No matter where you look, fraud attacks on banks and merchants are on the rise. The fraudsters are getting more creative in their schemes, leveraging the great digital shift to make the unwitting customers themselves the gateways to fraud. Social engineering, coerced payment and push...
Crooks likely used the Social Security numbers of dead people and prisoners plus filed claims in multiple states to steal more than $45 billion from the pandemic unemployment program, three times more than previous estimates. The expanded U.S. unemployment insurance program started in March 2020...
Down at the very bottom of the crypto crime report the Justice Department issued last week was a request that could make it a lot harder to buy and sell NFTs. Citing examples of criminals using the sale of the popular nonfungible tokens that hold...
Sardine, which provides fraud, compliance and instant settlement solutions, has gotten $51.5 million in Series B financing, which will go toward product development and marketing and sales worldwide, a press release said Tuesday (Sept. 20). The company’s real-time fraud prevention products help FinTechs and decentralized...
Fraud’s rise has touched the majority of businesses and financial institutions (FIs) — and many are struggling to find ways to address the increasing sophistication of criminal attacks. While our researchers learned that FIs that use AI-powered anti-fraud and anti-crime solutions experienced lower levels of...
“If the fraudsters find a hole, they’re going to run a bunch of transactions through it,” Ingo Money CEO Drew Edwards remarked to Karen Webster. Right now, financial services are vulnerable to all sorts of fraud because technology, wielded by criminals, allows them to hide...
The Nordic countries have been spearheading digital payment innovation for decades and the adoption of electronic identity (eID) documents is no different. However, ensuring the market for eID services is open while maintaining privacy and security for end-users can be a difficult undertaking. To meet...
Samsung was the victim of a cybersecurity breach in late July, which saw United States customers’ personal information exposed. Customers’ names, contact information, demographic details, dates of birth and product registration information were compromised, Reuters reported. Social Security numbers and credit card numbers were not...
The British government reportedly expects that 3.3 billion pounds (about $3.8 billion) of the “bounce-back” loans it made to small- to medium-sized businesses (SMBs) in response to the pandemic will be ultimately found to have been fraudulent. According to a Friday (Sept. 2) report by...
