The Secret Service has reportedly recovered $286 million in COVID-19 relief funds that had been obtained illegally by people using fake identities. According to a Friday (Aug. 26) Wall Street Journal report, the money seized was taken from conspirators using fake or stolen credentials to...
The federal government’s plan to forgive some student loans isn’t up and running yet, but it’s certainly been getting a lot of coverage in the news. And, as is often the case with high-profile news involving money, that means scammers are already trying to take...
Amanda Mickleburgh, product director for fraud at ACI Worldwide, tells PYMNTS that fraud orchestration can be a key line of defense as merchants (and fraudsters) adapt to the continuing shift to eCommerce channels and more frequent “peak” selling seasons.
People subject to sanctions are reportedly using cryptocurrency services to evade the sanctions, and this could put crypto firms and those transacting in crypto at risk of fines or criminal prosecution. This should serve as a “red flag” for firms to implement proper due diligence...
Payments fraud is not just a matter of end user vulnerability — the unwitting consumer who clicks on a link or the authorized push payment that disappears into the proverbial ether after a fraudster impersonates a family member or friend via text message. Payments fraud...
A new study by three academics has found that insider trading at cryptocurrency exchange Coinbase Global may be more widespread than a case being pursued by federal prosecutors. The study by academics at the University of Technology Sydney examined the activity around tokens on decentralized...
Full-stack payments company Checkout.com is rolling out enhancements to its authentication product to help online businesses reduce abandoned carts as evolving strong customer authentication (SCA) requirements kick in across Europe. “With the flurry of work to comply with SCA requirements in the rear view mirror,...
While 1,500 people have been charged with pandemic fraud and 450 have been convicted, investigators are still chasing down abundant leads in what could top $163 billion illegally siphoned from COVID unemployment insurance (UI) benefits alone. A report from the Department of Labor’s Office of...
The financial services industry has done a good job safeguarding consumers from third-party fraud — that age-old ruse in which bad actors steal personal information, card numbers or passwords to access victims’ bank accounts. Featurespace Founder David Excell told PYMNTS in an interview that, naturally,...
