scams. 46% cited the possibility of being scammed as a barrier to trust.
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APP Scams Are the Most Dangerous Type of Fraud, According to The Payments Association Report
Fintech Finance
JULY 2, 2024
million was lost to APP scams in the first half of 2023. It doesn’t make sense and could have the effect of devaluing consumer education around fraud and scams if a refund is guaranteed. But more importantly, there needs to be more support in educating consumers to prevent fraud and scams in the first place.”
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Undetectable Scams: How the Combination of Deepfakes and Large Language Models Will Change the Game
BioCatch
DECEMBER 6, 2023
In fact, they’ve demonstrated a level of creativity and problem solving that has made digitally enabled crimes, such as scams, harder and harder to stop.
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Suspects Extradited from Malaysia in S$34.1 Million Malware Scam Probe
Fintech News
JUNE 16, 2024
Two men, aged 26 and 47, will appear in court on 15 June 2024, for their alleged involvement in malware-enabled scams targeting Singaporeans since June 2023. Million Malware Scam Probe appeared first on Fintech Singapore. The post Suspects Extradited from Malaysia in S$34.1
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Push payment scam losses to surpass $3B by 2028: report
Payments Dive
NOVEMBER 25, 2024
fraud losses due to push payment scams are rising, partly because of more real-time payments, according to a report from the payments company ACI Worldwide.
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