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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Neopay

SEPTEMBER 26, 2024

On September 25th, the Payment Systems Regulator (PSR) confirmed its decision on the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. Starting October 7th, victims of APP scams through Faster Payments will be eligible for a maximum reimbursement of £85,000.

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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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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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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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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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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.

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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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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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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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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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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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BioCatch

AUGUST 15, 2024

Despite the many headlines and news reports highlighting individuals affected by scams, there have always remained a few lingering questions for me. Thus, I was very excited for the opportunity to partner with Javelin Strategy & Research a few months ago on a project focused on the journey of scam victims.

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The Paypers

AUGUST 7, 2024

CommBank has called on all banks, telcos, and social media companies to join the process of protecting Australian customers from scams, as there is more to do across the market.

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The Fintech Times

OCTOBER 7, 2024

In September, the Australian government proposed the introduction of a ‘Scams Prevention Framework’ (SPF), which would implement new scam obligations across all sectors. The Bill, which would insert the SPF into the Competition and Consumer Act 2010, is expected to be introduced to the federal parliament in November.

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Finextra

SEPTEMBER 30, 2024

PayNet), and financial institutions have launched the NFP as an integrated platform to strengthen the operational capabilities of the National Scam Response Centre (NSRC). Bank Negara Malaysia (BNM), Payments Network Malaysia Sdn.

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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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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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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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Finextra

JULY 31, 2024

Police and banking authorities in Singapore are warning people to beware of a sophisticated impersonation scam that netted crooks $10.6 million in June alone.

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BioCatch

SEPTEMBER 19, 2024

There is no escaping the scam problem, and Australia has been no exception. There were over 600,000 scam cases reported in 2023, costing Australians $2.7 The Scams Prevention Framework (SPF) is part of a broader initiative to modernise Australia's laws for the digital age, including privacy and online safety reforms.

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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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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

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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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The Fintech Times

AUGUST 31, 2024

Research from Chainalysis , the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Previously, the highest number of scams in new wallets was 29.9 Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. per cent in 2022.

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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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The Paypers

AUGUST 2, 2024

The Payment Systems Regulator (PSR) has published its latest report on the performance of payment firms in addressing Authorised Push Payment (APP) scams for the year 2023.

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Finextra

MAY 20, 2024

Barclays has launched a monthly 'Scams Bulletin' to inform consumers of emerging trends in criminal fraud tactics.

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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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The Paypers

AUGUST 28, 2024

EFCC, Nigeria's anti-corruption agency, has announced it is ready to work with international law enforcement to combat online extortion scams.

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Finextra

AUGUST 29, 2024

CommBank and Telstra today announced their anti-scam technology Scam Indicator has been expanded to cover landlines, to help detect suspicious calls in real-time, helping to avoid money being lost to scammers.

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BioCatch

OCTOBER 4, 2024

In July, the Philippines passed the Anti-Financial Scamming Act (AFASA), introducing tough penalties for cybercriminals, mandating customer reimbursements for fraudulent transactions, and placing liability on banks to maintain robust security systems.

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Finextra

MAY 8, 2024

The UK's Payment Systems Regulator is to extend its scam reimbursement programme to transactions taking place across the Chaps high value payments network.

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The Paypers

SEPTEMBER 9, 2024

Lloyds Bank has released a report focusing on the rise of scams targeting customers on ecommerce platforms.

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Payments Dive

JUNE 5, 2023

The card company is “putting a lot of time and effort” into preventing customers from being victims of those scams, CEO Steve Squeri said.

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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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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).

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